Thanks to an asset purchase agreement signed July 21, Edward de La Hunt and Tamara de la Hunt, are now the sole owners of a group of AM and FM stations and four FM translators serving the Minnesota cities of Park Rapids and Walker.
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Edward De La Hunt, his EC Broadcasting, David De la Hunt’s Normin Broadcasting Corp., and Carol De la Hunt were all equity interest holders in the following stations:
- KPRM-AM in Park Rapids, Minn.
- KDKK-FM in Park Rapids, Minn.
- KXKK-FM in Park Rapids, Minn.
- K263BR in Park Rapids, Minn.
- KAKK-AM in Walker, Minn.
- K242AY in Walker, Minn.
- KQKK-FM in Walker, Minn.
- K234CQ in Staples, Minn.
There’s also the Construction Permit for K229DJ in Walker.
All will now be held by Edward and Tamara De la Hunt’s De La Hunt Media Inc., as they are buying out their partners for $1.15 million.
At closing, a $750,000 cash payment will be made by Edward and Tamara De la Hunt.
The remaining $400,000 will be represented via a Promissory Note, at a fixed rate of 3% interest and holding a 10-year repayable date.
The deal also includes a lease agreement for the tower used for K234CQ, owned by Verndale Broadcasting.
Ed’s legal counsel is Dawn Sciarrino; the legal counsel for the other family members is Dan J. Alpert.
