MEET THE NEW BOSS

Cumulus Media is selling KLOS to the owners of KPWR and KDAY, Meruelo Media, for $43m.

Although the deal is expected to close in the third quarter, Meruelo Media began programming KLOS today under a Local Marketing Agreement.

“The sale of KLOS-FM to Meruelo Media at an attractive multiple allows us to generate substantial cash, which can be used to further pay down debt and invest in high potential business opportunities,” said Cumulus President and CEO Mary G. Berner. Cumulus has owned KLOS since 2011.

The rock station, the AOR pioneer that was once the diamond in ABC’s radio empire, is celebrating its 50th anniversary this month and on 4/25 will air the reunion of Mark Thompson and Brian Phelps, the hosts of “The Mark & Brian Show” from 1987 until 2012.

The new owners indicate they’ll keep spinning The Doors, U2, Led Zep and Rolling Stones.

Meruelo Media President/COO Otto Padron said, “KLOS will be a crown piece in our strategically curated, L.A.-focused multimedia portfolio. As we’ve done with all our media properties, we will take full advantage of our deep local resources to grow the globally recognized KLOS heritage rock brand for generations to come.”

In addition, Cumulus is swapping two stations in southern Connecticut with Connoisseur Media for four stations in and around Allentown, Pa. Cumulus will receive WODE-FM, WWYY-FM, WEEX-AM and WTKZ-AM; Connoisseur Media gets WEBE-FM in Westport, Conn., and WICC-AM in Bridgeport, Conn. The new owners will begin programming on 5/1.