Key Takeaways
- • Blacksun Private Equity has agreed to acquire 20 AM and FM radio stations from the bankrupt High Plains Radio Network for $1.75 million, subject to FCC and U.S. Bankruptcy Court approval in the Northern District of Texas.
- • This transaction represents Blacksun's second purchase from High Plains; the firm previously agreed in July 2025 to buy 11 stations from founder Monte Spearman for $1.25 million, bringing total committed capital to approximately $3 million across both tranches.
- • High Plains Radio Network filed for Chapter 11 bankruptcy protection in March 2024 and has faced significant headwinds in the bankruptcy process, with three competing buyers withdrawing their proposed offers prior to Blacksun's negotiations.
- • Blacksun Private Equity, a New York-based firm led by CEO Atonn F. Muhammad, is strategically diversifying beyond its core sports and media investments, which include a $7 billion fund for the World American Football League (launched October 2025) and an ownership group formed in August 2026 to pursue NBA expansion with the Seattle Supersonics.
Summary
Blacksun Private Equity has agreed to acquire a portfolio of 20 full-power AM and FM radio stations from High Plains Radio Network, a broadcaster operating in Texas and Arkansas, as part of the company's ongoing Chapter 11 reorganization. The transaction is valued at $1.75 million. High Plains originally filed for bankruptcy protection in March 2024, and the sale requires approval from both the Federal Communications Commission and the U.S. Bankruptcy Court for the Northern District of Texas.
This acquisition marks Blacksun's second major purchase from High Plains Radio Network within the past 13 months. In July 2025, Blacksun agreed to buy 11 stations directly from High Plains founder Monte Spearman for $1.25 million. Combined, the two transactions position Blacksun as a significant consolidator in the radio broadcast sector and represent approximately $3 million in total capital deployed. The bankruptcy process has proven challenging; according to Radio Ink, three other prospective buyers withdrew from proposed deals after the initial March 2024 filing, complicating the path to reorganization.
Blacksun Private Equity, headquartered in New York and led by Founder, Chairman, and CEO Atonn F. Muhammad, specializes in acquisitions and investments across sports, media, and entertainment verticals. Beyond its radio acquisitions, the firm has demonstrated significant strategic ambition in adjacent sectors. In October 2025, Blacksun launched a dedicated $7 billion fund for the World American Football League and combat sports entity Knockout Fights. Most recently, on August 12, 2026, Blacksun formed an ownership group with the stated objective of acquiring the Seattle Supersonics NBA franchise, underscoring the firm's aggressive expansion into premium sports properties and media assets. The radio station acquisitions complement this broader portfolio strategy and provide diversified cash flow exposure within the media sector.
This acquisition marks Blacksun's second major purchase from High Plains Radio Network within the past 13 months. In July 2025, Blacksun agreed to buy 11 stations directly from High Plains founder Monte Spearman for $1.25 million. Combined, the two transactions position Blacksun as a significant consolidator in the radio broadcast sector and represent approximately $3 million in total capital deployed. The bankruptcy process has proven challenging; according to Radio Ink, three other prospective buyers withdrew from proposed deals after the initial March 2024 filing, complicating the path to reorganization.
Blacksun Private Equity, headquartered in New York and led by Founder, Chairman, and CEO Atonn F. Muhammad, specializes in acquisitions and investments across sports, media, and entertainment verticals. Beyond its radio acquisitions, the firm has demonstrated significant strategic ambition in adjacent sectors. In October 2025, Blacksun launched a dedicated $7 billion fund for the World American Football League and combat sports entity Knockout Fights. Most recently, on August 12, 2026, Blacksun formed an ownership group with the stated objective of acquiring the Seattle Supersonics NBA franchise, underscoring the firm's aggressive expansion into premium sports properties and media assets. The radio station acquisitions complement this broader portfolio strategy and provide diversified cash flow exposure within the media sector.
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