April 2, 2012

Bay Area Urban AC 102.7 KBLX "The Quiet Storm" No Longer Owned by Inner City Broadcasting

A format change for the long time Urban AC Station that features Classic R&B and Smooth Jazz is not expected

Entercom Communications Corp. has announced the signing of a definitive agreement to acquire Urban AC KBLX/San Francisco from Inner City Media Corporation and its subsidiaries for $25 million in cash.

KBLX gives Entercom four stations in the San Francisco market. Entercom will begin operating KBLX under a time brokerage agreement which will take effect after approval by the U.S. Bankruptcy Court which is administering Inner City's bankruptcy proceedings and overseeing the sales process. Entercom expects this to be approved in late April and plans to keep the station's Urban AC format.

KBLX former owner, Inner City Broadcasting, is currently in bankruptcy. Three creditors asked a bankruptcy judge to put the parent company Inner City Media Corp into Chapter 11 after they pulled out of a deal to restructure its debt in 2011. Burkle's Yucaipa Corporate Initiatives Fund II LP, Drawbridge Special Opportunities Fund Ltd and Fortress Credit Funding I LP said they are owed $254 million.  As a result Burkle’s Yucaipa Companies will eventually become owners of WBLS and WLIB in New York City along with several stations in the South that were owned by the company which was founded by Civil Rights attorney and businessman Percy Sutton. In 1971 Inner City Broadcasting's WBLS became the first Black owned radio station in New York.

Read more at FMQB...

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