San Diego Radio: KFMB 760-AM, KFMB 100.7-FM Change Hands

San Diego radio station operator Local Media San Diego has completed its acquisition of news talk station KFMB 760AM and adult rock station KFMB 100.7-FM from Tegna. The sale price for the two stations was reported to be $5 million.

After completing the deal, as expected, LMSD added the FM station to its existing cluster of FM stations but then sold the AM station. iHeart Media purchased the station for $1.5 million.

Melissa Forrest, iHeart Media San Diego market manger, told the Times of San Diego the sales agreement, signed last week, is expected to close within 60 days. “Everything is going along pretty smoothly so far,” Forrest said. “The handoff is going well with both the Tegna team and Local Media team.”

As of last week, LMSD and iHeart were retaining the two KFMB stations’ previous programming formats and talent..for now.

A two-sentence press release, dated March 17 from Gregg Wolfson, LMSD managing partner, president and GM, said the former KFMB stations would join LMSD’s three Mexican-licensed FM stations — XHRM-FM Magic 92.5, XHTZ-FM Z-90.3 and XTRA-FM 91X — at LMSD headquarters in Sorrento Valley. LMSD’s press release did not mention its follow-up sale of the AM station to iHeart.

San Diego media watchers are expecting LMSD and iHeart will eventually change the call letters for the two former KFMB stations.