KING BROADCASTING TO SELL KINK-FM AND KGW-AM
KING BROADCASTING TO SELL KINK-FM AND KGW-AM SEATTLE, Nov. 4 /PRNewswire/ -- King Broadcasting Co. today
announced that a letter of intent has been signed to sell its two Portland, Ore., radio stations, KINK-FM and KGW-AM, to Luis G. Nogales, former chairman and chief executive officer of United Press International and Lombard Investments Inc.
Nogales is currently president of Nogales Partners, a Los Angeles-based media acquisition firm. Lombard Investments Inc. is based in San Francisco and specializes in providing equity financing and arranging additional financing for management-led corporate acquisitions. "KINK-FM and KGW-AM are the last of the company's assets to be sold," said Steven A. Clifford, president and chief executive officer of King Broadcasting Co., "and we're pleased to begin a process to transfer the ownership to individuals with solid media and management expertise." KGW-AM was founded in 1922 by the Oregonian Publishing Co. and acquired by King Broadcasting in 1958. The company began broadcasting on KINK-FM in 1968. KGW-AM and KINK-FM simulcast a highly successful blend of contemporary music and are rated among the top in audience share. "We believe that KGW and KINK are among the premier radio properties in the nation," said Nogales. "These stations have been well managed, have excellent programming and a reputation for strong community involvement. The stations are central to our plan to build a station group." The station group will be headed by Greg Reed, a graduate of the University of Oregon, where he also was a member of the faculty. Later in his career, he returned to Oregon as general manager for KEX in Portland from 1979-1982. Earlier this year, King Broadcasting announced the sale of its television and cable properties to The Providence Journal Co. and Kelso & Co. Inc.; two Seattle radio stations (KING-AM and -FM) to Patsy Bullitt Collins and Harriet Stimson Bullitt; two San Francisco radio stations to Ronald Unkefer, owner of First Broadcasting Co.; and Northwest Mobile Television operations to an internal management group and its financial partner, Murphy & Fauver. The sale of the Portland stations is expected to be completed after the first of the year. -0- 11/4/91 /CONTACT: John Hough of The Rockey Co., 206-728-1100, for King Broadcasting Co./ CO: King Broadcasting; Nogales Partners ST: Washington, Oregon IN: SU: JH-LM -- SE004 -- 0961 11/04/91 17:47 EST
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|Date:||Nov 4, 1991|
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