Red Rock Radio Corp. has been busy liquidating its assets over the last several months. On Wednesday (5/3), it agreed to part ways with a 1kw Class C AM in Minnesota. The facility serves a rural area to the north of Duluth.
The deal marks Red Rock’s exit from radio ownership.The station is KRBT-AM 1340, licensed to Eveleth, Minn.
The buyer is Range Broadcasting, and it’s acquiring the station for $20,000.
A $5,000 escrow deposit has been made to Red Rock by Range.
There is no broker involved in this transaction, which sees Charles Naftalin of Holland & Knight LLP serve as its legal counsel.
Range Broadcasting is led by President Dennis Yourczek.
With the sale of KRBT, Red Rock will no longer be an owner of radio stations.
On April 28, Twin Ports Radio agreed to acquire Class C3 WWAX-FM 92.1 in Hermantown, Minn., and Class C 1kw KQDS-AM in Duluth, Minn., from Red Rock for $200,000.
That follows a Feb. 28 deal that saw Kalil & Co. represent Red Rock, KZIO-FM in Two Harbors, Minn., was sold to Minnesota Public Radio for $300,000.
In December 2016, Red Rock — a Minnesota-based company headed by Kathy Lau and Shawn Skramstad — completed the sale of eight stations in Minnesota to R & J Broadcasting for an undisclosed price. Kalil & Co. was also the broker for Red Rock in this transaction.
Through Red River Broadcast Co., Lau and Skramstad have attributable interest in seven television stations, located in Minnesota, South Dakota and North Dakota.
