This was devastating news, prompting a eulogy on our pages that now appears to be premature: According to sources who work for the station, the sale is not taking place, and KDAY will continue broadcasting under its current format.
The station's general manager Zeke Chiadez does not deny the news, but says an announcement is premature. "We have been told by the ownership group that they will be getting back to us on any details soon, but I don't have an official statement on whether that's true," he says.
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. (An FCC spokeswoman, reached before the government shutdown, told L.A. Weekly that the sale's approval was pending.)
A KDAY superfan named Casey Colvin, meanwhile, launched a massive publicity campaign to try to encourage prominent hip-hop stars like Dr. Dre to step in and purchase the station, whose asking price has plummeted in recent years.
One of our 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.
In any case, the station's future is far from settled; owner Magic Broadcasting has been trying to unload it for years. But despite the fact that an oldies hip-hop format is clearly the wave of the future (see the above video), no one seems to be interested in buying KDAY.
Oh well, sucks for the suits. But awesome for us!
See also: Our feature story on the history of KDAY
Like us on Facebook at LAWeeklyMusic.
If you like this story, consider signing up for our email newsletters.
SHOW ME HOW
You have successfully signed up for your selected newsletter(s) - please keep an eye on your mailbox, we're movin' in!