Equity Media props spin again


Valley Bank applied to take a pair of Equity Media television stations back in July, including a DT in Cheyenne and a Class A in Aurora CO. But it’s not keeping them – for the second time, its selling to an ownership group including David McAnally, Jeff Lyle and Paul Libovitz.

The stations are KQCK-DT, licensed to Cheyenne WY, part of the Cheyenne WY-Scottsbluff NE DMA; and KQKK-CA Aurura CO, which is in the Denver DMA.

VB, which just paid the equivalent of $5.45M to acquire the stations from Equity Media Holdings (a mix of credit, cash and debt forgiveness), will get $6.1M from the new buyers, along with additional unspecified payments for debtor-in-possession financing and reasonable legal costs incurred by VB while pursuing the matter through bankruptcy.

The $6.1M will be covered by a promissory note.

The same ownership group applied last month to acquire KWWF-DT Waterloo IA in the Cedar Rapids-Waterloo-Dubuque IA DMA from VB for $2M. It also filed a deal back in May to acquire WBKI-TV & WBKI-CA Louisville KY from WBKISLG LLC, headed by Greg Kunz, for $1.6M.

On his own under licensee name Fusion Communications, McAnally is paying $50K for a trio of low power facilities, KDEV-LP Cheyenne WY, K61KX Laramie WY & K21CV Rawlins WY. Those stations are coming from Equity.