The third attempt by High Plains Radio Network to sell a group of Arkansas and Texas radio stations has fallen through, leading owner Monte Spearman to take the eleven Arkansas and Texas stations in question silent until the bankrupt group finds a fourth candidate.
FCC filings from Technical Consultant Charles Jayson Brentlinger indicate the failure to close rests with the buyer, E Radio Network, who withdrew from the $1 million acquisition agreement.
The deal, first disclosed in February, included KDEL and KVRC-AM in Arkadelphia, KZYP-AM in Malvern, KAFN-AM in Benton, KWPS in Caddo Valley, KYXK in Gurdon, KCMC in Viola, KJMT in Calico Rock, KRZP in Gassville, and KDAV-AM in Lubbock, as well as two FM translators in Sheridan.
E Radio Network, led by Christie Tate, was to pay $475,000 in cash at closing and an additional $500,000 in two subsequent $250,000 installments. A $25,000 deposit was held by escrow agent Bill Whitley, who also represented the seller. E Radio owns KGVL-AM in Greenville, KIKT in Cooper, and FM translators in Caddo Mills and Commerce, TX.
Brentlinger wrote, “Due to the failure of the Court Approved and FCC Approved Buyer to close on the purchase of the stations, and as the Buyer was the Local Marketing Partner, the stations must go silent until a new buyer, which is currently in process, can be approved by the US Bankruptcy Court and the FCC.”
For Spearman, the setback continues a nearly six-year effort to find a buyer as High Plains Radio Network remains under debtor-in-possession status. Previous deals with Brentlinger’s Broadcast Industry Group in 2020 and a reengineered agreement in 2023 both failed to close.
With reporting by Adam R. Jacobson
The seller isn’t gonna get what he wants for them. The buyer realized they were over priced and put the kibosh on the deal.
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