Magic Broadcasting has closed on the previously announced sale of its Los Angeles radio station, KDAY, to Meruelo Media. Media Venture Partners represented Magic Broadcasting in this transaction. Meruelo Media is a SoCal minority-owned media group, and the owner of Spanish language television stations MundoFOX 22 and Super 22. KDAY 93.5 FM (Redondo Beach, CA)/KDEY-FM (Ontario, CA) is Los Angeles’ original hip-hop and R&B simulcast. Meruelo began operating KDAY on 1/1, via an LMA. KDAY’s studio operations will continue to be based in LA.
“This acquisition adds a unique media asset to our growing portfolio of highly-recognized media brands.” said Otto Padron, President and COO of Meruelo Media. “We’re thrilled at the invaluable opportunity KDAY offers us to expand our media business into the general market. Furthermore, in an ever evolving multi-cultural marketplace, a passion-driven brand like KDAY is strategically priceless.”
The station had been up for sale for over two years. When it was announced earlier this year that the format would likely change if a deal had been struck, listeners protested to keep the station as is.
“Los Angeles has saved KDAY” said Meruelo Group Chairman and CEO Alex Meruelo, referring to the widespread activist campaign launched on social media earlier this year to keep the station’s format. “Growing up in Los Angeles, I’ve been a long time fan of KDAY, and I am excited to have the opportunity to re-energize such a beloved Southern California cultural institution…KDAY is LA!”
KDAY is an iconic station in the market with roots as far back as the early 80′s when it was the first station in the world to ever play commercial Hip-Hop.