Richard Heftel’s Heftel Broadcasting has won the bidding for the seven Highway Radio stations.
Heftel, son of longtime radio operator Cecil Heftel and former GM of KLVE/KSCA/KTNQ Los Angeles for Hispanic Broadcasting, won the bidding with a $620,000 offer. Educational Media Foundation’s $525,000 offer for just 98.1 KRXV Yermo and 99.7 KHYZ Mountain Pass was considered the backup bid. Following the closing of the transaction, Heftel Broadcasting will own a controlling 67.7 percent stake in the stations while John Hearne’s Point Broadcasting will retain their 32.3 percent share.
Heftel began operating the stations via Time Brokerage Agreement earlier this month.
Original Report 3/8: Seven stations in the California desert on the route between Los Angeles and Las Vegas are being auctioned off at the end of the month.
Scott Knoblauch of Spectrum Media, LLC is taking bids on the seven stations split into three formats branded as “Highway Radio” as part of Chapter 11 Bankruptcy proceedings against parent KHWY Inc. The stations once thrived as being the only in-car entertainment for those driving on Interstate 15 to Las Vegas and back to Los Angeles. Newer options have taken away much of the ability of these stations to draw advertisers.
The stations available in the bankruptcy auction are:
Country “Highway Country” – 101.5 KIXF Baker and 107.3 KIXW-FM Lenwood/Barstow CA.
Rock “The Drive” – 94.9 KHRQ Baker and 96.9 KHDR Lenwood/Barstow
Confidential bids are due to Knoblauch by March 31. Information can be received via e-mail to email@example.com or calling (864)233-9530.