Riverhead teen unsuccessful in raising funds to buy radio station
The Riverhead teen who attempted last month with two friends to raise funds to purchase a North Carolina radio station was unable to reach his goal in time.
WRIV 1390 AM disc jockey Kyle Kratoville said he still hopes to purchase the 98.3 FM station, but is no longer actively fundraising, he said.
“We weren’t able to come up with the money and until that happens, we won’t be able to get the radio station,” he said, adding that he was unable to secure a personal loan to buy the station. “I‘ve spent the past eight months giving this project everything I have.”
Last month, the owner of 98.3 FM agreed to sell the station’s license for a $10,000 down payment plus a percentage of the monthly ad revenue, Mr. Kratoville said. If the purchase had gone through, he’d planned to rename the station NOW 98.3 and adopt a contemporary hit radio format.
He and his friends set up an account at kickstarter.com, which is a funding platform for creative products. To receive funding they had to meet their project goal of $10,000, but the trio fell $9,300 short of that goal.
