The Probate Division of the Mississippi County, Mo. Circuit Court has rendered a decision regarding a bid to acquire the assets of Usher Broadcasting.
The bid from a local broadcaster is “just and appropriate,” and this has allowed the company to sell its holdings — an AM/FM combo — in a deal officially consummated on Oct. 26.
It’s our lead deal in RBR+TVBR’s TRANSACTIONS TODAY for Thursday, Nov. 2, which also sees a co-channel FM translator to an Air1 station in Southern California get snagged by Educational Media Foundation, which has closed on a big New England FM.
Usher is selling, with the court’s OK, KYMO-AM 1080 & FM 105.3 in East Prairie, Mo., for $93,000.
KYMO-AM is a Class D daytimer with 1 tower broadcasting with 500 watts of power. KYMO-FM is a 3kw Class A serving a small Mississippi Delta town south of Cape Girardeau, Mo.
The buyer is Delta Broadcasting, an East Prairie-based entity led by Kevin Mainord.
Delta has no other media interests.
There was no broker involved in this court-sanctioned transaction, approved by Julie Summers-Day. She is the guardian and conservator for Usher owner Barney Webster.
Serving as the legal counsel in this transaction is Frank Jazzo of Fletcher Heald & Hildreth.
In other TRANSACTIONS TODAY:
- A 250-watt translator at 97.3 MHz in Indianola, Miss., is now under the control of the Monte Spearman-led High Plains Radio Network thanks to an agreement that sees his company agree to purchase all of the assets of the ARKLAMS radio stations in Greenville, Miss. The translator was operated by ARKLAMS through an agreement with its owner, First Ventures Capital Partners. That agreement is now being transferred to HPRN.
- K244EY is an FM translator at 92.7 MHz that’s presently dark. It’s licensed to San Marino, Calif., home of the Huntington Library and Gardens and just east of Pasadena in the San Gabriel Valley. However, maps show the transmitter for the facility way down in Rolling Hills Estates, on a peak overlooking San Pedro. This would present an issue for Educational Media Foundation‘s trio of “Air1” Network stations that use the 92.7 MHz frequency, including KYLA-FM 92.7 in nearby Fountain Valley. The potential trouble is now gone, as EMF has acquired the dormant translator from Living Way Ministries for $90,000. A 10% escrow deposit has been made to the seller by EMF. Serving as the broker in this transaction, representing Living Way, is Patrick Communications.
- Educational Media Foundation has closed its acquisition of WLVO-FM (formerly WBRU-FM) at 95.5 MHz in Providence, R.I., from Brown Broadcasting Service. The purchase price was $5.63 million. Robert J. Maccini of Media Services Group’s Rhode Island office acted as the exclusive broker and represented the seller.