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.”