69.4% of KSCI(TV) Long Beach/Los Angeles, Calif., and KIKU(TV) Honolulu
Price:
$165 million cash (for stock; includes $1 million noncompete agreement)
Buyer: IMG Acquisition LLC, Los Angeles (managers include Jae Ku Chang and Jae Min Chang [AsianMedia Investors I LP, 76% owner {GEI Capital III LLC, general partner/owner}; Korea Times Los Angeles Inc., 24% owner {Jae Min Chang, president/50% owner}]). Chang has interest in KFOX(FM) Redondo Beach/Los Angeles, Calif.; KREA(AM) Honolulu; WTRI(AM) Brunswick (near Frederick), Md., and WPWC(AM ) Dumfries-Triangle, Va. (near Washington)
Seller:
Citicorp Venture Capital Ltd., New York (Joseph Silvestri, principal). Under noncompete agreement, CVC cannot own more than 7.5% in a TV station that primarily broadcasts non-English, non-Hispanic programming
Facilities:
KSCI : ch. 18, 3,090 kW visual, 618 kW aural, ant. 2,393 ft.; KIKU : ch. 20, 467 kW visual, 46.7 kW aural, ant. 2,040 ft.
Affiliations:
Both independent
