Wasatch Public Media continues to move ahead with the purchase of KCPW

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Milestones in the Independence or Bust Capital Campaign to purchase KCPW

• March 22, 2008: Letter of Intent executed on March 28, 2008 giving Wasatch Public Media (WPM) a 60 day opportunity to enter into a purchase agreement.
• May 1, 2008: Programming Agreement executed giving WPM the right to manage KCPW until such time as the purchase is completed.
• May 28, 2008:. Commitment letters for financing of the $2.4 M purchase price secured and approved by Community Wireless Board of Trustees. Over $817,000 raised in cash and/or pledges toward the $2.4M purchase price.

Immediate Next Steps

We are completing the Asset Purchase Agreement and supporting documents and formal approval by Community Wireless (CW) Board of Trustees which is expected by June 9, 2008.

What happens now?

WPM and CW begin the process of separating KCPW from CW. The assets will be transferred at closing which will take place 15 days from the date the FCC grants the approval of the transfer of the 88.3 and 105.3 licenses to WPM. We are told that should occur in September or October of 2008.

WPM formalizes the Independence or Bust Capital Campaign to raise, over the next three years, the remaining funds necessary to pay off the interim financing used to purchase KCPW.

How you can help

Please consider making a gift to the Capital Campaign. You can print and fill out a contribution form or call Ed Sweeney, President of WPM, at 509-6726 should you have questions.

For further background check out the following articles:

Current.org
Park Record Page 2
Salt Lake Tribune Page 2
Deseret News