Another Television Station Deal

As part of the restructuring of Multicultural Broadcasting's television group they've put four of their six stations up for sale. Those stations include KCNS in San Francisco, WMFP in Boston, WOAC in Cleveland, and WRAY in Raleigh. Multicultural also owns WSAH in the New York City market and KHIZ in the Los Angeles market and is said to be retaining those two stations.

The agreement for the transfer of the first station to a new buyer has been filed with the FCC. The station is WOAC in Cleveland and the new buyer is Radiant Life Ministries. Previously Multicultural Broadcasting bought the channel as part of a five station deal from Scripps for $170 million. On a per household basis this breaks down to $11.39 per household and puts WOAC at $17 million. The asset purchase agreement has Radiant Life buying the station for $7 million or $4.59 per household. This is an incredible deal for a full-power television station in a large (DMA #17) market.