Update 10/20: RBC Communications has sent a letter to the FCC notifying the commission that they have terminated their agreement to purchase KDAY and KDEY. No reasons for walking away from the acquisition were given.
The $19.5 Million sale to RBC Investments and Phoenix Satellite Television would have seen the Classic Hip Hop station shift to Chinese programming. As we reported last month, numerous petitions to deny the sale were made focusing on the connection of Phoenix Satellite Television’s connection to the Chinese government.
Facing increased scrutiny RBC has supposedly backed out of the sale. KDAY GM Zeke Chiadez told LA Weekly, “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.”