Pacific Lutheran University and non-profit group The Friends of 88.5 FM announced on Tuesday they have reached an agreement that will allow the group to take ownership of the station. In November of 2015, the university announced it was selling the station to the University of Washington. Following listener outcry, the two universities gave The Friends of KPLU six months to raise a matching offer with the same terms of the sale. By May 26 the goal of $7 million was reached.
The purchase price for the station and its assets is $8 million: $7 million in cash plus $1 million of in-kind underwriting announcements to be provided to PLU over 10 years. As part of the agreement, Friends of 88.5 FM will continue to use broadcast and office space in the Martin J. Neeb Center on the PLU campus and KPLU’s broadcast equipment in Seattle and Tacoma, at no cost, through June, 2019. It will also take ownership of all KPLU translators and transmitters. The community group will retain all KPLU employees, including the 14-member independent local news team.
The only remaining hurdle is FCC approval of the deal.