On Sept. 17, 2019, East Arkansas Broadcasters (EAB) — the radio broadcasting company owned by Bobby Caldwell — agreed to a transaction that would bring a local newspaper back to life.
There’s just one problem: His plan to purchase the Stuttgart Daily Leader in Stuttgart, Ark., and resume daily print publications at present runs afoul of media cross-ownership rules that the FCC rewrote, but were remanded by the Third Circuit federal court of appeals.
With the Supreme Court considering whether to uphold or toss the Third Circuit decision, Caldwell has moved forward with another deal — one that doesn’t involve cross-media concerns.
Caldwell’s EAB of Morrilton is agreeing to purchase KASR-FM 92.7 in Vilonia, Ark., a Class C3 25kw facility best heard in North Little Rock and in the cities of Cabot and Searcy.
The seller is Creative Media Inc., which will be pocketing $525,000 from the sale of the facility.
A $50,000 escrow deposit is being held by the legal counsel representing both the buyer and seller in this transaction, Dan J. Alpert.
Creative Media is led by Janine Elaine Harrison, and the deal will see the transfer of a 50-year tower site lease agreement that took effect in October 2004; monthly payments of $300 will be Caldwell’s responsibility.
EAB is a 80%/20% partnership between Bobby Caldwell and Peggy Caldwell.