It’s a town due south of Dallas known as the home of the Munster Mansion. And, it is the city of license for an AM and FM translator that at present is controlled by a husband and wife.
Pending FCC approval, their shares in the stations will be transferred to a single individual who, with his wife, have long been tied to the operation of the stations.
Directional, two-pattern Class B KBEC-AM 1390 in Waxahachie, Tex., and FM translator K256DE at 99.1 MHz are licensed to Faye & Richard Tuck Inc.
However, full control of the AM and FM translator has been held by Jim Phillips and his wife, Ann Eklund-Phillips.
They’ve agreed to sell all of their shares in Faye & Richard Tuck Inc.’s interest in KBEC and K256DE to Jon Garrett.
While Jon Garrett is to be the sole equity interest holder in KBEC and K256DE, according to the FCC filing made Friday, he tells RBR+TVBR that it is a partnership between he and his wife. “It will still be a family owned station,” he says. “I started my working career at KBEC when I was 19. My wife and I were dating and going to college together back then. She’s not a radio nerd like me, but has always been part of our shared success — including the purchase of KBEC. We work as a team and look forward to taking on the next chapter of KBEC together. I have much gratitude for our journey together and commitment to carrying the KBEC legacy for many years to come.”
The price the Phillips’ will net from the share sale? Garrett is to pay $1.05 million. That said, some $200,000 is for stock tied to KBEC and K256DE. Some $850,000 is being paid for real estate tied to the stations.
A $15,000 deposit has been made; the seller is entitled to keep $500 of it should the sale fail to transpire. The buyer and seller are splitting the $50,000 total broker commission to Dave Manchee.
Garrett is the President of JAG Venture Holdings.
Serving as his legal counsel is Joe Chautin III of Hardy Carey Chautin & Balkin LLP.
