Take a close look at the most recent filing for a television station in the FCC’s LMS awaiting regulatory approval and you may notice something slightly peculiar: the individual heading the group selling a LPTV property in Fort Smith, Ark., is the same individual leading the entity that’s agreed to buy the station.
What’s happening is simple: Larry Morton has struck a deal to transfer, for a price, this LPTV property from a non-profit group to a commercial operation.
An asset purchase agreement has been finalized that, with regulatory approval, will see not-for-profit Kaleidoscope Foundation-licensed KQRY-LD in Fort Smith get acquired by KTV Media.
Morton is the Executive Director of the foundation, and also serves as President of KTV Media. However, KTV’s day-to-day manager has been business partner Gregory Fess.
With John C. Trent of Putbrese Hunsacker & Trent serving as his legal counsel, Morton has now agreed to write a check to the foundation from KTV Media in the amount of $295,000 to make the transaction happen.
A Time Brokerage Agreement is in place, putting KTV Media in control of KQRY.
An illustration of the somewhat complex KTV Media ownership structure was supplied to the FCC in the filing and appears as such:
