The GM and two air personalities in the employ of Texas radio company Munbilla Broadcast Properties are buying two of the group’s stations, including the one they work at, and have a right of first refusal for a third.
Tom, Rick and Harley Broadcasting is the buyer. It is made up of GM Richman Phipps, and personalities Harvey D. Belew and Tom F. Herring. They work at KRZS-FM Kerrville TX, a community in unrated territory located to the northwest of San Antonio.
They’re paying $675K for that station, including a $5K earnest money deposit and promissory notes for $75K and $595K.
They are also buying KHLB-FM Mason TX, a community that is also in unrated territory and is located far enough to the north of Kerrville that the two stations do not overlap. KHLB is going for $50K, including another $5K earnest money deposit and a $45K promissory note.
For an additional five bucks, the trio has a right of first refusal to buy Munbilla’s KYRT-FM in Mason.
The transactions were handled on behalf of the seller by counsel John Joseph McVeigh, who noted that Munbilla owner B. Shane Fox is currently “absent from the United States.”
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.
