In addition to his longtime role as a popular radio personality, the late John Walton, who partnered with Steve Johnson‘s for “Walton & Johnson,” has been the owner of Excel Media, licensee of a 50kw Class C2 FM featuring southern Rock n’ Roll and targeting the Beaumont-Port Arthur, Tex. market.
Pending FCC approval, this “Free” FM will be getting a full dose of love, under a big new owner.
KXXF-FM “Free 105.3” in Winnie, Tex., the former KPTY-FM, was acquired by Excel from Univision Radio in November 2013 for $525,000.
According to an asset purchase agreement submitted to the FCC’s LMS on Wednesday (5/10), KXXF is being sold to Educational Media Foundation.
A $610,000 purchase price was agreed upon by the parties, with a $30,500 escrow agreement being held by Fletcher, Heald & Hildreth.
Serving as Johnson’s broker is Dave Garland Media Brokers.
Acting as the broker for Educational Media Foundation, parent of the KLOVE and Air1 Christian Contemporary Music (CCM) networks, is Andrew Guest of Guest Technology.
Excel Media’s legal counsel in this transaction is FHH attorney Anne Goodwin Crump. Paige Fronabarger of Wilkinson Barker Knauer is the legal counsel of record for EMF.
For EMF, getting KXXF represents a significant upgrade opportunity for KLOVE, presently heard in Beaumont on FM translator K251AL at 98.1 MHz.
Air1 Network is found on KHJK-FM 103.7, licensed to LaPorte and serving Beaumont-Port Arthur in addition to Houston’s east side.
Walton died on July 2, 2019, his passing “untimely and sudden.”
