Salem Sells WKNR To Good Karma
December 4, 2006 at 2:39 PM (PT)
SALEM COMMUNICATIONS CORP. has agreed to sell Sports Talk WKNR-A/CLEVELAND to CRAIG KARMAZIN's GOOD KARMA BROADCASTING LLC for $7 million. The deal is expected to close in Q1 2007.
"Our decision to sell WKNR is consistent with our stated strategy of selectively divesting certain non-strategic or under-performing radio station assets," SALEM Pres./CEO EDWARD ATSINGER III said. "We believe that the sale of this station, which is in a non-strategic format, is the best means to maximize return on investment for our shareholders."
The deal gives GOOD KARMA its second Sports station in CLEVELAND; the company recently acquired Gospel WABQ-A and flipped it to WWGK as "ESPN RADIO 1540" (NET NEWS 10/30). News of the deal first broke early MONDAY afternoon at OHIO MEDIA WATCH.