Newspaper article THE JOURNAL RECORD

Ted Baze Enters Talks to Purchase TV Station

Newspaper article THE JOURNAL RECORD

Ted Baze Enters Talks to Purchase TV Station

Article excerpt

Ted F. Baze, president and general manager of KGMC Channel 34, is personally negotiating a stock purchase agreement which could give him 100 percent ownership of Oklahoma City Broadcasting Co., the KGMC parent which is controlled by the family of convicted stock speculator Ivan F. Boesky.

"There is no reason the agreement won't go through," Baze said Wednesday. "The FCC (Federal Communications Commission) sees no problem with it."

Baze said he plans to submit an application to propose the stock purchase this week or early next week. Commission approval could come as soon as early June.

The company filed a Chapter 11 reorganization petition on Feb. 9, listing assets of $5.5 million and liabilities of $14.2 million. It has not filed a plan for reorganization.

The 10-year old station is 85 percent owned by the Beverly Hills Liquidating Partnership, which is comprised of Boesky family members. Baze owns the other 15 percent of the company's stock.

Baze said he expects the company will be able to pay off its creditors and come out of bankruptcy in "not too long" a time period.

Since filing for reorganization, the company has recorded sales totaling two times its projections at the time it filed, said Kwame Mumina, attorney for Oklahoma City Broadcasting Co.

The company recorded sales of $168,810 for the month ended March 31, compared to $331,840 for the same period last year.

Oklahoma City Broadcasting has been operating since filing for bankruptcy under a cash collateral agreement with its secured creditor, the bank NCNB Texas. Mumina said a third extension of the agreement is expected to be signed "any day" by John TeSelle, U.S. bankruptcy judge in Oklahoma City.

To improve its operation, Oklahoma City Broadcasting filed an application with the bankruptcy court to hire Katz Communications of New York to act as its new sales representative, Baze said. Seltel Inc. of New York is now serving as its sales representative.

The biggest accomplishment of the expected stock purchase is that it would relieve Oklahoma City Broadcasting of "all its FCC problems," Baze said.

An FCC investigation in December 1987 raised questions about possible rules violations concerning ownership and control of KGMC-TV, said Larry Miller, attorney for the hearing branch of the commission. …

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