The New York sports radio wars appear to be reaching their conclusion, at least on the FM dial. Good Karma Brands announced the company will vacate its 98.7 FM signal by August 31, 2024 to concentrate on digital distribution and its 1050 AM frequency. The move comes as WEPN owner Emmis Corporation continues its total exit from radio broadcasting.
GKB has been operating WEPN’s FM on a local marketing agreement with Emmis for more than ten years. What started as an annual lease rate of more than $10 million, has since increased to around $12.5 million. Once the lease concludes, Emmis Broadcasting is likely to sell the signal, aiming for an offer in the vicinity of $50 million.
This would follow Emmis’ recent sweeping changes, including Rick Cummings stepping down as the company’s radio division president, a shareholder vote to go private, and the listing of its Indianapolis headquarters.
The move to exit FM is solely Good Karma Brands’ decision and unrelated to ESPN’s recent cutbacks.
Good Karma Brands CEO and Founder Craig Karmazin told the New York Post that the FM signal has become less relevant than it was a decade ago. According to Good Karma’s data, 60% of ESPN New York’s audience now comes from outside traditional radio. Of the remaining 40% who listen via radio, eight out of ten are expected to easily switch to the AM station.
WEPN’s shows such as The Michael Kay Show, as well as Jets, Knicks, and Rangers games, will transition to the AM signal and digital platforms. This decision will give Audacy-owned rival WFAN, which broadcasts on both 101.9 FM and 660 AM, a distinct upper hand in a once-fierce OTA ratings battle.
