Community Wireless Agrees to 7-day Extension for Sale of KCPW

None by KCPW

Extra Time Allows for Completion of Purchase Agreement

PARK CITY, UTAH – Last night the Board of Trustees of Community Wireless of Park City voted unanimously for a seven day extension to complete a deal to sell KCPW-FM to Wasatch Public Media.  KCPW is a Salt Lake City based radio station currently carrying National Public Radio programming as well as local news. 

Community Wireless and Wasatch Public Media had entered into a letter of intent to sell KCPW-FM to Wasatch Public Media, Inc. for $2.4 million at the end of March.  Wasatch Public Media is a Salt Lake City based group headed by Ed Sweeney who previously served as the Salt Lake station’s general manager.  Wasatch Public Media has committed to maintain KCPW’s existing format if it is successful in acquiring the station from Community Wireless.  Community Wireless also owns Park City based National Public Radio affiliate, KPCW-FM

“We have been fortunate to have had strong interest from other parties, but Ed and his team have been very successful at raising the necessary funds and securing the required financing, and we are thrilled that the station will be able to keep its NPR format,” noted Blair Feulner, founder of Community Wireless.  “I am also delighted at the prospect that the employees will continue to have a home in a station that we worked very hard to build over the past years.”

The seven day extension will allow time for the parties to complete the due diligence process and finalize the documents related to the Asset Purchase Agreement with Wasatch Public Media.  Community Wireless is simultaneously working on the documents to sell KCPW-AM to IHR Educational Broadcasting.  Community Wireless announced last January that the Board had decided to sell the Salt Lake stations to concentrate on their listeners in Summit and Wasatch counties.

Board of Trustees member Joe Wrona explained the benefits of the transaction by stating, “I think the support that Mr. Sweeney and the staff have received bodes very well for the future of KCPW.  Clearly the listeners in Salt Lake are behind the station, and that’s the way community based radio should be.  We look forward to finalizing this deal next week and concluding the transaction as soon as the FCC will allow.”

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