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USFR Media Group

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USFR Media Group
Company typeIntegrated Media Company
Founded2000
Defunct2011
Brands

U.S. Farm & Ranch Supply Company, Inc. (d/b/a USFR Media Group) was an integrated media company incorporated in Texas in February 2000.[1] A family-owned business, it was headed by Chairman and CEO Gregory L. Brown, a rancher who previously owned an independent oil and gas firm, and his wife, socialite Linda Lyons Brown.[2][3][4] It owned television stations, published lifestyle magazines, and created infomercials and promotional videos.[5]

First ventures, with magazines and America One

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USFR Media Group joined John B. Goodman (industrialist)'s Westchester Media to publish three magazines Westchester Media previously founded or bought: Cowboys & Indians (magazine), Western & English Today, and a magazine for International Polo Club Palm Beach named Polo that was mired in lawsuits with Ralph Lauren Corporation.[6]

In 1995, they established America One, a network of about 100 stations across the United States.[7]

Involvement with Stanford Financial Group, and expansion

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In June 2001, Stanford Financial Group started investing in USFR Media Group as one of many companies that was part of that Ponzi scheme. In total, Stanford invested almost $25 million over nine years.[5]

In 2006, USFR Media Group bought KTBU from Lakewood Church for $30.5 million.[8][9]

In 2007, they moved their headquarters to a 30,000 square foot broadcasting facility in Houston which had been built by Time Warner and used by News 24 Houston.[10]

Stanford Financial Group's marketing publications touted USFR Media Group as a piece of their investment portfolio.[11]

Scandal, decline, and dissolution

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In Feb. 2009, the U.S. Securities and Exchange Commission began a lawsuit against Allen Stanford and the financial services companies involved in his Ponzi scheme. USFR Media Group and other companies that were part of the Stanford investment portfolio were put into receivership. That same year, a shareholder buyout removed America One from USFR. USFR formed a video production division to produce infomercials and promotional videos.[5]

As owners of KTBU, USFR Media Group had ended much of the remaining local programming and mostly aired paid programming, network reruns, and Sunday services from Lakewood Church. However, they had been operating at a loss for several years and could not attract more investors because Stanford was still a stakeholder in their company.[5] John B. Goodman was still an equity shareholder; in December 2009 he formed a Limited Liability Company to buy Stanford's interest[12] and in April 2010 the courts were petitioned to allow this purchase, but in that same timeframe he was arrested for DUI manslaughter during a hit-and-run car accident.[13]

In 2011, USFR Media Group sold KTBU for $16 million to Spanish Broadcasting System. The sale included all assets, the tower operating company, licenses that were still being held under the name Humanity Interested Media (from when KTBU first went on the air), and permits.[14][15]

References

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  1. ^ "US FARM & RANCH SUPPLY COMPANY, INC". OpenCorporates: The Open Database of the Corporate World. Archived from the original on 26 February 2024. Retrieved 26 February 2024.
  2. ^ Stoeltje, Melissa Fletcher (4 March 1999). "Houston Chronicle Best Dressed/ Linda Lyons Brown". Houston Chronicle. Fashion section. p. 12.
  3. ^ Hodge, Shelby (26 March 2003). "Best Dressed 2003 - HALL OF FAME INDUCTEES 2003 - Linda Lyons Brown". Houston Chronicle. Special section. p. 9.
  4. ^ "C&I's New Chapter". Cowboys & Indians. 4 April 2022. Archived from the original on 27 April 2022. Retrieved 26 February 2024.
  5. ^ a b c d "Case No.3:09-CV-0298-N, Document 1060, "Receiver's Motion to Approve Sale of Investment Interests in USFR, MCB, DGSE, and Superior" (PDF). Little Pedersen Fankhauser, LLP (court-appointed Examiner). United States District Court for the Northern District of Texas, Dallas Division. 7 April 2010. Archived from the original (PDF) on 1 March 2022. Retrieved 26 February 2024.
  6. ^ "Polo tically [sic] Incorrect: New magazine really chaps Ralph Lauren's hide". D Magazine. 1 January 1998. Archived from the original on 27 January 2022. Retrieved 26 February 2024.
  7. ^ "Cable Network Profiles". Proving Ground Media, Inc. Archived from the original on 26 June 2010.
  8. ^ McDaniel, Mike (13 January 2006). "Houston media company buys Channel 55". Houston Chronicle. Star section. p. 10.
  9. ^ Dawson, Jennifer (24 November 2006). "Church sells The Tube to network". Houston Business Journal. Archived from the original on 2 December 2008. Retrieved 26 February 2024.
  10. ^ Feser, Katherine (8 January 2007). "DEAL OF THE WEEK - Westway Park is back in the news". Houston Chronicle. Business section. p. 5.
  11. ^ "Investment Banking". Stanford Eagle 2008. Stanford Financial Group Company: 15. 2008. Retrieved 26 February 2024.
  12. ^ "KTBU Acquisition LLC". OpenCorporates: The Open Database of the Corporate World. Archived from the original on 26 February 2024. Retrieved 26 February 2024.
  13. ^ Burke, Peter (16 February 2024). "John Goodman, twice convicted of DUI manslaughter, denied new trial". WPTV-TV. Archived from the original on 20 February 2024. Retrieved 26 February 2024.
  14. ^ Form 10-Q for Spanish Broadcasting System, Inc (PDF). The United States Securities and Exchange Commission. 12 August 2011. Archived from the original (PDF) on 26 February 2024. Retrieved 26 February 2024.
  15. ^ Barron, David (10 May 2011). "KTBU is sold to Spanish Broadcasting System". Houston Chronicle. Star section. p. 2.
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