Craig Karmazin’s Good Karma Brands will acquire ESPN’s local radio properties in New York, Los Angeles and Chicago.
Update 12/20: The deal has been filed with the FCC showing that Good Karma Brands will pay $15 million for 1050 WEPN New York, 710 KSPN Los Angeles, and 1000 WMVP Chicago. Good Karma will also take over the LMA of “98.7 ESPN” WEPN-FM New York from Emmis Communications that is currently contracted to run through August 31, 2024. Good Karma will pay $1 million at closing, with the remaining $14 million paid in quarterly installments of $500,000.
Not included in the sale are the transmitter sites of KSPN and WMVP. KSPN holds a Construction Permit to downgrade to relocate to the site of soon-to-be former sister station 1110 KRDC Pasadena where it will drop from 50kW day/10kW night from its three tower array in Valley Village to 34kW day/2.5kW night. WMVP will need to file an application to relocate from its 50kW three tower array in Downers Grove IL.
Original Report 12/13: Good Karma began operating ESPN’s “ESPN 1000” WMVP Chicago via LMA in September 2019. This deal will convert that to a purchase along with 1050 WEPN New York and “710 ESPN” KSPN Los Angeles. Good Karma will also take over the LMA of “98.7 ESPN” WEPN-FM New York from Emmis Communications that is currently contracted to run through August 31, 2024. Terms of the deal have not been disclosed outside of agreeing to a long-term affiliation agreement to continue broadcasting ESPN Radio content.
Good Karma also owns “ESPN” branded Sports stations in Cleveland, Madison, Milwaukee and West Palm Beach as well as additional stations in Milwaukee and Beaver Dam WI.
Tim McCarthy, who served as SVP/General Manager of the New York and Los Angeles properties, exited ESPN in September due to the pending deal. McCarthy had been with ESPN parent Disney/ABC since 1990 and also served as SVP/Audio & Play-By-Play for ESPN Radio.
ESPN parent Disney will retain 1110 KRDC Los Angeles and “103.3 ESPN” KESN Allen/Dallas TX.
Good Karma Brands, LLC, announced plans to acquire ESPN 1050 (WEPN-AM) in New York, ESPN 710 (KSPN-AM) in Los Angeles, and ESPN 1000 (WMVP-AM) in Chicago from ESPN, as well as perform ESPN’s obligations under the current Local Marketing Agreement for 98.7 ESPN (WEPN-FM) in New York. As part of a long-term affiliation agreement, all three stations will remain as ESPN Radio affiliates and continue broadcasting ESPN Network Radio content as well as locally-produced programming. This transaction is subject to certain regulatory approvals and is expected to close during the first quarter of 2022.
ESPN 1000 in Chicago has been operated by Good Karma under a Local Marketing Agreement since October 2019.
In addition, the companies have agreed to extend their ESPN Digital sales agreement, which began in 2015, in which GKB represents display and video inventory on ESPN.com and the ESPN App to local and regional advertisers in 14 select markets.
“We are thrilled to add ESPN New York and ESPN Los Angeles to GKB,” said Good Karma Brands Founder and CEO, Craig Karmazin. “These stations and teammates give us an expanded footprint and increased resources to help meet our mission of serving our teammates, fans and advertising partners at a best-in-class level.”
Scott McCarthy, Vice President, ESPN Audio, said: “At ESPN, we are focused on evolving to meet the ever-changing needs of our business, providing the outstanding content that our fans expect, and growing our audience in critical, leading markets. We have a strong, 20+ year relationship with Good Karma Brands and know they will further contribute to the success of these great local audio operations.”
Good Karma also owns ESPN Radio affiliates in Cleveland, Madison, Milwaukee and West Palm Beach.
