PRC represented KERA, public television and radio for North Texas, in the 2009 acquisition of 91.7 FM and the Public Radio Fund is an important part of the financing mix. PRC served as the broker and financial advisor for the acquisition, which will increase public media options for more than 5 million residents of the Dallas Fort Worth area.
In addition to its brokerage support, PRC helped KERA secure financing for the $18 million purchase through a consortium of three mission-focused lenders: National Cooperative Bank, FJC and PRCís Public Radio Fund. Despite difficulties in the credit markets, PRCís history of success and deep relationships with national lenders, combined with financing available from PRCís own Fund, allowed KERA to raise the necessary capital to consummate this transaction.
This transaction allows KERA to bring a proven public radio format into the market and dramatically grow the public radio audience, particularly among younger and more diverse listeners. The new station will be a public radio music format programmed with the North Texas audience in mind. It will complement KERAís news and information station 90.1 FM and be a substantial addition to KERAís overall multimedia services for the public. The new station will begin broadcasting its full schedule in the fall of 2009.