It’s a Tulsa-headquartered owner of broadcast media stations operating in such markets as Merced and Monterey-Salinas, Calif.; Rochester, N.Y.; Medford, Ore.; and Yakima, Wash. Until now, it included a mid-sized Louisiana city in its roster of markets. That’s about to change for Stephens Media Group.
With Joe Chautin III of Hardy, Carey, Chautin & Balkin serving as its legal counsel, Stephens is moving ahead with the sale of KBKK-FM “K-Buck” in Ball, KEDG-FM “Sunny 106.9” in Alexandria, KEZP-FM “104.3 The Bridge” in Bunkie and KLAA-FM “LA 103.5” in Tioga, La.
The four stations cover the Alexandria, La., market, and are being acquired by Globecom Media.
That’s the Bayou State broadcaster led by Mark Porter that is the parent of Cenla Radio and represented by Kathleen Victory of Fletcher, Heald & Hildreth.
With David Stephens (pictured, top left) signing off on the transaction for SMG, it will pocket $350,000 for the four properties. A $10,000 escrow payment has been made.
Installment payments through a secured Promissory Note have been agreed to, with payments for the first two months being interest-only. From then, 118 monthly payments (a 10-year payment agreement) commences at 4.5% APR.
There is no broker or finder associated with this station deal, which sees SMG’s holdings in Louisiana reduced to the Monroe, La., market.
