A private equity firm already chasing an NBA franchise and building a new football league is deepening its footprint into radio. Blacksun Private Equity has agreed to acquire a group of twenty Texas and Arkansas stations from the bankrupt High Plains Radio Network.
Blacksun Private Equity intends to pay $1.75 million for the 20 full-power AM and FM stations. The sale forms part of the Chapter 11 reorganization of High Plains Radio Network. Since High Plains is a debtor-in-possession, the deal must be approved by both the FCC and the US Bankruptcy Court for the Northern District of Texas. High Plains originally filed for bankruptcy protection in March 2024.
This transaction follows a July 2025 agreement in which Blacksun agreed to purchase 11 stations from High Plains founder Monte Spearman for $1.25 million. The bankruptcy process for High Plains has been challenging because three other potential buyers pulled out of proposed deals after the initial filing.
Blacksun Private Equity is a New York firm headed by Founder, Chairman, and CEO Atonn F. Muhammad. The company concentrates on investments in sports, media, and entertainment. In October, the firm launched a $7 billion fund for the World American Football League and Knockout Fights. On August 12, Blacksun said it had formed an ownership group to attempt to bring the Seattle Supersonics back to the NBA.
Jeff Carruth of Weycer, Kaplan, Pulaski and Zuber, P.C. is serving as Spearman’s legal counsel. Carruth filed High Plains’ original Chapter 11 petition in March 2024, as Radio Ink reported at the time.
With reporting from Adam Jacobson
