'Gentleman's agreement' transfers radio station for $100
THE sale of a Hawaii radio station for $100 is not something you're likely to read about again.
Even a station in the No. 535 U.S. market -- Kauai -- would cost more, one would think.
If you're thinking it is a gentlemen's agreement, you're right.
Ohana Radio Partners, consisting of two California attorneys, is selling KAWV-FM 98.1 in Lihue, to one of the people that already owns the station.
James Primm said he is simply buying out his partner, UH grad Terence Isobe, of San Francisco.
"He used to live in Hawaii when he was a kid," Primm said of his UC Hastings law schoolmate.
"I don't really practice law (anymore) except for company stuff," he said.
In addition to his soon-to-be full interest in KAWV, Primm is part-owner of KFPB-FM 94.3 in Chino Valley, Arizona, licensed to Prescott Radio Partners.
He is also part of Winstar-Odessa Inc., licensee of KWWT-TV Ch. 30 in Odessa, Texas, "where we are the CW affiliate."
Meanwhile, back on the Garden Isle, KAWV airs what is called a "Hot AC" format satellited in from Nebraska-based Waitt Radio Networks LLC, a provider of radio station programming, Primm said.
The format features music by artists such as Daughtry, (fronted by the "American Idol" finalist whose first name is Chris), My Chemical Romance and the All-American Rejects.
The station is run by FM 97 Associates, owner of KFMN-FM 96.9, under a joint sales agreement.
Under the agreement, folks at FM 97 who would otherwise be competitors handle KAWV's advertising sales and locally targeted public service announcements, said John Wada, KFMN general partner.
One funny thing about the KAWV deal, which requires FCC approval, is that even though Primm is buying the station and assuming its debt for one thin Benjamin, the asset purchase agreement is 18 pages long.
is a reporter with the Star-Bulletin. Call 529-4747, fax 529-4750 or write to Erika Engle, Honolulu Star-Bulletin, 500 Ala Moana Blvd., No. 7-210, Honolulu, HI 96813. She can also be reached at: email@example.com