By New Times
By Connor Radnovich
By Robrt L. Pela and Amy Silverman
By Ray Stern
By Keegan Hamilton
By Matthew Hendley
By Monica Alonzo
By Monica Alonzo
St. James declined to disclose the amount Power sold for, but he did state that the convoluted deal involved three companies, Bonneville, Riviera and Emmis Communications, which leased the building Power's in at 4745 North Seventh Street, and owned all of Power's equipment. Riviera had no space for Power to move, so it acquired the lease and the equipment from Emmis, allowing the station to stay put. St. James said the two stations will operate entirely independent of each other, with St. James being the only shared employee.
The deal finalized July 12, according to St. James, but so far Power has not trumpeted the transition to listeners, mainly because it wants the tower to be completed, and the dates of the simulcast set, before such an announcement's made.
This beak-bearer ain't no Warren Buffett, but it can't help but wonder what Bonneville gets out of throwing away Power and broadcasting KTAR on AM and FM. Sure, uptight Mormons prolly don't cotton to T-Pain crooning 'bout "You and Dat Booty," Chamillionaire rappin' about "Ridin' Dirty," or Snoop Dogg singing the praises of sticky-icky-icky. Uh, but don't they know that the money's all green, even if the hired help isn't exactly belting out hymns that mega-homebuilder Ira Fulton might hum?
"It makes no business sense whatsoever," St. James said of Bonneville's lack of financial wizardry. "They paid $77.5 million to throw away $13 million a year. Only the Mormon Church can afford to make decisions like that. They overpaid for it. But my old boss at Emmis, his line was, 'If they're stupid enough to offer it to us, we're stupid enough to take it.'"