Good Karma Brands has made a $15 million deal to buy WEPN-AM in New York City, KSPN-AM in Los Angeles and WMVP-AM in Chicago from ESPN. They will pay $1 million at the close of the deal followed by 14 quarterly payments of $500,000, which totals $14 million.
The sale is expected to be approved by the Federal Communications Commission early next year. All three radio stations will continue to remain ESPN Radio affiliates, use ESPN Radio Network national programming and broadcast local sports shows.
Good Karma Brands did implement a local marketing agreement with ESPN for the one Chicago radio station back in September 2019. The organization will now do the same thing and have an LMA with WEPN-FM in New York City.
It is a major step for Good Karma Brands in the radio industry. Their entrance into the New York City radio market has a significant ring for Chief Executive Officer Craig Karmazin and President Steve Politziner. They both grew up as childhood friends outside of New York City in New Brunswick, New Jersey.
Good Karma Brands owns radio stations in West Palm Beach, Milwaukee, Madison and Cleveland. Their West Palm Beach cluster consists of ESPN West Palm 106.3 WUUB-FM and Deportes Radio 760 AM WEFL-AM. They also have a local branding arrangement of the WPTV-TV Channel 5 and WFLX-TV Channel 29 sports departments.
No comments:
Post a Comment