Update 5/24:University of Northwestern-St. Paul will pay Salem Media $3,150,000 for Christian AC “100.7 The Fish” KGBI-FM Omaha.
Original Report 5/22: Salem Media has announced it has agreed to sell Christian AC “100.7 The Fish” KGBI-FM Omaha to University of Northwestern-St. Paul for an undisclosed price.
The buyer will convert the station to non-commercial status and its own Christian AC network that includes stations throughout the midwest including 98.5 KTIS-FM Minneapolis, “Life 88.5” KJNW Kansas City and stations in Connecticut, Iowa, Minnesota, North Dakota, South Dakota, Wisconsin.
-Salem Media Group (NASDAQ: SALM) announced today that it is selling Christian Contemporary Music Station, KGBI, 100.7 FM, in Omaha, Nebraska, to the University of Northwestern-St. Paul. Salem’s Broadcast Media President, Dave Santrella, said, “Salem rarely sells its assets, but when we do, we make every attempt to ensure that the buyer will continue to program the station with a format that will make a positive impact in the community. The track record of University of Northwestern-St. Paul ensures us of that outcome and we couldn’t be more pleased.”
Jason Sharp, Sr. Vice President for Media at University of Northwestern, said, “We are grateful for the partnership we have experienced with Salem Media Group during this process. We look forward to expanding our network in Omaha and continuing the work of pointing people to Jesus through music and programming that makes an eternal impact.”
The University of Northwestern-St. Paul already operates 20 successful non-commercial Christian Contemporary radio stations in the Midwest, including stations in Minneapolis and Duluth, Minnesota; Sioux Falls, South Dakota; Fargo and Bismarck, North Dakota; Des Moines and Waterloo, Iowa; Madison, Wisconsin; Kansas City, Missouri; and Hartford, Connecticut.
Pending approval by the Federal Communications Commission, the parties expect to close the transaction in the third quarter of 2018.