LA’s Classic hip-hop musicFM (93.5) has been sold to Meruelo Media, a Los Angeles company that has been expanding its holdings. The financial details of the transaction have not been disclosed as of yet.The Radio Station had been up for sale for a little over two years.Before protestors and KDAY-FM listeners start swarming the internet with “Save KDAY” campaigns ,Meruelo executives said Wednesday they also intend to keep the old-school hip-hop format. When it was announced earlier this year that the format would change if another deal had gone through, fans protested vehemently to save the Radio Station .Meruelo Media plans to invest in an estimated $500 million a year in advertising spending to increase the awareness of the legendary Radio Station .”Los Angeles is a great media market, and KDAY is an well-known and establid brand,” said Xavier Gutierrez, president and chief investment officer of Meruelo Group. “It is a diamond that had lost its luster. But we felt that it was a good fit with the community, and a distinct radio format with long-term viability.”TheIndustry.biz would like to wish KDAY the best of luck in their new endeavor!
