EMF will pay $12 million for KPRI which has flipped to the Christian AC “K-Love” network.
Original Report 9/28: Compass Radio of San Diego has announced the sale of AAA 102.1 KPRI Encinitas/San Diego, CA to Educational Media Foundation for an undisclosed amount.
EMF will begin operating KPRI under a Time Brokerage Agreement later today with the sale expected to close in January 2016.
San Diego, independent rock station 102.1 KPRI owned by Compass Radio of San Diego, Inc announces the sale of the station’s assets to Educational Media Foundation (EMF) headquartered in Sacramento. EMF operates radio networks specializing in adult contemporary Christian music. The transaction requires FCC approval and is expected to close in mid-January. EMF will begin programming KPRI on Monday September 28, 2015.
Company President and co-owner Jonathan Schwartz announced the sale, saying: “This is a step we take with very mixed emotions. We have loved the opportunity to serve San Diego for the last two decades, and we are grateful to our staff, listeners, advertisers, and the San Diego community.” Co-owner and CEO Robert John Hughes added: “KPRI has been a true labor of love. All I can say is: I thank each and every one who has helped us create and sustain a truly amazing radio station.”
Media Venture Partners (MVP), a San Francisco, CA based investment banking firm advised Compass in this transaction.