Magic Johnson, Yucaipa Buy 3 Phoenix Stations
April 12, 2011 at 11:37 AM (PT)
The YUCAIPA COMPANIES and MAGIC JOHNSON ENTERPRISES have reached an agreement with ATMOR PROPERTIES INC. to purchase KVIB, KKFR and KEXX/Phoenix. The new organization will operate under the name Riviera Broadcasting and will be led by CEO Michael Cutchall and COO Jose Rodiles.
"We are thrilled to have the backing and support of one of the premier investment groups in the country," CUTCHALL said. "These stations have a great connection to their listeners and provide advertisers great value. KVIB’s bilingual Spanish-English pop-radio provides advertisers with a broad multi-ethnic audience. KKFR, offering R&B and Hip-Hop, is top five among 18-34-year-olds. Moreover, KEXX is the only Alternative station in PHOENIX. We are proud of the team that operates these stations and look forward to working with YUCAIPA and MAGIC JOHNSON ENTERPRISES."
"We are extremely optimistic about the value-creation potential in radio," "MAGIC" JOHNSON said. "Market conditions make this the right time to take advantage of this opportunity, and we are confident we have the best leadership team in place to build out an exceptional broadcast radio group."
"We are excited about entering the PHOENIX radio market and backing this excellent management team. We believe RIVIERA BROADCASTING will be a great platform to serve the PHOENIX market and we will continue to look for additional radio investment opportunities."
Backed by YUCAIPA and MAGIC JOHNSON ENTERPRISES, RIVIERA BROADCASTING is currently seeking ventures and opportunities in additional markets with properties that have similarly-high growth and revenue potential.