[url=http://docs.google.com/viewer?a=v&q=cache:BQfLZIZK4cgJ:ftp.media.radcity.net/ZMST/Todays/C1508.pdf+GREG+MERRILL said:
Boise’s KDJQ (890) could be the poster child for the challenges faced by sellers over the past several years. On three separate occasions it found a buyer, each time for a bit less money. But with none of the deals making it to the finish line, the Idaho courts are now selling KDJQ. Robert Combs signed on KDJQ, Meridian, ID in 2003 with 50,000 watts day and a directional 250-watt signal at night. It began with
an urban oldies format, then segued to regional Mexican music. When Combs fell behind on his loan payments, he struck a deal in 2007 to sell KDJQ to Oregon’s Churchill Media for $962,500. But Churchill ran into its own financial trouble and the deal didn’t close. So Combs found a new buyer in early 2008. Salt & Light Radio agreed to pay $700,000 for KDJQ. But that deal cratered as the economy weakened. After Combs fell even further behind on his loan with nearly $600,000 still due, the bank grew impatient and went to court. Salt Lake City’s Zions First National Bank foreclosed on the station in late 2008. It hired Media Services Group broker Greg Merrill to act as the receiver until a buyer was found. More than one year later he thought he had one, when Inglesia Misionera Pentecotes agreed to buy KDJQ for $325,000 last March. But again, the deal fell apart when the buyer couldn’t raise the money. Merrill says, “It shows just how hard it is to sell an AM station today.” The Boise market has several large operators — Citadel, Journal Broadcast Group and Peak Broadcasting — but none have expressed interest. So Merrill expects KDJQ to go to a religious or Hispanic broadcaster. He expects the station to fetch $250,000 to $275,000 when the bids are unsealed April 1.