High Plains Radio Network Seeks Chapter 11 Bankruptcy

RADIO ONLINE | Wednesday, March 27, 2024

High Plains Radio Network

High Plains Radio Network, a broadcaster operating in Texas, Arkansas and New Mexico, is seeking Chapter 11 bankruptcy protection. With its petition filed in the Northern District of Texas, the company disclosed debts and assets each ranging between $1 million and $10 million. The filing indicates that there will be resources available for unsecured creditors, although the HPRN has yet to reveal any specific financial restructuring plans or future strategies.

30-year broadcast vet Monte Spearman, who founded High Plains Radio Network, highlighted the critical role of local radio in smaller communities despite the industry's evolving challenges. Spearman shared on the company's website how the landscape of radio ownership, retail, and digital advertising has shifted dramatically.

Spearman emphasized the enduring relevance of broadcast radio, noting that it continues to reach 90% of Americans weekly. He believes in the unique value of local radio in delivering news, information, and entertainment, maintaining its appeal to both listeners and advertisers.

Under Spearman's leadership, High Plains Radio Network was crafted to operate more efficiently than traditional radio outlets, aiming to keep a local focus while significantly cutting costs. Spearman was confident that leveraging technology creatively could enhance efficiency and reduce expenses. This approach has been validated by the network's experience, though it wasn't enough to maintain profitability.

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.