An AM/FM simulcast offering spoken word programming that includes The Mike Gallagher Show, Sean Hannity and a locally hosted “Going Home” show in the 5pm hour is being spun. Who is buying these stations, which serve small cities south of Abilene and northeast of San Angelo, Tex.?
Class C2 KXYL-FM in Coleman, Tex., along with Class C 1kw KXYL-AM 1240 in Brownwood, Tex., are being sold by Tackett-Boazman Broadcasting LP.
With Todd Steiner of Steiner Law Offices serving as the legal counsel for Tackett-Boazman, Rex Tackett signed off on the sale to Lonestar Broadcasting Group LLC.
That’s an entity led by Kenneth Witt, which is agreeing to pay $200,000 for the combo.
A $10,000 deposit has been made to the buyer. At closing, $30,000 will be paid in cash. The remainder will be honored via a Promissory Note valued at $160,000, bearing 6% interest. Terms call for two payments — one valued at $89,600 on the second anniversary of the note signing and a second one valued at $84,800.
Assumed contracts include a lease originally signed in July 2002 with Pinnacle Towers LLC.
