A proposed sale of approximately 20 radio stations in Arkansas and Texas from bankrupt High Plains Radio Network (owned by Monte Spearman) to E Radio Network has collapsed for the third time, prompting the majority of the stations to go silent pending a new buyer.
The deal, announced earlier in 2025 as part of High Plains' Chapter 11 bankruptcy proceedings, involved two separate transactions: one for about 11 stations primarily in Arkansas (including formats like Country, Christian AC, and Classic Hits) valued at around $1 million, and another for 10 stations in West Texas worth $700,000.
E Radio Network, led by Christie Tate, had begun operating some of the stations under the agreement but withdrew, according to FCC filings reported this week.This marks the third failed attempt to sell many of these assets.
Previous deals with Broadcast Industry Group in 2020 and 2023 also fell through, prolonging High Plains' financial struggles that began with tower lease disputes and led to bankruptcy filing in March 2024.
As a result, silent notifications have been filed for numerous stations, including KWPS-FM (Hot Springs, AR), KDEL-FM (Arkadelphia, AR), KYXK (Gurdon, AR), KAFN (Benton, AR), KDAV (Lubbock, TX), and several others in West Texas markets like Plainview and Vernon.
The setback underscores broader challenges in the U.S. radio industry, where station transaction volume remains low in 2025—totaling around $265 million year-to-date through September, with modest monthly activity amid economic pressures, high interest rates, and anticipation of potential FCC ownership rule changes. Small-market and distressed properties like those of High Plains continue to face prolonged sales processes and operational shutdowns.