Inner City Broadcasting Poised For Takeover
July 29, 2011 at 3:08 PM (PT)
INNER CITY BROADCASTING CORP. (ICBC) is in the process of having its debt taken over by a group headed by MAGIC JOHNSON, FORTRESS CAPITAL and RON BURKLE’s YUCIPA companies. Their debt had been held by GOLDMAN SACHS.
While talks are still in progress, the company fully expects some changes to be made wherein the SUTTON family, who were the founders of the minority-owned broadcast company, will still have some involvement and participate in its management going forward. It is still a work in progress.
ICBC currently owns and operates Urban WBLS/Black Gospel WLIB/NEW YORK, Urban AC KBLX/SAN FRANCISCO, Urban WHXT, Urban AC WWDM, Classic Rock WMFX, Alternative WARQ and Sports WZMJ in COLUMBIA, SC, and Urban AC WKXI, Urban WJMI, Sports WZNO, Black Gospel WOAD-A and N/T WJNT-A in JACKSON, MS.