Monte Spearman Sheds More, This Time In Oklahoma

The sell-off of stations licensed to High Plains Radio Network continues. This time, it involves three FMs acquired by the Monte Spearman-led broadcasting company in April 2016.

Who is the buyer, and is he making a profit some four years later?

According to a broker release distributed Sunday (3/15), HPRN is agreeing to sell KEYB-FM, KJOK-FM and KKRE-FM to Paragon Plus.

The Buyer is headed by Blake Brewer, who owns KADS-FM, KECO-FM & KXOO-FM in Elk City and KSIW-AM, KLSI-FM, KWFX-FM & KWDQ-FM in Woodward, Okla.

Bill Whitley of the Dallas office of Media Services Group served as the exclusive broker for this transaction, representing the seller.

The amount HPRN is earning from the sale of the three FM stations, in Altus, OK, is now known.

HPRN acquired the stations for $750,000 some four years ago, from Paul and Scott Wilmes.

Now, HPRN is selling the trio for $400,000.

A $20,000 escrow payment has been made by the buyer.

The deal is the latest in a string of sales from Spearman and HPRN.

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In late 2017, Monte Spearman and his High Plains Radio Network were singled out by multiple brokers as an active buyer. Today, Spearman is an asset shedder, with multiple asset sale agreements seen in recent weeks. On Thursday, another station sale from HPRN was submitted for FCC approval.

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Multiple deals in the last two weeks suggest High Plains Radio Network is refining his stable of assets. The regional broadcast company has engaged in multiple station sales, with filings with the FCC including the $5,000 spin of a Class C3 Country FM in Arkansas. Now, HPRN is dealing two AMs, two FMs and a FM translator — also in Arkansas — to the same party that is getting that Country station.