In Phoenix, Bonneville International has agreed to purchase the assets of KKFR(FM) for $77.5 million. If the sale receives FCC and other regulatory approvals and closes as expected within six months, Emmis will leave the Phoenix market.
Emmis purchased KKFR from Clear Channel in 2000. In January 2005, it swapped three Phoenix stations – KTAR(AM), KMVP(AM) and KKLT(FM) – with Bonneville in exchange for WLUP(FM) in Chicago and $70 million in cash.
Last Friday, Emmis closed on the previously-announced sale of WRDA(FM), now WHHL(FM), to Radio One for $20 million in St. Louis. Emmis continues to own KFTK(FM), KIHT(FM), KPNT(FM) and KSHE(FM). Emmis-St. Louis said it continues to air WRDA’s “Red” programming via the Web at www.redontheweb.com.
Bonneville to Purchase KKFR in Phoenix for $77.5 Million
Bonneville to Purchase KKFR in Phoenix for $77.5 Million
