Cumulus To Sell Los Angeles Property
As it continues to find ways to reallocate funds to grow its business, the Los Angeles Times reports that Cumulus Media is attempting to sell 10 acres of land it owns in Los Angeles.
The property is home to the studios of Talk 790 KABC and Classic Rock 95.5 KLOS and the tower site of KABC. The Times quotes a real estate broker that the land on the corner of Jefferson Blvd. and La Cienega Blvd. in the Baldwin Hills neighborhood of Los Angeles could be worth as much as $90 Million.
Cumulus CEO Lew Dickey mentioned in the company’s most recent earnings conference call that they had around $100 Million in land assets that they could seek to divest.