KRCQ sold to Wisconsin company
Detroit Lakes radio station KRCQ 102.3 FM has been sold to a Wisconsin broadcasting company.
Lake Lida Broadcasting of Fond du Lac, Wis., will buy the station for $850,000 from its Duluth-based owner, Ken Buehler. The agreement was reached in late August, but an application to transfer the station's license was filed Friday.
Buehler owns Detroit Lakes Broadcasting, which purchased the station in 1997 from current station manager Bob Spilman. Buehler also owned several stations in the Duluth area. Spilman founded KRCQ in 1994.
Spilman and Buehler are opposing each other in litigation in Becker County, according to the sale agreement. Spilman holds a promissory note stemming from his sale of the station in 1997.
As part of the sale, the promissory note will be paid off, either by Lake Lida Broadcasting or Buehler, with credit toward the $850,000 purchase price coming out of Buehler's share if Lake Lida Broadcasting pays off the note.
The deal is contingent on FCC approval.
Lake Lida Broadcasting is equally owned by Christopher Bernier of Fond du Lac and Adam Bernier of Eden Prairie. The company owns four stations in the Fond du Lac area.
Christopher Bernier is the CEO of Armada Media, which owns 27 radio stations stretching from Michigan to Nebraska. He has an interest in four stations in the Fond du Lac area.
Christopher Bernier said Friday that he was unable to talk about the sale as employees of KRCQ had not been notified as of yet.
Buehler and Spilman could not be reached for comment.