Before Gray Television agreed to merge with Quincy Media, Inc., at the start of 2021, it owned one radio station — a 100,000-watt regional Mexican station serving Midland-Odessa, Tex.
Gray gained the station through a merger with Raycom Media. That company gained the FM as part of a $160 million purchase of Drewery Communications, in July 2015.
Now, Gray is selling this FM. In a sign of the times, the buyer is a non-profit broadcast ministry.
KTXC-FM 104.7 “La Ley” in Lamesa, Tex., is being sold to VCY America.
That’s the entity that’s seeking to gain ownership, once and for all, of the former music radio stations owned by Royce International Broadcasting. Those three FMs were stripped from Royce owner Ed Stolz by a Federal judge in a now-infamous case involving non-payment of artist royalty fees. The judge put the stations in receivership, appointing Larry Patrick as the trustee. He arranged for a sale of the trio to VCY America.
While that deal remains muddled due to Stolz’s efforts to thwart a transfer of control, this VCY deal is much cleaner.
With Greg Guy representing Gray on KTXC’s sale, it will pocket $650,000 from the deal.
A $32,500 deposit has been placed with Patrick Communications, where Guy is based, as an escrow payment.
A call letter change is part of the terms, with the KTXC call sign retained by Gray Television.
— Adam R Jacobson, Special to Radio Ink
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over 300K population within the 60dBu coverage area for the station, plus the new owners (assuming the sale goes through) are religious broadcasters which work under a different paradigm than our commercial brethren (or the real Non-Comm Educational folks). They have, they believe a mandate from the Almighty to spread the gospel, and they have huge war-chests to purchase stations and to win bidding on new allocations (ask any NPR station who tries to outbid these folks for even a new translator)
I remain,
The Old Soldering Gunslinger
Wow, I had no idea that a station with a tower site out in the middle of nowhere was important enough to warrant this much ink.
Just for the record, Lamesa is a hell of a long way from anywhere, especially Midland Odessa, which is a hell of a long way from… well, actually from anywhere else. It makes me think differently about my 1400 watt “blow torch” that covers a population of 5 million people.
Yep…that’s why I say, “Overpaid.”
Truly, my jaw dropped when I saw this purchase price.
Overpaid.