Here’s a deal that takes convention and stands it on its head. Cumulus Media Partners is liquidating a combo in Greenville TX – KGVL-AM & KIKT-FM — which are still licensed to that venerable blast-from-the-past iconic radio brand Susquehanna Radio Corporation. Greenville is about 35 miles northeast of Dallas, and rather than having designs on that top-10 market, the FM may be headed 30 miles further away from the Metroplex.
The buyer is KGVL Radio LLC, headed by Alpha Horne. The face-value price for the combo is $600K, with $100K going into escrow, $50K payable in cash at closing, and $450K payable pursuant to a promissory note.
However, if KIKT-FM takes the stage coach further out of town to Cooper TX, broker Bill Whitley confirms that the price for the combo will be reduced by $200K for a new total of $400K.
The driver for the move to Cooper is an arrangement Cumulus has with Liberman, which is planning an upgrade of Ft. Worth Regional Mexican outlet KNOR-FM. It operates on 93.7 MHz with 15.5 kw, and has designs on upping that to 100 kw. Hence the need for first-adjacent 93.5 KIKT to get out of Dodge and create some distance.
Horne’s company will foot the bill for the move to Cooper, and deduct the $200K from its promissory obligation, while Cumulus collects an undisclosed settlement fee from Liberman for agreeing to move KIKT in the first place.
KIKT will actual be getting an upgrade as a stick, going from a Class A in Greenville with 1.8 kw @ 328’ to a C3 in Cooper with 13.5 kw @ 407’. It will remain on 93.5 MHz.
