Here are some apples that aren’t falling far from the tree. Barbara and Hugo Papstein are selling their small far western radio group to Brian and Angela Papstein, although Brian already held a 22% interest. The two buyers, the younger of the Papsteins, will hold it all once the deal closes.
The stations are in two small unrated markets: KEKA-FM, KINS-AM, KWSW-AM Eureka CA and KEJY-FM Blue Lake CA form one, and KURY AM-FM make up an old-fashioned AM-FM combo in Brookings OR.
The price for the 78% stake will be $1.25M, paid entirely over time pursuant to a promissory note. The sellers will also maintain a $24K retirement for the sellers, and Brian is required to take out a $150K life insurance policy. He’ll hold 51% of the company to Angela’s 49%.
Hugo and Barbara have been associated with the stations going back to 1958; Brian came on board in 1982 and Angela initiated a brief two-year stint in 1988 before returning last year.