Billionaire supermarket mogul John Catsimatidis’ media group has bought WABC 770 AM radio in a $12.5 million cash deal and he may be on the prowl for more stations.
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| John Catsimatidis |
And Catsimatidis, who owns supermarket chain Gristedes is worth $3.1 billion, according to Forbes. He is also the host of WNYM 970 AM radio show “The Cats Roundtable.”
“I grew up with WABC,” Catsimatidis told The NY Post. “It’s an iconic channel. We want to bring it back to being a great station.”
He has no immediate plans to change WABC, however. “We plan to retain the excellent staff and talent working at the station now and look forward to working with them.”
The Greek native also said he in on the prowl for more radio buys. “Have checkbook, will travel,” he quipped, adding that he is in discussions to buy other AM and FM stations, but would not disclose which ones.
Cumulus Media has been trying to pare debt since emerging from its 2017 Chapter 11 bankrukptcy that was the result of a $5 billion buying spree from 1998 to 2013. Radio stations nationally have under pressure due to podcasts, streaming audio and other newer rivals in recent years.
“Consistent with our financial goals, we intend to use the sale’s net cash proceeds to pay down and invest in the company,” said Cumulus CEO Mary Berner.
Catsimatidis is closely identified with the Gristedes supermarket chain and rival D’Agonstino’s which he bailed out with a line of credit. But the supermarkets account for less then 10 percent of his estimated net worth. The bulk of his portfolio’s value comes from real estate, which includes a soon to open ocean front, twin tower, luxury complex in Coney Island and United Refinery, an oil refinery operation.
The Greek-born mogul ran unsuccessfully for NYC mayor in the Republican primary in 2013.
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