In Tuesday’s (10/6) St. Louis Business Journal, Kelsey Volkmann reports, “The Lutheran Church-Missouri Synod said Tuesday that it plans to sell its classical music station, KFUO-99.1 FM, for $26 million to Joy FM. The board of directors of The Lutheran Church-Missouri Synod approved the acquisition of 61-year-old KFUO-FM ‘Classic 99’ by Joy FM for $18 million, plus interest scheduled over the 10-year term, for a total of $26 million. Under the acquisition agreement, the LCMS will sell the KFUO-FM license and the associated equipment. The Federal Communications Commission must still approve the sale. KFUO-FM will continue to play classical music at the 99.1 FM frequency until the final closing of the sale, which is expected in six months. After that, the station will switch to Christian music.” Kermit Brashear, a member of the LCMS board of directors and special counsel to the board’s KFUO committee, “said LCMS wants to continue to play classical music over a high-definition channel and via an FM radio translator system that would reach the St. Louis-area market. LCMS already has the rights to the 99.1 HD signal, he said.”
Posted October 8, 2009
