Timing is everything in today’s media marketplace and public radio organizations need affordable and accessible financing to compete for valuable market opportunities. PRC’s Public Radio Fund provides public radio organizations and prospective licensees with affordable short-term loans for asset-based projects, such as buying public radio stations.
Public Radio Capital helps organizations and institutional owners understand their financial options and secure favorable financing to improve, expand and protect public radio services. When necessary, PRC helps sellers find a public radio or community broadcaster buyer who will continue to serve community interests.
New Owners and Operators in the State of New Jersey
PRC assisted the State of New Jersey on a unique project to implement the State of New Jersey Broadcast Act, which mandated outsourcing the operation of the state’s public television network and selecting buyers for the state’s public radio stations. PRC was hired as financial advisor to help write the requests for proposals, evaluate potential candidates and assist as a consultant during final negotiations. Read State of New Jersey Client Story>
New Triple A Alternative Music Station
PRC 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. PRC coordinated the loan for the $18 million purchase through a consortium of nonprofit focused lenders, including National Cooperative Bank, FJC and PRC’s Public Radio Fund. The loan was negotiated with low interest rates and flexible financing options. Read KERA client Story>
New State-of-the-Art Public Media Facility
PRC helped New Hampshire Public Radio (NHPR), prepare a business plan and present their case for a new building to national financial institutions. NHPR, a station with 39 full-time employees and signals reaching 90 percent of the state’s population with news and information programming, needed a larger building to supported organizational growth and new technologies. Through PRC’s assistance, NHPR secured $6 million in tax-exempt bond financing with Boston-based Zions Public Finance as an underwriter and TD Banknorth as the letter of credit provider. The financing includes highly favorable interest rates, no prepayment penalties and a thirty year term. Read NHPR Client Story>
Preserves Community Station with 50,000 Weekly Listeners
Shortly after Community Wireless of Park City, Utah announced their plan to sell KCPW, the largest religious group broadcaster in the nation expressed interest in purchasing it. PRC represented Wasatch Public Media in acquiring and financing this Salt Lake City community station which had 10 full-time employees and a signal reaching 50,000 weekly listeners. Wasatch purchased KCPW for $2.4 million by pooling a $618,000 loan from PRC’s Public Radio Fund, $1 million from a capital campaign and a $2.2M loan from Washington-based National Cooperative Bank.
Read Wasatch Client Story>
Preserves NPR News and Information Station
When Xavier University considered selling WVUX, Cincinnati’s only NPR news and information station, they received several offers from religious group broadcasters. PRC helped Cincinnati Public Radio negotiate and finance the purchase of WVXU from Xavier University with $15 million in tax-exempt bonds. Cincinnati Public Radio, known for classical music on WGUC, expanded their services on WVUX by offering a news format with programming from National Public Radio, American Public Media, Public Radio International and the BBC. Read Cincinnati Client Story>
Two-Channel Network Increases Listeners and Revenues
PRC represented Colorado Public Radio (CPR) in 2001 in its acquisition and financing of an AM frequency to create a two-channel network with news and information on one channel and classical music on the other. Within 18 months of establishing this two-channel network, CPR’s audience increased by 24 percent, donations by 28 percent and membership by 34 percent. PRC assisted CPR in securing $6.5 million in tax-exempt, investment-grade revenue bonds to pay for the expansion.
Today, CPR still owns the AM channel, but is also operating a second FM channel in the Denver market, owned by PRC. With these expanded services, audiences may now hear both news and classical formats on FM channels. Through this expansion, CPR has experienced increases in audiences and membership.