High Plains Radio Group Files for Bankruptcy

The High Plains Radio Network, which operates across six states including Texas, Arkansas, New Mexico, Colorado, Oklahoma, and Mississippi, has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of Texas. The filing occurred on March 26, 202412.

Here are some key details about the situation:

Owner: The network is owned by Monte Spearman.

Station Count: High Plains Radio Network operates 18 stations in Texas, one in New Mexico, one in Colorado, four in Oklahoma, two in Mississippi, and 14 signals across Arkansas.

Failed Deals: The bankruptcy follows a failed deal in July 2023, where Broadcast Industry Group LLC attempted to purchase eleven radio stations and two FM translators across Arkansas and Mississippi for around $3 million. This deal fell through, marking the second unsuccessful attempt by the same buyer to acquire these stations2.

License Cancellation: The FCC recently canceled licenses for KICA-AM and KICA-FM due to both stations being silent for over a year. KICA also lost its tower site leases in 20222.

Assets and Liabilities: High Plains Radio Network is claiming assets and liabilities in the range of $1 million to $10 million3.

A major strategy for Spearman involved reducing personnel costs, traditionally radio's largest expense, accounting for about two-thirds of operating costs. By embracing technology and optimizing operations, Spearman managed to reduce this to 25%, a significant cut from the standard 65%. This enabled High Plains Radio Network to continue offering local content with a leaner team, showcasing the successful integration of modern technology in reducing overhead while keeping a local essence alive.