Media Rumblings
Atlanta family that controls nation's 2nd largest radio conglomerate plans tobuy Houston Modern Luxury
Are Roula and Ryan going to start dressing better?
Perhaps so, since their station owner plans to purchase Houston Modern Luxury magazine.
An Atlanta family that controls the nation's second largest radio conglomerate, including pop station KRBE-FM (104), sports/talk KFNC-FM (97.5 The Ticket) and adult contemporary KHJK-FM, has announced plans to buy Modern Luxury Media LLC, which publishes upscale lifestyle magazines in 13 cities, including Houston.
If the sale goes through as planned, the new owner will be Dickey Publishing, a privately held Atlanta company that publishes Jezebel magazine, Tuxedo Road magazine and Atlanta Sports & Fitness Magazine. Lew Dickey Jr. is the CEO of both Dickey Publishing and the publicly held Cumulus Media, which owns about 350 radio stations in 67 markets. Modern Luxury will be run through Cumulus’ Structured Management Services division.
No sales price was announced, but the New York Post believes it was a "fire sale" price of close to $20 million. The magazine chain sold for $243 million just three years ago.
Michael Kong and his brother, Stephen, founded Modern Luxury in 1993 with a single title, Chicago Social. He was pushed out of the company last February, according to reports, when a financial syndicate took over the company after it defaulted on $120 million in debt. Lenders General Electric Financial Service and New Star Financial put the company on the block in April.