LA Radio: Report..Pending KDAY Sale is Off

The pending sale of KDAY 93.5 FM is reportedly not going to happen.

LA Weekly quotes sources who work for the station, the sale is not taking place, and KDAY will continue broadcasting under its current format.

Speculation had been rife for weeks that the $19.5 million deal was in jeopardy. It required FCC approval, and a number of petitioners sought to spike the deal, questioning the buyers' connection to the Chinese government, among other issues. However, an FCC spokeswoman, reached before the government shutdown, told L.A. Weekly that the sale's approval was pending.

One of LA Weekly’s sources says the deal fell through because the prospective buyer -- RBC Communications -- has pulled out. Chinese-American investor Anthony Yuen has a majority stake in RBC, with a 20 percent share owned by Phoenix Satellite Television, which operates a half-dozen Chinese TV stations and is based in the British Virgin Islands.