New Triple A Music Station in North Texas
CLIENT(S)North Texas Broadcasting - KERA
ADDITIONAL PARTICIPANT(S)National Cooperative Bank, FJC: A Foundation of Philanthropic Funds, Public Radio Fund
TOPIC(S)Consulting, Brokerage, Business Modeling, Financing
PMC represented KERA, a North Texas public media organization, in acquiring and financing an FM channel to bring Dallas-Fort Worth audiences noncommercial Triple A music. PMC coordinated the loan for the $18 million purchase through a consortium of nonprofit focused lenders, including National Cooperative Bank, FJC and PMC’s Public Radio Fund. The loan was negotiated with low interest rates and flexible financing options. Two years after this deal, KERA’s audience doubled and they were reaching 230,000 weekly listeners through their two distinct formats: news and information on one channel and Triple A music on the other.
“The new station will be a public radio music format programmed with the North Texas audience in mind. It will be a terrific complement to KERA’s news and information station 90.1 FM and a substantial addition to KERA’s overall multimedia services for the public.”
KERA president and CEO, Mary Anne Alhadeff