For the second time this year, KFWB Los Angeles is changing owners. Howard Kalmenson’s Lotus Communications has struck an $11.2 million deal to buy the South Asian-targeted “Desi 980” from Charlie Banta’s Universal Media Access. The deal gives Lotus its fourth AM station in the L.A. metro where it already owns Spanish sports “ESPN Deportes 1330” KWKW, which simulcasts on 250-watt sister KTMZ (1220). Lotus also owns “670 AM Radio Iran” KIRN.
The sale marks a quick turnaround and profit for Universal Media Access, which completed an $8 million deal to buy KFWB from CBS Radio earlier this year, dropping the station’s sports “The Beast 980” format. The private equity firm also backs Principle Broadcasting, which owns ethnic stations in San Jose, Seattle and Boston. CBS Radio placed the station in a trust in October 2011 to meet FCC media ownership limits.