Report: KDAY Sale Falls ThroughFriday, October 4, 2013
The sale of hip-hop station KDAY-FM (93.5) of Redondo Beach to Chinese investors has reportedly been called off.
In April, holding company RBC Communications of Irwindale, whose primary investor is Chinese-American TV news anchor Anthony Yuen, disclosed in a filing with the FCC its intent to purchase KDAY and a sister station from Magic Broadcasting of Panama City, Fla., for $19.5 million.
Twenty percent of RBC is owned by Phoenix Satellite Television of Hong Kong, which operates TV channels in China.
The deal spurred concern among KDAY listeners, given the likelihood that its “old school” rap and hip hop music would be replaced by Mandarin talk radio.
The LA Weekly reported on Friday that the deal is not going through, citing employees of the station. One source told the Weekly that RBC is backing out of the deal, which was still pending FCC approval at the time of the government shutdown.
KDAY General Manager Zeke Chiadez did not return a call to the Business Journal.
Check out the Business Journal’s earlier coverage.