Meruelo Group to purchase Los Angeles radio station KDAY
What?Meruelo Group has purchased Los Angeles FM classic hip-hop and R&B radio station KDAY 93.5 FM.
Why it matters? Meruelo Media owns MundoFOX 22 and Super 22.
Meruelo Media, Southern California's minority-owned media group and the owner of Spanish language television stations MundoFOX 22 and Super 22, has announced the purchase of KDAY 93.5 FM, Los Angeles' original hip-hop and R&B radio station.
The sale of KDAY is expected to close in the second quarter 2014. So , Meruelo Media will begin operating KDAY on January 1, 2014. KDAY's studio operations will continue to be based in Los Angeles. Media Venture Partners represented the seller, Magic Broadcasting, in the transaction.
"We're thrilled at the invaluable opportunity KDAY offers us to expand our media business into the general market. A passion-driven brand like KDAY is strategically priceless", said Otto Padron, President and COO of Meruelo Media.
Los Angeles radio station KDAY, was the first station in the world to ever play commercial Hip-Hop. It helped to launch the careers of many artists such as Dr. Dre, Ice Cube, Ice T, LL Cool J, and Queen Latifa.