The credit bid that is putting the bankrupt Inner City group into the portfolio of YMF Media will add 15 stations to a portfolio that already had a Phoenix trio present. And it expands the radio reach of a certain former Los Angeles Laker star.
The star is Earvin Johnson Jr., better known to sports fans everywhere as Magic Johnson. He will be joined by Carlton Jenkins, Jeff Johnson, Ted Bartley and Zemira Jones on the governing board of YMF. Robert P. Bermingham is the principal of the buyer, but way up at the top of the flow chart the big boss is billionaire Ron Burkle.
As reported, the price for the group is $180M, in the form of a credit bid, and that amount will be reduced by the $25M coming in from the sale of KBLX-FM in the San Francisco market, and will be further reduced by the sale of one more excluded Inner City station, WZMJ-FM Batesburg SC in the Columbia SC market. If you figure that the creditors bought the debt for only $66 million, the effective price is a mere $41 million.
Some might consider the immediate sale to include four rather than five markets. However, two California AMs included in the deal basically serve different areas – KVTD-AM Berkeley is oriented to San Francisco, and KVNN-AM Santa Clara is oriented to San Jose. However, one could point out that San Jose is embedded in San Francisco. Looked at that way, the pair form an AM duopoly. But we prefer to think of them as two AMs in two different markets.
YMF is the force behind Riviera Broadcasting LLC, which owns KEXX-FM, KKFR-FM and KVIB-FM in the Phoenix market. Here’s what it’s getting from Inner City:
WLIB-AM New York NY, a Class B on 1190 kHz with 10 kW-D, 30 kW-N, DA2
WBLS-FM New York NY, a Class B on 107.5 MHz with 4.2 kW @ 1,362’
WOIC-AM Columbia SC, a Class C B on 1230 kHz with 1 kW-U, ND
WARQ-FM Columbia SC, a Class A on 93.5 MHz with 2.8 kW @ 443’
WHXT-FM Orangeburg SC, a Class C3 on 103.9 MHz with 9.2 kW @ 531,
WWDM-FM Sumter SC, a Class C on 101.3 MHz with 100 kW @ 1,322’
WMFX-FM St. Andrews SC, a Class A on 102.3 MHz with 6 kW @ 328’
WOAD-AM Jackson MS, a Class B on 1300 kHz with 5 kW-D, 1 kW-N, ND
WJQS-AM Jackson MS, a Class C on 1400 kHz with1 kW-U, ND
WJMI-FM Jackson MS, a Class C0 on 99.7 MHz with 98 kW @ 1,060’
WJNT-AM Pearl MS, a Class B on 1180 kHz with50 kW-D, 500 W-N, DAN
WZNO-FM Pickens MS, a Class C2 on 105.9 MHz with 23 kW @ 735’
WKXI-FM Magee MS, a Class C1 on 107.5 MHz with 98 kW @ 951’
San Francisco CA
KVTD-AM Berkeley CA, a Class C on 1400 kHz with1 kW-U, ND
San Jose CA
KVVN-AM Santa Clara CA, a Class B on 1430 kHz with 1 kW-D, 2.5 kW-N, DA2