We’re thinking quite a bit farther south and west than Philadephia – in fact, it’s in the Lubbock TX area that a trio of brothers are involved in a deal for KRBL-FM in nearby Idalou.
Originally, the station was going to be purchased by Jerry Benavides’ Claro Communications. That $450K cash deal, filed with the FCC 1/13/09, isn’t going to happen. But Jerry’s brothers, Albert and Ricky, will spend the same $450K to get the Country outlet from Kenneth & Kelly Ramsey’s Triumph Communications.
According to Media Services Group broker Bill Whitley, Jerry decided he had more pressing matters to deal with, and turned the deal over to his brothers.
He is still in for his original $30K escrow deposit. Albert and Rickey are plunking down another $50K into escrow and will add in another $20K in cash at closing, less whatever it pays in a $1K per month LMA that kicked off on April Fools Day. A $350K promissory note will finish off the financing.
The change in buyer actually creates an FM duopoly in Lubbock, bringing KRBL into co-ownership with KAMZ-FM Tahoka TX, a Regional Mexican station.