Infinity Broadcasting Corp. will buy oldies station KRTH-FM for$ 110 million from Beasley Broadcast Group, the companies announced Wednesday.
“This transaction shows that the radio industry is vibrant and healthy and has emerged from the depths of an industry depression,” said George Beasley, chairman of the Naples, Fla.
-based Beasley Broadcast Group.
New York-based Infinity currently owns the alternative radio station KROQ-FM in Los Angeles.
The acquisition of KRTH was made possible by the Federal Communications Commission’s recent rules on “duopoly ownership,” which paved the way for a company to own more than one AM and one FM station in a single market.
The transaction is subject to FCC approval and is expected to close before December.
Beasley bought the station, along with sister station KRTH-AM, in May 1989 from then-owner RKO General for $ 86.6 million. KRTH-AM, now KKHJ-AM, was sold to Liberman Broadcasting in March 1990 for $ 23 million, Beasley spokesman Patrick Clawson said.
Infinity owns and operates 21 radio stations in 13 of the nation’s largest radio markets.