Cumulus Media has announced it is selling WABC-AM in New York City to Red Apple Media, a subsidiary of Red Apple Group, for $12.5 million in cash. More details coming shortly.
Red Apple CEO John 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.”
Now that it is owned by a solvent entity, will the station reconsider the payola risk posed by Imus replacement Sid Rosenberg?
I assume seed corn tastes bitter, correct?.
$12.5 million for WABC. What is KGO worth? $500k?
Probably. As Mary Berner said, let’s all “remain relentlessly HABU!”
Other standalones, like WMAL in D.C. and KRBE in Houston, are next…
WMAL is not a stand alone. It’s an AM/FM. Both frequencies have issues.
What’s the land under the towers worth? Probably half that, with frontage on Ryan. 17. Any bets on how soon the land gets sold off and 770 gets diplexed onto 710 or some other rig in the ‘hood?
It’s just one tower. Non-directional. What makes you think they own the land?
If they owned the land, it would have been sold by now, like WMAL and KABC.
There are two towers: the main and an aux.
But you might be right that they no longer own the land, which is in Lodi. Somebody should look that one up.
Talk about a fire sale, 12.5 million is chicken feed compared to what WABC was worth before Dumulus ran it in the ground. Maybe Mary Berner can give another press release about how great the company is doing as they continue to sell heritage stations for ten cents on the dollar.
You are sooooo Right On!!! Soooo Sad!! ABC used to totally run N.Y,. L.A., D.C. S.F. and so many others.
Cumulus has also destroyed heritage talkers like KABC, WLS, KGO AND WMAL, all of which will be on sale for a fraction of their pre-Mary Berner worth. Cumulus wanted a CEO, they wound up with the Reader’s Digest version.
Berner is just a corporate puppet. That’s not meant as a put down of her, just a factual observation. Anyway, the point is that the Dickeys, not Berner, get the full credit for destroying the heritage ABC stations. The Dickeys looked at their station personalities and top personnel as “expenses” and not as assets. Retarded thinking that literally destroyed the stations and cost hundreds of people their jobs. Just sad. Anyway, good luck to Red Apple !
Agreed, it was the Dickeys who destroyed these stations with the help of the clueless Mike McVay, whom Mary Berner chose to retain. Even Mary eventually learned McVay knew as little about radio as she did and belatedly kicked him to the curb.