16 Sep 2008
Public Radio Capital Represents Lakeshore Public Television in Radio Station Acquisition
Northwest Indiana Public Broadcasting, Inc. Becomes Multimedia Provider
(Merrillville, Ind.) – Public Radio Capital today announced that it represented Lakeshore Public Television in its acquisition of the radio station WWLO 89.1 FM in Northwest Indiana from American Family Association, Inc. in Tupelo, Mississippi. Pending FCC approval, 89.1 FM will operate under the ownership of Northwest Indiana Public Broadcasting, Inc. as Lakeshore Public Radio, WLPR.
The announcement is the result of Lakeshore Public Television’s strategic planning initiative that determined the acquisition of a new media service to be a primary station objective. The media expansion will further the station’s efforts to serve as a media leader and unifying force for northwest Indiana. “This is a great opportunity for Lakeshore Public Television to leverage its television operations to provide a local news and information radio format to the people of Northwest Indiana,” said Public Radio Capital’s Director of Acquisitions, Erik Langner.
Over the next several months, the board of directors and Lakeshore Public Television’s management team will refine the radio station’s content and service strategy to include a robust local presence. The new format, expected to hit the airwaves by the end of the year, will include a variety of in-depth, news, talk and sports programming -- including live call-in programs and drive time specialties. A contemporary music sound will round out the lineup. “This station will be the voice of northwest Indiana. It will include varied and relevant content that is unlike any other product offered by other local radio stations,” said Thomas E. Carroll, Lakeshore Public Television’s president and CEO.
Technical expansion is currently underway at the broadcast studios located at 8625 Indiana Place, Merrillville. Radio broadcast infrastructure will be incorporated into the station’s current facilities.
Lakeshore Public Television broadcasts to 3.5 million homes throughout Northwest Indiana, Chicago and its surrounding suburbs and is found online at LakeshorePTV.com.
About Public Radio Capital
Public Radio Capital’s mission is to strengthen and expand noncommercial media to provide local communities nationwide with more in-depth information, unbiased news, diverse music and cultural programming. Since its founding in 2001, PRC has completed transactions totaling more than $162 million and secured access to public radio services for more than 32 million people. PRC has worked with more than 200 public radio stations ranging from first time station owners to the largest, multi-channel public radio operators in the country, helping them to buy and finance new channels, to preserve existing public radio outlets, and to strengthen their organizations and services.
In Oct. 2007, PRC launched the Public Radio Fund to benefit public radio organizations in need of short-term capital for asset-based projects. Public broadcasters are invited to apply for capital loans from the Public Radio Fund for station acquisitions to increase and diversify public radio program services for more people in communities across the country. The Public Radio Fund has initial investment commitments of more than $8.5 million from Calvert Social Investment Foundation, Ford Foundation, Nonprofit Finance Fund, National Public Radio, Inc., and individual investors. Loans from the Public Radio Fund will range from $100,000 to $3 million.
