One month ago, a licensee led by Will Hill agreed to purchase an AM/FM combo, along with an FM translator, in a deal brokered by two individuals who know the lay of the land — Cody, Wyo.-based Larry and Susan Patrick.
Now, it is known that Hill is adding another Wyoming FM, this time in the municipality of Hudson.
Murray Ritland and Morcom Broadcasting on July 15 signed off on an asset sale agreement with Kairos Broadcasting, led by hill, giving his company the ability to acquire KTUG-FM in Hudson, Wyo.
KTUG serves the Lander and Riverton, Wyo., area, with a Class C2 facility, and KTUG would become a sibling to Class C1 KDLY-FM 97.5 and KOVE-AM 1330, a Class B, in Lander, Wyo., the stations Kairos agreed to acquire from Fremont Broadcasting, led by Joe Kenney.
The KTUG purchase is actually the acquisition of Ritland’s 85% membership interest in Morcom. This would codify majority ownership by Kairos, which is already operating the facility via a Time Brokerage Agreement.
The transaction, valued at $148,750 for the station assets, also includes the $12,000 transfer of ownership in a 1997 GMC 1500 “Monster Truck.” Terms call for a $15,000 payment at closing. The balance ($145,750) will be represented by a Promissory Note bearing a 2% annual interest rate, with a 60-month term.
There is no broker or finder associated with this transaction. Kairos’ legal counsel is Dawn Sciarrino; Ritland is represented by Anthony Lepore.
