Here’s the St. Louis Post-Dispatch:
Lutheran Church votes to continue KFUO sale talks
KFUO-FM hasn’t been sold â€” yet.
The Kirkwood-based Lutheran Church-Missouri Synod announced Friday afternoon that its board of directors has voted to continue negotiations to sell KFUO 99.1 FM. As previously reported, the presumptive buyer is Gateway Creative Broadcasting, the parent corporation of Christian contemporary rock station Joy FM.
And here’s the official LCMS word on the matter.
Directors proceed on KFUO, endorse malaria project
By Roland Lovstad
A special committee and the chief financial officer have been authorized by the LCMS Board of Directors to continue with multiple negotiations toward the possible sale of KFUO-FM.
Meeting Aug. 20-21 in St. Louis the Board also endorsed the Synod’s participation in the Lutheran Malaria Initiative and heard reports that the 2008-09 fiscal year ended June 30 with a positive balance.
In acting on the KFUO-FM matter, the Board adopted the following:
* “Resolved, that special counsel in conjunction with the chief financial officer proceed with the multiple negotiations reported to the Board in executive sessions, and be it further
* “Resolved, that the KFUO Committee of the Board be hereby instructed to continue to investigate the uninterrupted broadcast of the 99.1 classical format in the St. Louis market; and be it finally
* “Resolved, that the KFUO Committee of the Board be hereby authorized by the Board and empowered to determine in its absolute and sole discretion if and when the corporation shall enter into an asset purchase agreement for the sale of KFUO-FM and upon what terms and conditions approximating those reported to the Board and to cause same to be done without further action by the Board.”