Report: ABC Radio Bidders Down To Three
November 30, 2005 at 6:35 AM (PT)
The FINANCIAL TIMES reports that DISNEY has narrowed the bidding for ABC RADIO down to three groups, including ENTERCOM, CUMULUS, and a group backed by KOHLBERG KRAVIS ROBERTS. The report indicated that the deal, which could be announced before the end of the year, is in the $2-3 billion range; as previously reported, the deal would be set up as a "reverse Morris trust" with DISNEY stockholders owning about half of the new entity.
ALL ACCESS hears that a very, very familiar radio name is attached to the KKR bid -- stay tuned!