Pandora Exits Station Ownership
Pandora Media has sold Hot AC “Hits 102.7” KXMZ Box Elder/Rapid City SD to Haugo Broadcasting for $300,000.
Pandora had originally agreed to purchase KXMZ from Connoisseur Media in June 2013 for $600,000 and began operating the station via LMA in order to make the company able to pay lower royalties thanks to a loophole in rates paid by broadcast station owners as opposed to internet based operators.
The sale was originally denied by the FCC on the grounds of then former foreign ownership rules following a Petition to Deny by ASCAP. Following appeals, the FCC gave a Declaratory ruling in May 2015 approving the sale.