Cumulus Sells New York’s WABC AM for $12.5 Million
New Owner — Red Apple Media
courtesy AllAccess.com June 27, 2019 at 7:35 AM (PT)
CUMULUS MEDIA INC. is selling News-Talk WABC-A/NEW YORK to JOHN CATSIMATIDIS’ RED APPLE MEDIA, INC for $12.5 million.
CUMULUS President/CEO MARY G. BERNER said, “Today’s agreement with Red Apple is yet another step in the execution of our portfolio optimization priority to drive CUMULUS’s long-term success. Consistent with our financial goals, we intend to use the sale’s net cash proceeds to pay down debt and invest in the Company to better serve our 250 million listeners and the advertisers who want to reach them. We are also pleased that WABC’s excellent team will work with RED APPLE following the transaction’s close to continue building this iconic station’s legacy.”
CATSIMATIDIS said, “I am very pleased that RED APPLE MEDIA INC. has agreed to acquire 77 WABC (AM) Radio. The station is a real NEW YORK legend with a rich history in broadcasting. I started a radio show five years ago which is now available in 14 states and on the internet; it has gained a large and loyal audience. Our purchase of 77 WABC (AM) Radio is the next step in building a new broadcasting business, and we look forward to considering the acquisition of more broadcasting assets. We plan to retain the excellent staff and talent working at the station now and look forward to working with them.”
The deal leaves CUMULUS with only rimshot Urban AC WNBM (RADIO 103.9) in the NEW YORK market, and plans to sell that station as well and exit the market.
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