Old fashioned deal in Texas


Fred Morton and David Stewart already have dibs on an FM station serving the Odessa-Midland TX market from nearby Los Ybanez. Their Dawson County Broadcasting (DCB) now has a deal on file at the FCC that will give KYMI-FM a little sister on the AM band. The deal is for KPET-AM, operating out of Lamesa TX. DCB will pay 290K for it, with the bulk of that total covered by a 232K promissory note. The seller is KPET Inc., headed by Don Sitton. Morton and Stewart are actually in the process of rescuing KYMI-FM from the scrap heap. Last month they filed to acquire the station for 400K despite the fact that it had received an FCC death certificate and had its call letters deleted. Their deal to acquire it, of course, will require a successful appeal to reinstate its license.