Tag: "$12.5 million"
Cumulus to Sell WABC, New York to Red Apple Media for $12.5 Million. As TALKERS magazine tipped earlier today, Cumulus Media Inc. is agreeing to sell New York City heritage AM WABC to John Catsimatidis-controlled Red Apple Media, Inc., a wholly-owned subsidiary of Red Apple Group, for $12.5 million in cash. Cumulus Media’s CEO Mary Berner says, “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.” Under the terms of the agreement, Red Apple will take responsibility for programming WABC immediately following the close of the sale, which is expected to occur in the third quarter of 2019. Catsimatidis says, “I am very pleased that Red Apple Media Inc. has agreed to acquire 77 WABC 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 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.” Catsimatidis is the owner, president, chairman and CEO of Gristedes Foods, a large Manhattan-based grocery chain and the Red Apple Group, a real estate and aviation company with about $2 billion in holdings in New York, Florida and Pennsylvania. He is also the chairman and CEO of the Red Apple Group subsidiary, United Refining Company. He hosts a Sunday morning talk radio show on a number of stations along the East Coast out of his flagship, Salem Media’s WNYM, New York “AM 970 The Answer.” Catsimatidis was the runner-up for the Republican nomination for Mayor of New York in 2013.
Exclusive! TALKERS Publisher Michael Harrison Speaks with John Catsimatidis. Listen to Michael Harrison‘s conversation about his company’s acquisition of WABC, New York here.
Cox Enterprises Announces Sale of Cox Media Group Radio Assets to Apollo Global Management. This sale of the Cox Media Group radio station portfolio to private equity fund manager Apollo Global Management – the price not disclosed in the press release – will be less disruptive to the operations than a typical transfer of ownership of this size as it appears the new company will keep management in place. The deal calls for Cox Media Group’s radio station portfolio as well as its CoxReps and Gamut national advertising businesses to become part of a newly expanded media company called Cox Media Group, based in Atlanta, that acquired Cox’s broadcast television group and the company’s radio, newspaper, and television properties in Ohio back in February. Cox Enterprises is maintaining a minority stake in the new company. This deal affects some 52 radio brands in 10 markets – including heritage news/talk stations WSB-AM/WSBB-FM, Atlanta; WOKV-FM, Jacksonville; WDBO-FM, Orlando; and KRMG-AM/FM, Tulsa. The new Cox Media Group will operate more than 60 radio stations across 11 markets. The presser states that “the buyer plans to maintain the successful operating structure of Cox Media Group’s television, radio, CoxReps and Gamut businesses and leverage these assets to continue building a national media company with station properties in key markets across the country.” However, the sale means Cox loses the grandfathered ownership status in Tampa and Orlando and will divest WPYO-FM, Orlando and WSUN-FM, Tampa in order to comply with FCC ownership caps. Cox Enterprises CEO Alex Taylor says, “We are happy our Cox Radio and national ad platforms will continue to be operated with our television group. Keeping these media businesses together gives us even more confidence in the future success of the new company. We have spent many years fostering a culture of collaboration and innovation across these businesses and are pleased to see that work will continue.” Apollo senior partner David Sambur adds, “We are thrilled to acquire the Cox Radio station portfolio, CoxReps and Gamut and combine them with the Cox Television business to form a new media company focused on quality local broadcasting. Cox has deep roots in the media industry and has stood for the highest quality in local journalism for the past 120 years. As we shepherd these businesses into the future, we are committed to investing in high-quality programming and fostering innovation in local media.”
‘Coach’ John Kentera Moves to Middays at ‘97.3 The Fan’ in San Diego. Market sports talk pro “Coach” John Kentera will take over the 12:00 noon to 3:00 pm daypart at Entercom’s sports talk KWFN-FM, San Diego “97.3 The Fan,” effective July 1. Kentera will continue to host 97.3 The Fan’s pre- and post-game shows for Padres baseball games, “The Fan’s High School Football Show,” on Thursday nights in the fall, and serve as the color commentator on “The Fan’s Friday Night High School Football Game of the Week” broadcast. Kentera served with former sports talker XEPRS-AM “The Mighty 1090” from 2003 through 2015. His show replaces FOX Sports Radio’s Doug Gottlieb. Entercom San Diego SVP and market manager Bob Bolinger says, “We’re thrilled to add Coach Kentera to 97.3 The Fan’s weekday lineup. Coach has a rich history in San Diego and is truly beloved by the community, sports fans, and advertising partners alike.”
WGMN-AM, Roanoke Flips to News/Talk. The Roanoke Times reports that 3 Daughters Media has flipped WGMN-AM/W270CU, Roanoke from sports talk to news/talk. The station dropped its 21-year affiliation with ESPN Radio and is airing FOX News Radio’s Brian Kilmeade show, Compass Media Networks-syndicated “Markley and van Camp” show, and the syndicated Tom Sullivan program. 3 Daughters owner Gary Burns tells the paper that more competitors in sports talk radio in the market have “watered it down.” He also says of the flip, “I just think there’s a larger available audience in Roanoke for talk radio…than there is for sports radio.”
TALKERS News Notes. The nationally syndicated “Thom Hartmann Show” is now heard on Genesis Communications’ “News/Talk Florida” – the duo of WIXC, Titusville and WWBA, Tampa — airing in the 12:00 noon to 3:00 pm daypart…..Radio personality Susie Wargin – midday jock at iHeartMedia’s classic rock KRFX, Denver “103.5 The Fox” – is joining the radio broadcast team for Denver Broncos games this fall. Wargin will serve as a sideline reporter alongside play-by-play voice Dave Logan and color commentator Rick Lewis. Games air on iHeartMedia’s news/talk KOA and KRFX-FM…..cabana announces it has published its 2019 Guide to Buying Podcasts. The report includes new features, such as white-labeled case studies, “Ask an Ad Ops Expert” section, and insights into dynamic ad insertion. cabana VP of digital sales Ilwira Marciszek says, “We’re seeing bigger brands with different goals entering podcast advertising, so we wanted to speak to their concerns directly. Podcast advertising has worked for direct response, and it can work for all kinds of campaigns when used smartly.” You can download the Buying Guide here…..Coastal Broadcasting’s sports talk KLRZ-FM, New Orleans “ESPN 100.3” is the new flagship for New Orleans Pelicans basketball beginning with the 2019-20 season. Last season, games aired on iHeartMedia’s news/talk WRNO-FM. Pelicans president Dennis Lauscha says, “We could not be more excited to begin this new era of Pelicans basketball with our new flagship radio partner and its devoted listening audience. ‘ESPN New Orleans’ offers a tremendous daily sports lineup with a significant focus on the Pelicans, along with all of the local professional, collegiate, and high school teams. This is an outstanding and natural alliance for our city and region.”…..Chicago media writer Robert Feder reports that WGN-AM weekend talk host David Plier is taking over the interim chairman position with the Museum of Broadcast Communications. Plier has been and will continue to be a member of the museum’s board of directors. He assumes the role from Larry Wert, who has been interim chairman since 2016.
44thAnnual Gracie Awards Luncheon Held in New York City. The Alliance for Women in Media Foundation presented the 44th Annual Gracie Awards Luncheon yesterday (6/26) at Cipriani 42nd Street in New York City. Sheinelle Jones, co-host of “3rd Hour of TODAY” and co-anchor of NBC News’ “Weekend TODAY,” led the program alongside presenters Angela Yee from Premiere Networks’ syndicated “The Breakfast Club”; supermodel, TV personality and podcast host Emme; Roula Christie of “The Roula and Ryan Show” on KRBE, Houston; and Duarte Geraldino from Al Jazeera Digital and “PBS NewsHour.” Winners in the Radio Local category included: Julie DiCaro and Maggie Hendricks, hosts of “The Julie and Maggie Show” on Entercom sports talker WSCR, Chicago; “The Jason & Alex Show” on Hubbard Radio’s KTMY, Minneapolis’; Jillian Barberie, morning personality on Cumulus Media’s KABC-AM, Los Angeles; and Tara Granahan, talk show on Cumulus’ news/talk WPRO-AM, Providence. See all the winners here. The National Gracie Award honorees were recognized at the Gracies Gala on May 21 at The Beverly Wilshire in Beverly Hills.
Democratic Debate/2020 Presidential Race, Immigration Policy/Detention Facilities/Wayfair Protest, G20 Summit, Mueller to Testify, Iran Tensions, and Dominican Republic Tourist Deaths Among Top News/Talk Stories Yesterday (6/26). Wednesday night’s debate featuring half of the Democrats seeking their party’s nomination; the Trump administration’s Southern border policies, the conditions at U.S. detention centers, and Wayfair employees’ protests over contracts to supply furniture to child detention centers; the G20 Summit in Osaka and President Trump’s plans to meet with Vladimir Putin; former special counsel Robert Mueller to testify before a House Judiciary subcommittee; the diplomatic break between Tehran and Washington; and the deaths and illnesses affecting travelers to the Dominican Republic were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
Music Radio News and Career Moves. Urban programming pro Kenny Smoov is promoted to vice president, urban formats for Cumulus Media, a role in which he will serve as a corporate programming resource for the company’s 37 urban outlets. Smoov has been with Cumulus since 2003 and is program director and morning host for urban contemporary WQQK, Nashville “92Q,” role in which he will continue…..Also at Cumulus Media, Patrick Scott is upped to program director for CHR WLTO-FM, Lexington, Kentucky “Hot 102.5.” For the past three years, he’s been promotions and marketing director for Cumulus’ five Lexington stations…..Adams Radio of Delmarva names Angela Caswell senior account manager for the five-station music radio cluster that includes rock WZBH, Millsboro, Delaware “The Beach”; CHR WOCQ, Berlin, Maryland “OC 104”; classic rock WGBG, Fruitland, Maryland “BIG 107.7”; country WUSX, Seaford, Delaware; and WOQC-HD2 “KOOL Oldies.” Caswell most recently served in the sales department at Delmarva Broadcasting, which recently sold its radio properties to Forever Media.