EMF Buys KTHT Houston For $3.1 Million
When the Federal Communications Commissioned greenlighted Urban One’s purchase of four FMs in Houston from Cox Media Group on July 17, it gave the buyer two years to sell two FMs in H-Town to comply with local ownership caps. A buyer for “Country Legends 97.1” KTHT was identified less than two weeks later.
Educational Media Foundation has filed a $3.1 million deal to buy the classic country station from Urban One.
In April, Urban One subsidiary Radio One inked a deal to acquire CMG’s entire Houston radio cluster for $27.5 million: Country “93Q KKBQ-FM, the classic rock “Eagle 106.9 & 107.5” simulcast of KHPT-FM and KGLK-FM, and classic country “Country Legends 97.1” KTHT-FM.
Urban One already owns three FMs in H-Town, a market with 76 full-service radio stations, where the subcap is five FMs. So it agreed to place two stations – KTHT and its own gospel “Praise 92.1” KROI – in the Sugarland Trust once the deal with Cox closes. That would leave Urban One with the maximum allowed five FMs.
While Urban One had two years to spin off KTHT, making a quick deal with EMF means the sale money goes directly to Urban One, not the Sugarland Trust or Cox. Urban One earlier said it is “actively engaged in discussions to sell KTHT.”
Urban One in April signed a deal to sell KROI to Spanish Broadcasting System for $7.5 million.
Educational Media Foundation already owns contemporary Christian “Air1” affiliate KHJK (103.7) in the Houston market.
Source – INSIDERADIO
