Houston Chronicle: KFNC (97.5 FM) is on the market, and broker Larry Patrick of Maryland-based Patrick Communications will be looking for a potential buyer at next week's National Association of Broadcasters convention in Las Vegas.
KFNC, the local ESPN Radio affiliate, and KHJK (103.7 FM) are among four stations owned by Cumulus Media that went through a Chapter 11 prepackaged bankruptcy procedure designed to shed debt and make the stations more attractive to potential buyers. Cumulus still manages the stations, but Patrick has a 76 percent ownership stake, and creditors control the rest.
"The staff is aware of what is happening, and the former owner (Cumulus) has every right to bid and buy the stations back," Patrick said. "I've had inquiries from five or six people, and I think there will be real interest."
Patrick expects to have offers lined up for the sale of 97.5 and 103.7 - individually or separately - by the end of the month. Cumulus is expected to bid, but he said the Atlanta-based company "does not have an inside track."
KFNC, the local ESPN Radio affiliate, and KHJK (103.7 FM) are among four stations owned by Cumulus Media that went through a Chapter 11 prepackaged bankruptcy procedure designed to shed debt and make the stations more attractive to potential buyers. Cumulus still manages the stations, but Patrick has a 76 percent ownership stake, and creditors control the rest.
"The staff is aware of what is happening, and the former owner (Cumulus) has every right to bid and buy the stations back," Patrick said. "I've had inquiries from five or six people, and I think there will be real interest."
Patrick expects to have offers lined up for the sale of 97.5 and 103.7 - individually or separately - by the end of the month. Cumulus is expected to bid, but he said the Atlanta-based company "does not have an inside track."