‘Magic’ Making Moves On Inner City Broadcasting

May 5, 2011

According to published reports, basketball Hall of Famer, Earvin “Magic” Johnson, is quietly making moves that could result in acquiring controlling interest in Inner City Broadcasting Corp. and its flagship radio stations in New York, WBLS-FM and WLIB-AM. Thedeal.com reported that ICBC’s debt of over $230 million currently held by Goldman Sachs and GE Capital will be changing hands to Magic Johnson Enterprises and Ron Burkle‘s Yucaipa Companies. The pair have already joined forces to make a number of media moves. The MJE and Yucaipa partnership earlier this year purchased controlling interest in Vibe Holdings, which includes Vibe and Uptown magazines, and the Soul Train TV archives and name. Most recently it made moves to buy three FM stations in the Phoenix metro area.

The debt transfer does not mean that Johnson and Burkle own Inner City, but the move could mean that the less desirable of ICBC’s 17 radio stations could be sold.

Inner City Broadcasting Corporation was founded in 1971 by Harlemite Percy Sutton, the New York-based lawyer, civil rights activist and politician who passed in 2009. ICBC owns radio stations in New York, New York; San Francisco, California; Philadelphia and Pittsburg, Pennsylvania; Fort Lauderdale, Florida; Columbia, South Carolina; and Jackson, Mississippi.

Source


By submitting this form, you are consenting to receive marketing emails from: Harlem World Magazine, 2521 1/2 west 42nd street, Los Angeles, CA, 90008, https://www.harlemworldmagazine.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
We're your source for local coverage, we count on your support. SPONSOR US!
Your support is crucial in maintaining a healthy democracy and quality journalism. With your contribution, we can continue to provide engaging news and free access to all.
accepted credit cards

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles