Firstly, the News-Tribune article linked above is a great read...really puts things into perspective. If it was all about the money PLU's president said they'd have sold to a religious broadcaster (I bet EMF and BBN both offered them a bit more than KUOW). The fact that they didn't shows that they are interested in the station and the format succeeding under another owner. It also mentioned that KPLU had considered buying KUOW, though the asking price was almost triple KPLU's price. It made more sense for a smaller school with just one station seeing downward listening patterns in both jazz and NPR to get out of the radio game now before it becomes an expensive subsidy.
Assuming the sale to UW goes through (80% chance of that IMHO), in order for 94.9 to get out of the NPR game anytime in the next few years, there would have to be another decent non-com signal to come up for sale. Unless KMIH and its translator come up for grabs at some point, I doubt any other signals in Seattle will be on the block. And the fact remains, there would be many, many headaches involved to axe one of the public stations to free up 94.9. Not only are there the listeners who will lose a public station, but despite what the crazies in The Stranger may say about its board being a 'backdoor' to big business and right-wing propaganda, UW is a liberal-leaning school in one of the most liberal parts of the country. There would be many board members who would vehemently fight the idea of selling off a long-time historical frequency for public radio in town so we could get another commercial station. So long as huge amounts of cash are not being infused to prop the station up, 94.9 will be non-commercial public radio of some type for awhile.
For now, jazz is safe. I could see it switching with 94.9 at some point, or perhaps KEXP moving to 94.9, KUOW 88.5, and jazz on 90.3. If there is a "hot" public radio format right now, it would be KEXP. Despite not pulling huge numbers, they seem to be doing quite nicely in the $$ department. Always have, too. My guess is it would cost them the 90.3 frequency + $8-10 million to get 94.9 out of UW's hands.
Also, there may be an issue with selling off 94.9 to begin with! Remember, Dorothy Bullitt donated the station as KRSC-FM when she picked up KING-FM/TV. There may be a clause in that contract from the early 50's that prevents its sale or restricts it to an educational entity only...
Radio-X