The Equity Media Holdings connection that defines Pinnacle Media strikes again. One of its principals, Gregory Fess, was once an officer at ill-fated Equity. And Pinnacle’s stations, including the one it is now filing to buy, used to be in the Equity stable.
In its latest acquisition, Pinnacle is getting low power television station KKYK-CA Little Rock AR from Hallmark National Mortgage Company, which acquired it packaged with four other Arkansas LPTVs last summer for $400K in the Equity post-bankruptcy sell-off. Hallmark is headed by Eugene L. Maris.
Hallmark is selling KKYK-CA to Pinnacle for $250K, $225K of which will be in the form of a promissory note.
Gregory Fess is the majority owner of Pinnacle, which also lists Byron Southern and Michael Fess as stakeholders. According to the transaction application, Gregory Fess last worked for Equity in 2005.
Pinnacle filled its portfolio in the same Equity sell-off in which Hallmark acquired its stations, also last summer. It acquired one full power television station, KPBI-TV Eureka Springs AR, and 14 various types of low power television stations, all in Arkansas with the exception of one Oklahoma signal, for $400K.
One of those, KLRA-LP, is also licensed to Little Rock, so this transaction will form an LPTV duopoly. Low power facilities are not subject to FCC local ownership caps.
RBR-TVBR note: Now available RBR-TVBR’s ‘2010’ new guide to help chart a course through the treacherous waters of buying, owning and selling radio or television stations.
Click to purchase: “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.