Key Takeaways
- • Blacksun Private Equity has agreed to acquire 20 full-power AM and FM radio stations in Texas and Arkansas from bankrupt High Plains Radio Network for $1.75 million as part of a Chapter 11 reorganization.
- • The acquisition represents Blacksun's second purchase from High Plains, following a July 2025 agreement to buy 11 stations from founder Monte Spearman for $1.25 million, bringing the firm's total radio station portfolio from this debtor to 31 stations.
- • The transaction requires approval from both the FCC and the U.S. Bankruptcy Court for the Northern District of Texas; High Plains filed for Chapter 11 protection in March 2024 after three other prospective buyers withdrew from proposed deals.
- • Blacksun Private Equity, led by CEO Atonn F. Muhammad, is expanding its footprint across sports, media, and entertainment—including a $7 billion fund for the World American Football League launched in October and a recent ownership group formation to acquire the Seattle Supersonics NBA franchise.
Summary
Blacksun Private Equity has secured the acquisition of 20 radio stations from High Plains Radio Network as the latter continues its Chapter 11 bankruptcy reorganization. The $1.75 million deal encompasses full-power AM and FM stations operating in Texas and Arkansas. As High Plains operates as a debtor-in-possession, both the Federal Communications Commission and the U.S. Bankruptcy Court for the Northern District of Texas must approve the transaction before it can close.
High Plains Radio Network originally filed for bankruptcy protection in March 2024, according to filings detailed by Radio Ink. The bankruptcy process has faced significant headwinds, with three separate potential buyers withdrawing from proposed acquisition agreements during the restructuring period. This latest agreement with Blacksun marks the second transaction between the two parties; in July 2025, Blacksun agreed to purchase 11 stations from High Plains founder Monte Spearman for $1.25 million. The cumulative portfolio represents 31 stations acquired by the private equity firm from the troubled radio network.
Blacksun Private Equity, a New York-based investment firm headed by Founder, Chairman, and CEO Atonn F. Muhammad, focuses on opportunities across sports, media, and entertainment sectors. The firm's portfolio extends well beyond radio broadcasting. In October, Blacksun launched a $7 billion fund dedicated to the World American Football League and Knockout Fights. More recently, on August 12, the firm announced the formation of an ownership group with the stated objective of acquiring the Seattle Supersonics basketball franchise and returning the team to the NBA. Jeff Carruth of Weycer, Kaplan, Pulaski and Zuber, P.C. serves as counsel for Spearman and filed the original Chapter 11 petition on behalf of High Plains in March 2024.
High Plains Radio Network originally filed for bankruptcy protection in March 2024, according to filings detailed by Radio Ink. The bankruptcy process has faced significant headwinds, with three separate potential buyers withdrawing from proposed acquisition agreements during the restructuring period. This latest agreement with Blacksun marks the second transaction between the two parties; in July 2025, Blacksun agreed to purchase 11 stations from High Plains founder Monte Spearman for $1.25 million. The cumulative portfolio represents 31 stations acquired by the private equity firm from the troubled radio network.
Blacksun Private Equity, a New York-based investment firm headed by Founder, Chairman, and CEO Atonn F. Muhammad, focuses on opportunities across sports, media, and entertainment sectors. The firm's portfolio extends well beyond radio broadcasting. In October, Blacksun launched a $7 billion fund dedicated to the World American Football League and Knockout Fights. More recently, on August 12, the firm announced the formation of an ownership group with the stated objective of acquiring the Seattle Supersonics basketball franchise and returning the team to the NBA. Jeff Carruth of Weycer, Kaplan, Pulaski and Zuber, P.C. serves as counsel for Spearman and filed the original Chapter 11 petition on behalf of High Plains in March 2024.
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