Walnut Creek-based Alliance Broadcasting has agreed to buy KFRC-AM and FM radio station from Lafayette developer Peter Bedford.
Alliance has signed a letter of intent with a Bedford-controlled company, Coast Broadcasting Co., to buy the San Francisco stations.
Terms were not disclosed.
KFRC-AM, known as “Magic 61,” plays popular music dating back to the 1940s. KFRC-FM plays music from the ’60s and ’70s. A spokesman for Alliance, which owns or operates two stations in Dallas and another in Detroit, said the company has no immediate plans to change station formats.
Don Lorenz, executive VP for Bedford Properties, said Bedford decided to sell the stations partly because of new rules governing station ownership, and also because of ill health.
Bedford paid $ 26.5 million for the two stations two years ago.