On Monday, a broker release from Kalil & Co. obtained by RBR+TVBR revealed that Ramar Communications has agreed to sell The CW Network affiliate in Lubbock, along with two low-power facilities to Gray Television. Ramar is also selling the FOX affiliate in Lubbock, and its associated Class A facility, to SagamoreHill Broadcasting.
Three days later, details including the value of the concurrent deals, became known.
According to an asset purchase agreement posted by the FCC on Thursday (10/22), KLCW-23, MyNetwork affiliate KMYL-LD 14 and Telemundo affiliate KXTQ-CD 46 are being spun to Gray with additional properties not previously disclosed by broker of record Kalil & Co.
The other stations are KLBB-LD in Lubbock, the MeTV affiliate, and KABI-LD in Snyder, Tex., airing the Heroes & Icons diginet.
This deal is valued at $10 million, and a $1.5 million escrow deposit is being held by Wells Fargo Bank. A $250,000 indemnity escrow payment will be made at closing.
Going to Louis Wall‘s SagamoreHill Broadcasting are KJTV-34 and Class A KJTV-CD, plus previously undisclosed K45IL-D in Hobbs, N. Mex., which rebroadcasts KJTV.
The price Wall is paying? He agreed to a $5 million deal.
RBR+TVBR’s original coverage from Monday, Oct. 19: