KOCE Buyer Gets More Time for Down Payment

The Coast Community College District once again has extended the deadline for the buyer of its TV station to come up with the down payment since the deal has yet to receive federal approval.

District trustees voted 4 to 1 Wednesday to give the KOCE-TV Foundation until Dec. 1 to come up with the $7.9 million to buy Channel 50. The foundation has made a $100,000 deposit.

The dissenting vote was cast by Trustee Armando Ruiz. He has said in the past that the foundation failed to meet a June 30 deadline to come up with the money, which he considers the end of their bid.

The district has pushed back deadline after deadline for the foundation. But trustees say it doesn’t matter because the license for KOCE-TV can’t be transferred until the Federal Communications Commission gives its approval. The decision is not expected for two to three months.

Trustees accepted the foundation’s bid of $28 million. After the down payment, the remainder is to be paid over 30 years with no interest. No payments will be made for five years.

The Daystar Television Network, the second-largest Christian broadcaster in the world, has challenged the sale. Daystar offered $25.1 million cash for the PBS affiliate. A later offer of $40 million was turned down because it was made a day after the deadline.

Daystar is appealing an Orange County Superior Court judge’s ruling that approved the sale of the station to the foundation. It also has asked the FCC to deny the license transfer.

The foundation has been trying to raise enough pledges to guarantee a $7.9-million bank loan.