Entercom to Acquire KBLX/San Francisco for $25M
| RADIO ONLINE | Monday, April 2, 2012 |
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Entercom has agreed to acquire Urban AC KBLX-FM (102.9-50kw)/San Francisco from Inner City Media Corp. for $25 million in cash. KBLX will become the fourth brand in the broadcaster's San Francisco cluster, joining AC KOIT-FM, Sports/Talk KGMZ-FM (The Game 95.7) and Classic Rock KUFX-FM (98.5/102.1). Entercom will begin operating KBLX under a time brokerage agreement (TBA) following approval by the U.S. Bankruptcy Court which is administering ICMC's bankruptcy proceedings.
Entercom expects the TBA to be approved in late April and plans to maintain the station's Urban programming format. The closing of the transaction is subject to certain customary closing conditions, including FCC approval, which is expected later this year.
Entercom's President/CEO David Field stated, "We could not be more pleased to add KBLX-FM to our San Francisco radio line-up. KBLX is the leading urban radio station in the San Francisco market and has a long history of producing distinctive and compelling programming. The addition of KBLX strengthens our competitive positioning in San Francisco."
San Francisco VP/Market Manager Dwight Walker added, "KBLX has done a magnificent job of serving the local community and we look forward to continuing to do that at Entercom."
