Larry Morton and Greg Fess both worked at ill-fated Equity Communications, which fell into bankruptcy and saw its television holdings dispersed to numerous buyers.
Now, Morton is investing in an AM radio station with an FM translator serving an Arkansas market that’s home to Walmart’s corporate headquarters.
K291CK at 106.1 in Fayetteville, Ark., and originating station KRRD-AM 1250 in Fayetteville are being acquired by Morton through his “KTV Media” licensee.
The seller is Ol Timey Broadcasting, led by John Lykins and headquartered in Lowell, Ark.
With John C. Trent as legal counsel for both parties, KTV is obtaining the AM and FM translator for $300,000.
A $10,000 escrow deposit is being held by Trent. The remainder will be paid in cash at closing.
