Pacific Lutheran University and the University of Washington Agree to Extend Deadline for Completion of a Definitive Agreement for the purchase of KPLU
PLU and the UW have agreed to extend the deadline for completion of the Asset Purchase Agreement (APA) for KUOW to acquire KPLU to January 29, 2016, so that the due diligence review can be concluded. Additionally, the two universities have agreed to allow a community group time to launch a fundraising effort for a competing offer.
The alternative community buyer will be given until June 30, 2016 to put forth a competing offer subject to the same terms and conditions set forth in the APA. The alternative buyer must be qualified under the rules and policies of the Federal Communications Commission (FCC) to hold the license of a non-commercial educational broadcast station.
On November 12, 2015, the two universities announced PLU’s intent to sell its broadcasting rights and facilities associated with KPLU to KUOW. The purchase price for the station and its assets is $8 million, comprising $7 million in cash and $1 million of underwriting announcements over 10 years.