Pacific Lutheran University intends to sell KPLU(FM) to public station KUOW. Both stations are in Seattle.
If the deal is okayed by the University of Washington Board of Regents and the FCC, KPLU would be folded into the operations of KUOW and may get a new call sign.
KUOW intends to operate two stations, one for NPR and Northwest news at KUOW on 94.9 MHz and one for jazz on 88.5 MHz.
In a letter to the staff, PLU President Thomas Krise said both stations have shared a common mission and region and executives of both facilities thought combining them made sense. The move means the Puget Sound area gets a new jazz station and allows KUOW to broaden the reach of its news and information station.
KUOW disclosed that the total purchase price for KPLU and its assets is $8 million, comprised of $7 million in cash and $1 million of underwriting announcements over 10 years.
The deal is expected to close next year, subject to approval.
The proceeds of this sale will go to the PLU’s endowment, which currently stands at more than $85 million.
