Travel two hours to the east of the Kentucky city of Lexington, and you’ll reach Prestonburg. Not far away is Harold, Ky., and that’s the home of the Gearheart family, which is known in the region for civic accolades and for radio station ownership.
Now, Adam Gearheart has decided to hand 75% control of his two FMs serving this area of the Bluegrass State to other family members.
Paperwork filed with the FCC on Thursday (12/8) shows Class A WXKZ-FM 105.3 in Prestonburg and WXLR-FM 104.9 in Harold, also a Class A facility, being sold by Gearheart to AJSPD LLC.
There is no cash purchase price, with AJSPD LLC simply assuming Gearheart’s liabilities at the time of closing.
That’s because Gearheart is listed as the buyer and seller.
What makes this a necessary transaction in need of FCC approval is that Gearheart’s equity interest in the stations is being reduced to 25%.
The other interest holders, each with 25% equity shares, are the Paul D. Gearheart Trust; Paul Jacob H. Schmoldt; and the Susan G. Schmoldt Trust.
Serving the legal counsel making the filing for Gearheart is Thomas James Dougherty Jr. of Fletcher Heald & Hildreth.
