Tuesday, April 07, 2009

Psst... Wanna buy a radio station?

It's been a few months or so since the demise of Nova M Radio, its short-lived successor, On Second Thought LLC., and its Phoenix flagship, KNUV.

Well, if you yourself have harbored dreams of dropping a ton of cash in the hopes of restarting that little upstart network (and if you do, I suggest you seek professional help, immediately), then you could possibly begin with KNUV. Or its Denver sister station, KNRV.

Both stations are headed to to auction block, as the current licensee, New Radio Venture, Inc., is looking to dispose of the properties and liquidate.

The two stations were initially purchased by radio executive Maria Elena Llansa, who set out to build her own radio group. Llansa's group purchased KNUV for $3.75 million in 2005 and KNRV for $5.525 million in 2006. Both stations would air a Spanish Talk radio format.

Tragedy struck a few months later when Llansa passed away due to a brain aneurism at the young age 50.

Her business partner tried to carry on, but everything seemed to fall apart following Llansa's death. New Radio Venture eventually found itself in Chapter 11 bankruptcy. KNRV currently airs a Spanish brokered format. And there was a deal in place for Nova M Radio to purchase KNUV (they had an interim lease agreement), but that all went to pot when Nova M went belly-up and owners Sheldon and Anita Drobny pulled out altogether. On Second Thought was supposed to pick up the pieces, but couldn't even pay the rent. KNUV is currently silent.

So, both stations are headed to the auction block. The bidding deadline is set for April 30. And the two AMs are being auctioned separately or together. And the tower sites belong to an outside party.

Still interested? New Radio Venture, Inc., will enter into an asset purchase agreement with the highest financially qualified bidder. Bids will be considered for the stations separately or together. All bids must be accompanied with a letter of credit for $100,000 and a third party representation (bank) of capability to close the proposed transaction at the bid price.

Got all that? Shake out that piggy bank, folks!


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