In July 2021, an Abilene, Tex., operator agreed to acquire the assets of a Class C3 FM serving the Lubbock, Tex., market. It brought an end of ownership to a company that three months earlier voluntarily filed for Chapter 11 bankruptcy protection, resulting in the station’s auction.
Now, the entity that acquired KRBL-FM 105.7 in Idalou, Tex., is agreeing to transfer the property to a group that will convert the facility to non-commercial status. The buyer’s roster of directors includes Brad Moran, the heir to Ramar Communications.
Community Broadcast Partners LLC on Friday (9/8) finalized an asset purchase agreement that will allow it to spin KRBL to Lubbock Public Media.
With Dennis Corbett of Telecommunications Law Professionals PLLC serving as LPM’s legal counsel, the Moran family seeks to obtain ownership through an entity that sees Brad Moran hold 1/4 equity interest. Three other Moran family members each hold 25% interest in LPM.
As Brad Moran currently holds an attributable interest in Ramar, the licensee of four commercial FM stations and one commercial AM station in the Lubbock market, LPM is filing with CBP’s consent an application to convert the status of KRBL to noncommercial at the time of consummation of the license assignment. This, the Morans believe, will retain local ownership rule compliance.
Details regarding the purchase price of KRBL were withheld from the FCC filing. However, paperwork submitted in the LMS notes that accounts receivable is not of interest to LPM, given the public radio status KRBL will eventually gain.
Until Community Broadcast Partners purchased KRBL, it was operated by David Walker as “Red Dirt Rebel,” airing a local music-focused Country presentation.