Ron Unkefer has had quite a career as an investor and entrepreneur. In 1992, he founded First Broadcasting in order to acquire KSFO-AM and KYA in San Francisco. Five years later, he relocated to Dallas with the acquisition of an FM station for $14 million, and its subsequent spin to ABC Radio for $25 million.
It’s what Unkefer does, and has continued to do in the years after founding now-defunct West Coast electronics retailer Good Guys. In fact, he’s just spun off the last of a group of properties rehabilitated under Unkefer’s watch in the Memphis market.
Unkefer’s Memphis First Ventures LP is the owner of Classic Hits Class D WUMY-AM 830 and FM translator W288BJ at 105.5, known as “Guess FM.”
In mid-May, those properties were sold to Global Ministries Foundation for an aggregate price at $706,823.
Then, on June 6, Memphis First Ventures and its affiliated licensee agreed to sell Class D WGUE-AM 1180 in Turrell, Ark., and FM translators K268DA at 101.5 MHz and W257CY at 99.3 MHz to Butron Media Corp. for $799,000.
Now, the final piece of Unkefer’s Memphis radio real estate is being sold, and this station has been a bit of a “Rebel.”
To the south of Memphis, Class A Country WEBL-FM 95.3 in Coldwater, Miss., is being sold to North Mississippi Media Group for $900,000. A $100,000 deposit has been made, and at closing $200,000 in cash will be paid. A $600,000 promissory note will be entered into, with a 60-month term payable in monthly installments of $7,500 per month during the first year, $9,000 in year two, $11,000 in year three, and $13,500 in year four. In year five, a $15,000 monthly payment is due. At maturity, a balloon payment of $93,727.12 is due to Unkefer’s group.
There is an 8% rate of interest on the promissory note.
There is no broker or finder associated with this transaction.
