John Catsimatidis Acquires 77 WABC-AM Radio for $12.5M
The New York business mogul reached an agreement to buy the conservative ration station from Cumulus Media.
NEW YORK CITY—Billionaire John A. Catsimatidis, the chairman and CEO of Red Apple Group, has reached an agreement to buy WABC-AM radio from Cumulus Media for $12.5 million in an all-cash deal.
“I am very pleased that Red Apple Media Inc. has agreed to acquire 77 WABC-AM radio. The station is a real New York legend with a rich history in broadcasting,” says Catsimatidis. “Our purchase of 77 WABC-AM radio is the next step in building a new broadcasting business.”
The Wall Street Journal reports that the acquisition was part of the disposition of Cumulus assets following the company’s 2017 filing for bankruptcy.
“We intend to use the sale’s net cash proceeds to pay down debt and invest in the company to better serve our 250 million listeners and the advertisers who want to reach them,” said Cumulus CEO Mary Berner in a statement.
Catsimatidis notes his company plans to retain the radio station’s current employees and looks forward to considering the acquisition of more broadcasting assets. He hosts his own radio talk show, “The Cats Roundtable” on Sunday mornings on 970 AM The Answer.
The 70-year-old, Greek-American businessman founded Red Apple Group, Inc. which has holdings in energy, finance, insurance, real estate, supermarkets and media. The corporation also includes United Refining Company; United Metro Energy Corp; the Red Apple Group Real Estate division; an aviation company; and the Manhattan grocery chain Gristedes.
The real estate company has large, modern, multifamily developments in Brooklyn: The Eagle at 86 Fleet Place, The Margo at 180 Myrtle, The Andrea at 218 Mytle and The Giovanni at 81 Fleet Place. (His wife’s name is Margo, and he has two grown children, Andrea and John Jr.)
In addition to a development underway in St. Petersburg, FL, Red Apple is building a luxury condominium on the waterfront near Coney Island, at 3514 Surf Ave.
As an infant with his parents, Catsimatidis immigrated from Greece to the US in 1949. In 2013, he was the runner-up for the Republican nomination in New York’s mayoral election. His net worth is listed at $3.1 billion, according to Forbes 2017 400 List.