June 16, 2003

Public Radio Capital Helps Foundation Purchase KBPS to Preserve Classical Music Radio in Portland

Denver, Colorado -- Portland Public Schools today approved the sale of KBPS-FM, 89.9 on the FM dial in Portland, Oregon, to the KBPS Public Radio Foundation for approximately $5.5 million. The sale will ensure the permanence of a full-time classical music station in the Portland area.

Public Radio Capital, a national organization partnering with public broadcasters to broaden the reach and service of public radio, represented the foundation throughout the process leading to today’s sale.

“We are proud that PRC has been part of the first successful sale of a school-district’s station to a community broadcaster since the Chicago School Board sold WBEZ in 1990,” said Marc Hand, Public Radio Capital’s managing director. “As school districts, universities and other institutions evaluate the viability of their media properties, PRC can provide both national perspective and local expertise to explore options and find mutually beneficial solutions. Through our unique role in the industry, we developed strong relationships with both the school district and the foundation. We are delighted to have played an important role in ensuring the continued vitality of classical music on the radio in Portland.”

In Portland, PRC represented the KBPS Public Radio Foundation in discussions with the Portland Schools, which originally acquired the station in 1983. KBPS is Portland’s only all-classical music radio station, and the Foundation has contributed to managing, operating and raising funds for the station since 1993. The Foundation also has supported the operation of the KBPS-AM broadcast education program at Benson High.

The district had been evaluating the sale of various assets and decided to sell the station to better focus its educational mission. As part of the sale agreement, the KBPS Foundation will continue to provide operational expertise to the AM station. Both stations broadcast from studios adjacent to the Benson High School campus in Northeast Portland.

“Everyone wins with this plan,” said Roger Doyle, University of Portland music professor and chairman of the KBPS Foundation’s 18-member board of directors. “Our listeners win because we will retain the only all-classical radio station in our area. Local musicians win because we can continue to provide a source of exposure for their talent. And our schools win because we will provide them with much-needed revenue, without compromising any educational programs. And we couldn’t have done it without Public Radio Capital.”

Public Radio Capital helped negotiate the terms of the sale in which the foundation will pay $750,000 up front for the license, and launch a capital campaign to raise the remaining funds