Lipetzy Buys Out Partners in Dakota/Community First Brd. (Updated)

One of the three partners in a company that owns more than a dozen radio stations in Iowa, Minnesota, and South Dakota is buying out the interest of his partners, one of whom has died.

Dakota Broadcasting LLC, the parent company of Community First Broadcasting LLC, is currently owned by Neil Lipetzy (40%), Duane Butt (30%), and Dean Sorenson (30%).

Butt died Nov. 12. Applications to transfer control of the licenses were amended Nov. 21 to state that Butt’s spouse, Barbara, is acting as his power of attorney.

According to his obituary, Butt, 83, provided tax and accounting services for several decades before retiring to a career providing business advisor services, primarily in the radio industry. He and his wife own a ranch near Fort Pierre, SD.

Under the membership purchase interest agreement filed with the FCC, Butt and Sorenson will sell their interest for a combined $5.1 million, or $2.55 million each.

After the transaction is complete, Neil Lipetzy will own 94% of the company and Theresa Lipetzy will own 6%.

Community First Broadcasting owns these Iowa stations:

• Okoboji area: KUYY/100.1 (Emmetsburg-Spencer), KUQQ/102.1 (Milford-Spirit Lake), KUOO/103.9 (Spirit Lake)
• Sheldon: KIWA/1550 (Sheldon) and FM translator K264CW/100.7, KIWA-FM/105.5 (Sheldon), which were purchased earlier this year
• Sioux Center: KSOU/1090 (Sioux Center) and FM translator K268CZ/101.5, KSOU-FM/93.9 (Sioux Center), KIHK/106.9 (Rock Valley)
• Storm Lake: KAYL/990 (Storm Lake) and K260BS/99.9, KKIA/92.9 (Ida Grove), KAYL-FM/101.7 (Storm Lake)

In Minnesota, Community First owns KKOJ/1190 (Jackson) and FM translator K249EO/97.7 and KUXX/105.7 (Jackson).

In South Dakota, Dakota Broadcasting owns KMOM/105.5 (Ipswich-Aberdeen) and KABD/107.7 (Roscoe-Aberdeen).

This item was originally posted Nov. 19 and was updated Nov. 21 to reflect that Butt has died.