David Gow Pays $5.175 Million For KFNC In Houston
Gow picks up the Houston/Beaumont FM and will LMA the station beginning September 1. KFNC-FM was one of the four stations Cumulus had owned under the company StickCo Inc. (before the Susquehanna purchase). There was one other in Houston (KHJK) and two in Kansas City (KMJK-FM and KCHZ-FM). StickCo filed for Chapter 11 bankruptcy protection and lost all four stations. In Houston alone, Cumulus paid north of $40 million for KHJK and KFNC and together they sold for under $11 million (KHJK to EMF for $5 million).
As a result of the bankruptcy, Larry Patrick owned 76 percent of the company and searched for a buyer. EMF picked up KHJK-FM for $32.2 million and Gow gets KFNC-FM for $5.175 Million. Gow tells Radio Ink no changes are planned. "KFNC has been operating successfully -- healthy ratings and revenue -- with a lineup that includes some ESPN programming and some strong local shows. Given the station's momentum, we do not plan to change the lineup.We believe we are buying the station at an attractive price. We first learned of the opportunity about eight weeks ago and have been able to work out the deal with Patrick."
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