An FM originating across the bay from Corpus Christi TX is going to a new owner in a deal featuring a heaping helping of seller paper. An LMA will kick in on New Year’s Day.
The station — KYRK-FM Taft TX — will be going it alone under its new owner.
The seller is Withers Family Texas Holdings LP, headed by James G. Withers.
The buyer is Bogey Broadcasting LLC, headed by Edward S. Holt.
The station is valued at $1,284,000. The contract provides for an unusual earnest money deposit of $74K, only $34K of which applies to the purchase price. The remaining $12.5M will be covered by a $100K down payment due within 10 days of filing the transfer application with the FCC, another $500K due at closing, and a four year $650K promissory note built on $5K monthly payments and a $515,510.18 balloon due near the end of the term.
Alternatively, Bogey has the option of paying in full at closing.
KYRK-FM is a Class C2 on 106.5 MHz with 50 kW @ 486’. It is known as 106.5 The Shark, and plays “Rock That Matters.”
An LMA kicks in 1/1/15. Withers will retain programming responsibility for two hours weekly, Sunday mornings, and will collect a monthly rental fee of $2,000.
