Billionaire Catsimatidis Buys WABC Radio

Red Apple Media Inc. announced it has reached an agreement to buy WABC-AM radio in New York City from Cumulus Media Inc.

Billionaire John Catsimatidis, chairman and chief executive officer of Red Apple Group, said in a statement: “I am very pleased that Red Apple Media Inc. has agreed to acquire 77 WABC-AM radio. The station is a real New York legend with a rich history in broadcasting. 

“Our purchase of 77 WABC-AM radio is the next step in building a new broadcasting business, and we look forward to considering the acquisition of more broadcasting assets.  We plan to retain the excellent staff and talent working at the station now and look forward to working with them.”

Radio Ink said Cumulus Media announced it was selling WABC-AM for $12.5 million in cash.

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