John Catsimatidis acquires 77 WABC radio for $12.5 million

Wow… $12.5 MILLION for WABC? They claim 250 Million listeners. Of course, he has his own Radio Show, so I guess that’s one way to make sure it stays on the air in NYC…

Billionaire supermarket mogul John Catsimatidis’ media group has bought 77 WABC radio in a $12.5 million cash deal, according to an announcement Thursday. Red Apple Media, a subsidiary of Red Apple Group.

Source: John Catsimatidis acquires 77 WABC radio for $12.5 million

Billionaire supermarket mogul John Catsimatidis’ media group has bought 77 WABC radio in a $12.5 million cash deal, according to an announcement Thursday.

Red Apple Media, a subsidiary of Red Apple Group, acquired the AM station from Cumulus Media Inc.

Catsimatidis, who owns supermarket chain Gristedes and is worth $3.1 billion, according to Forbes, is also the host of AM-970 radio show, “The Cats Roundtable.”

He called WABC “a real New York legend with a rich history in broadcasting.”

“I started a radio show five years ago which is now available in 14 states and on the internet; it has gained a large and loyal audience,” the businessman boasted. “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.”

Mary Berner, the president and CEO of Cumulus, said the sale money will go toward paying down debt and investing in the company.

“We are also pleased that WABC’s excellent team will work with Red Apple following the transaction’s close to continue building this iconic station’s legacy,” she said in a statement.

WABC, a talk radio station, first went on the air in 1921 and broadcasts to New York, New Jersey and Connecticut. It’s the number one streamed radio station in the country, according to its website.

Berner said the station has 250 million listeners.

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