Deals Sought For Cumulus/Houston Spin-Offs
April 13, 2012 at 5:00 AM (PT)
Broker and trustee LARRY PATRICK tells the HOUSTON CHRONICLE's DAVID BARRON that he will be at the NAB SHOW in LAS VEGAS next week looking for a potential buyer for the HOUSTON stations spun off from CUMULUS as part of CUMULUS' purchase of CITADEL last year.
Sports KFNC (ESPN 97.5 THE TICKET) and Triple A KHJK (103.7 FM) were spun from CUMULUS subsidiary AR BROADCASTING to PATRICK's OXFORD RADIO, LLC last year along with Top 40 KCHZ (95.7 THE VIBE) and Urban AC KMJK (MAGIC 107.3)/KANSAS CITY after being sent through a prepackaged Chapter 11 bankruptcy that cleared out some of the stations' debt; CUMULUS operates the stations but OXFORD, controlled by PATRICK and partly owned by CUMULUS creditors, owns the license.
"The staff is aware of what is happening, and the former owner has every right to bid and buy the stations back," PATRICK told BARRON. "I've had inquiries from five or six people, and I think there will be real interest." PATRICK said that he hopes to have offers for the stations by the end of the month, with CUMULUS expected to bid (although PATRICK said the company "does not have an inside track").