The Yankton, S.D.-based privately held licensee known as Riverfront Broadcasting is the majority owner of an AM-FM combo in Webster City, Iowa, in addition to an FM translator in this city and an AM in Boone, Iowa. These facilities are run under “Riverfront Broadcasting of Iowa,” a 60/40 partnership that includes a Dallas Center, Iowa-based entity.
The Iowa partner is sailing off, with Carolyn Becker saying goodbye to these Hawkeye State signals.
Effective Jan. 1, 2019, Fieldview Broadcasting — the 40% partner in RBI — will withdraw as a member in the licensee.
As such, its equity interest in RBI will be transferred from Riverfront Broadcasting LLC to Fieldview, led by Kirk Graeve.
This “in-kind distribution” will deliver assets equal to 40% of the assets owned by Riverfront Broadcasting of Iowa.
But, Fieldview is also assuming 40% of the debt owed by RBI, giving Becker a cleaner financial health report: She is formally saying goodbye to Class B KWBG-AM 1590 in Boone, Iowa; Class D KZWC-AM 1570 in Webster City, Iowa; Class C3 KQWC-FM 95.7 in Webster City; and FM translator K225BZ in Webster City.
At the same time, Riverfront — under Becker’s full control — assumes 100% ownership of Class A KHBT-FM 97.7 in Humboldt, Iowa; Class C3 KLGA-FM 92.7 in Algona, Iowa; and Class B KLGZ-AM 1600 in Algona.
While the withdrawal from RBI by Graeve was agreed to on Nov. 5, a Form 345 filing with the FCC was made Dec. 28 as K225BZ was omitted from the original agreement.
Serving as the legal counsel in this transaction is David Oxenford of Wilkinson Barker Knauer LLP.