Sunburst Sells Controlling Interest In Houma, LA Cluster
August 11, 2006 at 6:03 AM (PT)
SUNBURST MEDIA-LOUISIANA, LLC sells an effective 2/3 interest in its four HOUMA, LA-area stations to JAMES ANDERSON's MOMENTUM PLAN I LTD, LLP for $1,833,333, (MOMENTUM is buying 1/3 and ALDUS SUNBURST LTD. is buying 1/3, with MOMENTUM voting the shares of both for effective control).
The deal includes controlling interest in Country KCIL and Sports KJIN-A (ESPN 1490)/HOUMA, AC KBZZ (SOFT ROCK 96.7)/MORGAN CITY, and Classic Rock KXOR (EAGLE 106)/THIBODAUX, all recently acquired by SUNBURST from GUARANTY BROADCASTING. SUNBURST principal JOHN BORDERS will retain 29.7% nonvoting interest. DON TURNER's stake in the company will be reduced from 10.91% of the Class A shares to 3.63667%.