The Cats’ meow? Red Apple Group CEO buys radio station

John Catsimatidis has acquired 77 WABC radio for $12.5 million

New York /
Jun.June 28, 2019 07:30 PM
The Greek-American magnate reportedly doesn’t have any immediate plans to change the station.

The Greek-American magnate reportedly doesn’t have any immediate plans to change the station.

John Catsimatidis, the billionaire host of AM-970 radio show “The Cats Roundtable,” has acquired 77 WABC radio for $12.5 million.

The station was purchased by Red Apple Media, a subsidiary of Castimatidis’ Red Apple Group, from Atlanta-based Cumulus Media, the New York Post reported.

“I grew up with WABC,” Catsimatidis told the newspaper. “It’s an iconic channel. We want to bring it back to being a great station.”

He did not indicate any immediate plans for change at the station, which is one of the city’s oldest.

Catsimatidis, a politically-connected mogul who made headlines in mid-June for reportedly rejecting Democratic presidential candidate Joe Biden’s request to contribute to his campaign, added that he hopes to buy more radio stations in the future.

“I started a radio show five years ago, which is now available in 14 states and on the internet,” he said. “It has gained a large and loyal audience.”

Catsimatidis, tapped by New York Gov. Andrew Cuomo to lead a fundraising campaign to rebuild a Greek Orthodox church at Ground Zero (he was born on the Greek island of Nisyros), becomes the latest in a series of local real estate tycoons to snap up media assets.

In December, developer Charles Cohen struck a deal to acquire the Landmark Theatres chain for an undisclosed sum, and current White House senior adviser Jared Kushner famously paid $10 million to buy to buy the New York Observer in 2006. (The Real Deal reported in January on the side hustles of some prominent industry players.)

Catsimatidis, who in 2015 made an unsuccessful play to buy the New York Daily News, has said he intends to use his media voice and contacts to help Biden, downplaying the brief discussion he had with the former vice president at a fundraising event earlier this month.

“I think Joe Biden is the most common sense nominee of the 23 people running in the Democratic Party,” he recently told CNBC. “Monetarily, I did not commit to helping him, but I will help him brotherly, on my radio show and with all my media contacts.” [New York Post] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
John Catsimatidis and 3514 Surf Avenue (Google Maps)
Catsimatidis gets $153M refi on Coney Island apartment towers
Catsimatidis gets $153M refi on Coney Island apartment towers
Red Apple Group's John Catsimatidis and 280 Eighth Avenue (Red Apple Grpup, Google Maps)
John Catsimatidis plans mixed-use Chelsea project
John Catsimatidis plans mixed-use Chelsea project
A rendering of The Residences at 400 Central and John Catsimatidis (Catsimatidis via Getty)
John Catsimatidis breaks ground on 46-story condo project in St. Pete
John Catsimatidis breaks ground on 46-story condo project in St. Pete
Food stores with huge refrigeration needs don’t get any special consideration under the city’s carbon emissions law. (iStock)
Grocery stores seek reprieve from emissions cap
Grocery stores seek reprieve from emissions cap
John Catsimatidis and 670 Pacific Street (Getty, StreetEasy)
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
John Catsimatidis (Getty, iStock; Illustration by Kevin Rebong for The Real Deal)
Catsimatidis won’t switch parties to run for mayor
Catsimatidis won’t switch parties to run for mayor
Will Catsimatidis switch parties? (Getty)
Republican or Democrat? Catsimatidis picks his poison
Republican or Democrat? Catsimatidis picks his poison
John Catsimatidis (Getty)
John Catsimatidis wants to add three more rental towers in Coney Island
John Catsimatidis wants to add three more rental towers in Coney Island
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...