The board of directors of Lutheran Church-Missouri Synod have agreed to sell 100kw Classical KFOU-FM (99.1)/St. Louis. According to the St. Louis Post-Dispatch, the 61-year-old classical music outlet is being purchased by Gateway Creative Broadcasting, for $18 million plus $8 million in interest over a 10-year term. The sale will become final in March, pending FCC approval.
Des Peres, MO-based Gateway is the parent of Joy FM, which broadcasts Christian contemporary music. It presently owns two stations, in nearby Potosi and Bowling Green, that do not reach St. Louis.
According to sources close to the Synod's board of directors, Gateway will pay $150,000 immediately, $1.35 million at closing, an additional $1.5 million in interest and amortization in the fourth year, and the remainder in the tenth year.
LCMS treasurer Tom Kuchta and board member Kermit Brashear, an Omaha lawyer and politician, handled the sale. Brashear handled the negotiations. (10-06-09)