Monte Spearman’s High Plains Radio Network is wrapping up its Chapter 11 bankruptcy proceeding by selling their station assets to a pair of buyers.
Christie Tate’s E Radio Network will make a pair of purchases. The first will include ten stations and one translator in Arkansas and Texas for $1 million. The company flipped all of the stations involved to one of their six brands when they took over via LMA earlier this year. The stations involved in the deal are: “Fox Sports 99.7” KWPS-FM Caddo Valley/Hot Springs AR, “Fox Sports 97.1” KJMT Calico Rock AR, Christian AC “94.3 Christian-FM” KCMC-FM Viola AR, Country “Hot Country 92.7” KRZP Gassville AR, Country “Hot Country 100.9” KDEL-FM Arkadelphia AR, Country “Hot Country 106.9” KYXK Gurdon AR, Classic Hits “EZ Rock” on 690 KAFN Benton, 1240 KVRC Arkadelphia, and 1310 KZUP Malvern/99.3 K257HA Sheridan AR, and 1590 KDAV Lubbock TX. The deal is structured with a $25,000 deposit, $475,000 at closing, and then two payments of $250,000 at six and twelve months after closing. Hadden & Associates served as broker
In the second deal, E Radio Network will purchase ten more stations in West Texas for $700,000. That deal will include 96.5 KKNM Bovina, 100.5 KNNK Dimmitt, 94.7 KGRW Friona, 1490 KZZN Littlefield, 1090 KVOP, 1400 KREW, 103.9 KRIA, and 106.9 KKYN-FM Plainview, 1490 KVWC and 103.1 KVWC-FM Vernon. All of the stations are located between Amarillo and Lubbock.
E Radio Network COO Daniel Starks said, “”E Radio Network is excited to expand our radio station network in Arkansas and Texas with the addition of the High Plains Radio Network stations. Our advertising base and strong financial ownership have given us the ability to take advantage of this opportunity. Our relationships with ESPN, Fox Sports, ABC and Fox News and with hourly news, weather, Sports Talk, Country, EZRock and Christian formats, our daily goal is to serve our communities and listeners.”
E Radio Network owns two stations in Greenville TX and acquired five stations and four translators in or near Texarkana from Robert Delgiorno’s Freed AM Corp. and MLS Broadcasting in May 2024.
The announcement also noted that Blacksun Equity Partners will be acquiring other HPRN stations stating that the company has been in all areas of broadcasting including internet, television and radio broadcasting productions, movie and sitcom production, news talk programs, entertainment venues and virtually all areas of the industry, and is now excited to enter the ownership side of radio and television. There are eight stations not included in the deal to E Radio Network: 1360 KFFA and 103.1 KFFA-FM Helena AR, 1260 WGVM/97.3 W247BA and 100.7 WDMS Greenville MS, 95.7 KYBE Frederick OK, 1410 KLVQ/94.5 K233BE Athens, 1230 KLVT Levelland, and 95.9 KCKL-FM Malakoff TX.
Seller Monte Spearman said, “This has been a very complicated process and there have been many obstacles to overcome. I want to personally thank everyone that have assisted our company in working through this process over the last year. And a very special thanks for the loyalty of many long-term staff members and my dedicated family members, I am truly thankful.”
High Plains Radio Network filed for Chapter 11 bankruptcy protection in March 2024 claiming both assets and liabilities worth between $1 million and $10 million.
