An AM/FM combo in Texas is exchanging hands, and the buyer is a Lone Star entity led by Christie Tate.
It’s the lone deal featured in RBR+TVBR’s TRANSACTIONS TODAY for Wednesday, Nov. 15.
Tate is the 76% owner of E Radio Network LLC, with business partner Jonathan Ellis owning the remaining shares in the Greenville, Tex.-based company.
For a purchase price of $500,000, they’re acquiring Class C3 KIKT-FM 93.5 in Cooper, Tex., and Class C 1kw AM KGVL-AM 1400 in Greenville, Tex.
Also included in the deal is K290AP at 105.9 MHz, which rebroadcasts KGVL.
The stations serve an area northeast of Dallas.
A 10% escrow deposit has been made to the seller, Hunt County Radio LLC.
The agreement includes a $800 a month programming and equipment agreement with Westwood One for KGVL, which airs an Oldies format.
It also includes a Global Music Rights (GMR) agreement on rights payments of $155.46 per month to the Irving Azoff-controlled royalties association. It is a six-month licensing term retroactive to Oct. 1.
