He’s been an active buyer and seller of media properties across Texas for more than a decade. Now, Gerald Benavides has signed off on a deal giving him ownership of a FM station licensed to the city of Stanton.
Benavides has signed off on an asset purchase agreement that will give him ownership, pending FCC approval, of KXQT-FM 105.9.
The station serves the Odessa-Midland, Tex., market, and is being sold by Four R Broadcasting, a Texas corporation led by Frank De Francesco. This explains why KXQT has been branded as “Frank FM.”
A $275,000 purchase price has been agreed to, with a $12,500 escrow deposit being held with Media Services Group. The brokerage represented the seller in this deal.
At closing, the deposit will be handed to Four R along with $37,500 in cash. The remaining $225,000 will be represented by a Promissory Note.
Benavides, who is based in San Antonio, is represented by Chris Imlay of Booth, Freret & Imlay in Silver Spring, Md.
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