Southern Star Exits Station Ownership
December 15, 2009 at 11:30 AM (PT)
SOUTHERN STAR BROADCASTING OF MISSOURI, LLC has closed on the sale of five stations in Southeast MISSOURI to DOCKINS BROADCAST GROUP, LLC for assumption of a $1.7 million loan and forgiveness of a promissory note. The stations include silent KPWB-A-F (KICKIN' KOUNTRY 105)/PIEDMONT, MO; Classic Hits KYLS-A (CLASSIC HITS 1450)/FREDERICKTOWN, MO; Country KYLS-F (FROGGY 96)/IRONTON, MO; and Classic Rock KTNX/ARCADIA, MO, all sold by DOCKINS to SOUTHERN STAR for $1,832,500 in 2008.
In a press release, SOUTHERN STAR CEO CHIP MILLER said that the company will "no longer seek ownership of properties due to the current economic climate and lack of liquidity in the broadcast equity markets for a start-up company."
MILLER said, "Without an ability to grow our company due to the credit markets it seemed necessary to exit ownership. We had an opportunity to protect the investment and returns for our investors and we took it. The next 18 to 36 month should prove to be a great opportunity for growth for well capitalized companies and new ventures. I personally feel that the opportunities that are on the horizon exist for me outside of ownership at this time."