Judge approves Rothschild Broadcasting’s deal To buy KRLT/KOWL
Submitted by paula on Fri, 09/06/2024 - 7:26pm
SOUTH LAKE TAHOE, Calif. - Five potential buyers were making moves to buy radio stations KRLT and KOWL, including the Educational Media Foundation, but the bankruptcy court signed off on a deal with the initial offer of $275,000 made by Rothschild Broadcasting. KRLT is 93.9FM and KOWL is 1490AM on the radio dial.
D&H Broadcasting owned the two stations based on the South Shore of Lake Tahoe after buying them from Cherry Creek Radio in a $650,000 deal in 2015.
According to documents filed in U.S. Bankruptcy Court in Reno, Nev., D&H has between $500,000 and $1 million in outstanding debt, and assets worth $316,422 — including an estimated $250,000 value for the two radio station licenses. They had wanted a higher offer to cover the debt, but Judge Hilary Barnes accepted Rothschild Broadcasting's offer in court on September 5 as it was the highest one submitted.
D&H is a partnership between Steve Harness, KRLT evening personality Stacy Driskill, and Jay Harness. The company filed for bankruptcy protection last December after being unable to have their Small Business Administration economic impact disaster loan forgiven.
The company has struggled since COVID with lost revenue.
"My partners and I will walk away with nothing," said Harness in May. "I’m doing all of this to try and do right by those involved, not the least of which is the community of Lake Tahoe. Local radio is still a vital tool for entertainment, marketing, and emergency information."
Among its biggest creditors listed in court documents was Jerry Edwards Broadcasting, which is due $298,000. It also owes $198,000 to the Small Business Administration for outstanding loans, and $50,000 to Harvey’s Tahoe Management for the rental of its transmitter site. Each of the performance rights organizations is also owed money in unpaid music licensing expenses.
The sale now heads to the Federal Communications Commission for approval.
Robin Rothschild does not currently own any radio stations, according to Insider Radio, but they said she is not new to the business. She has previously owned stations in the Salisbury-Ocean City, Maryland market on two separate occasions — most recently selling off her stations in 2017. Rothschild is also producer and host of the weekly “Riding Around Delmarva” television program on WRDE-TV, Insider Radio said.