The sale is expected to close in 2016 when FCC approval is received. The purchase price for KPLU and its assets is $8 million, with $7 million in cash and $1 million of “underwriting announcements” over 10 years. Proceeds from the sale will go to Pacific Lutheran’s endowment, which currently totals $85 million.
According to seattlepi.com, the KPLU news staff was given no advance notice of the sale.
KUOW tried to put lipstick on the new all-music format and elimination of KPLU’s news division, conveniently overlooking recent cutbacks of its own local news talk programs.
KPLU 88.5 FM (64 Kw) Red=Local |
While news is wiped from the airwaves, the KUOW release promised that 88.5 will still be involved in the community.
KPLU currently employs 36 people full-time and 15 part-time.
The purchase will create non-news jobs. “Pending FCC approval of the license transfer, KUOW will have several positions open for our new, all-music station at 88.5. These will be posted through the University of Washington as they become available.”
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