Broker Bill Cate of Media Services Group fills us in on the details of this sale. High Plains Radio Network in Plainview, Texas, moves into its fourth state with the announced purchase of WDMS and WGVM in Greenville, Mississippi, for a total of $500,000. WDMS is a 100,000-watt country station and WGVM-AM, with its FM translator, is formatted with classic rock. High Plains is buying the stations from ArkLaMs Radio Group, owned by Allen Schemmel, Eddie Pearson, and John Padgett of Nashville, who have no other stations.
High Plains Radio is owned by Monte Spearman, who has 10 stations in the Plainview and Lubbock, Texas, markets; five stations in Altus, Oklahoma; and three FMs in Mt. Home, Arkansas; and recently filed for the AM/FM in Helena, Arkansas. The Greenville acquisition brings the HPRN portfolio up to a total of 22 facilities. WDMS/WGVM manager Steve Shelton will remain with HPRN as market manager.
Purchase price of the Greenville combo is $500,000, with $300,000 cash at closing and seller financing for the remaining $200,000.
