Inner City Broadcasting Corporation
The Inner City Broadcasting Corporation ("ICBC") is an American media company based in New York City. ICBC is notable for being one of the first broadcasting companies wholly owned by African-Americans. The firm is the second-largest broadcasting company owned by and targeting blacks, after Lanham, Maryland-based Radio One.
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[edit] History
Inner City was founded in 1970 by a group of prominent African-American New Yorkers active in business and civic affairs. They were led by Percy Sutton, an attorney and a former president of the New York borough of Manhattan; and Clarence Jones, a former publisher of the New York Amsterdam News. Sutton and Jones were joined by over fifty shareholders including legendary disk jockey Hal Jackson; Sutton's fellow "Gang of Four" member David Dinkins, who would later become New York's first African-American mayor; Wilbert (Bill) Tatum, who succeeded Jones as publisher of the Amsterdam News; future New York state senator and comptroller Carl McCall; Betty Shabazz, the widow of Black Muslim minister and civil rights leader Malcolm X, and musicians Billy Taylor and Roberta Flack. Dorothy Brunson, who would later become the first African-American woman to wholly own an American radio station, was an executive at the company during its early years.
WLIB, owned by brothers Harry and Morris S. Novik and programmed to New York's black community, was Inner City's first acquisition, in 1972.[1] The sale included a right of first refusal clause to later acquire sister station WLIB-FM, which was renamed WBLS; Inner City exercised the clause two years later.[2] While WLIB continued largely as a talk radio outlet, WBLS's format transitioned from jazz to a progressive mix of black music. WBLS would experience a period of tremendous success from the mid-1970s to the early 1980s as it pioneered the urban contemporary format under program director Frankie Crocker, and the profile of Inner City rose with it.
Inner City later purchased radio stations in the Los Angeles area; Detroit; San Antonio, Texas (co-founder Percy Sutton's hometown); the San Francisco Bay Area; Philadelphia; Pittsburgh; Columbia, South Carolina and Jackson, Mississippi. Inner City also owned a variety of other media assets, including two cable television joint ventures with Time Warner in New York City and Philadelphia. Perhaps most notably, the company was given the task of running and reviving the Apollo Theater in New York's Harlem.[3] Inner City Broadcasting was also co-producer of the syndicated television variety series It's Showtime at the Apollo.
[edit] Recent developments
In 1990 Percy Sutton retired as chairman of the board of Inner City Broadcasting, though he remained as chairman emeritus until his death in 2009. He was succeeded by his son Pierre Sutton, who continues to serve in that capacity.
In 1999 Inner City lost control of the Apollo Theatre after an investigation by the New York State Attorney General's office (completed by Eliot Spitzer) found that members of the nonprofit Apollo Theatre Foundation, led by Charles Rangel, retained revenues generated by production of It's Showtime at the Apollo. The final decision resulted in Rangel stepping down as chairman of the foundation; he was replaced by actor Ossie Davis. Time Warner took over operating control of the theatre as part of the final decision.[4]
In August 2004, ICBC redeemed nearly $140 million [5] accreted value of redeemable preferred stock in a recapitalization led by GE Capital and Alta Communications, a Boston-based private equity firm.[6]
By 2006 Inner City had sold or otherwise disposed of the majority of its investments outside of its core radio stations. The last remaining investment, Urban Cable Works of Philadelphia, L.P. (“Urban Cable”), was sold on November 22, 2005 to Time Warner Cable, Inc. ("TWC"). TWC purchased the 60% interest in Urban Cable for $51 million in cash, net of cash acquired, and the assumption of $44 million of Urban Cable’s third-party debt. During 2004, TWC Inc. made cash payments of $34 million to Inner City to settle certain disputes regarding the joint venture.
On August 22, 2011, Inner City's creditors petitioned the United States Bankruptcy Court to force the firm to declare Chapter 11 bankruptcy on grounds that the company's executives failed to accept a buyout offer. A filing could result in majority control of Inner City being taken over by Ron Burkle's Yucaipa Companies, and basketball legend Earvin "Magic" Johnson's Magic Johnson Enterprises.[7]
[edit] Stations
Arranged in alphabetical order by state and city of license.
| AM Stations | FM Stations |
[edit] Current
| City of license/Market | Station | Owned Since | Current Format |
|---|---|---|---|
| San Francisco - Oakland - San Jose | KVTO-1400 | 1979 | Ethnic (Chinese) |
| KVVN-1430 | 1997 | Ethnic (Vietnamese) | |
| KBLX-102.9 | 1979 | Urban adult contemporary | |
| Jackson, Mississippi | WJNT-1180 | 2006 | News/Talk |
| WJQS-1400 | 2000 | Oldies music | |
| WOAD-1300 | 2000 | Urban contemporary gospel | |
| WJMI-99.7 | 2000 | Urban contemporary | |
| WKXI-FM-107.5 | 2000 | Urban adult contemporary | |
| WZNO-105.9 | 2000 | Sports talk (ESPN Radio) | |
| New York City | WLIB-1190 | 1972 | Urban contemporary gospel |
| WBLS-107.5 | 1974 | Urban adult contemporary | |
| Columbia, South Carolina | WOIC-1230 | 2000 | Talk radio |
| WARQ-93.5 | 2000 | Modern rock | |
| WHXT-103.9 | 2003 | Urban contemporary | |
| WMFX-102.3 | 2000 | Classic rock | |
| WWDM-101.3 | 2000 | Urban adult contemporary | |
| WZMJ-93.1 | 2003 | Sports talk (ESPN Radio) |
[edit] Former
| City of License/Market | Station | Years owned | Current ownership |
|---|---|---|---|
| Los Angeles | KGFJ-1230 (now KYPA) |
Multicultural Broadcasting | |
| KUTE-101.9 (now KSCA) |
1979–1985 | Univision Radio | |
| Miami - Ft. Lauderdale - Hollywood, FL | WSRF-1580 | Niche Radio, Inc. | |
| WSHE-103.5 (now WMIB) |
Clear Channel Communications | ||
| Fort Wayne, Indiana | WOWO-1190 | 1994–1995 | Pathfinder Communications Corporation |
| WOWO-FM-102.9 (now WGL-FM) |
1994 | Summit City Radio | |
| Detroit | WLBS-102.7 (now WPZR) |
1979–1988 | Radio One |
| Philadelphia | WHAT-1340 | 2000–2006 | Marconi Broadcasting |
| Pittsburgh | WURP-1550 (now WLFP) |
2000–2007 | Business Talk Radio Network |
| San Antonio | KSJL-760 | ||
| KSJL-FM-96.1 |
[edit] See also
[edit] References
- ^ "Changing Hands." Broadcasting, July 3, 1972, pg. 23. [1]
- ^ "Changing Hands." Broadcasting, July 29, 1974, pg. 21. [2]
- ^ 9E07EFDE1038F931A35751C0A964948260 Inner City Broadcasting Plans to Buy the Apollo, Published: February 2, 1982: New York Times
- ^ http://books.google.com/books?id=7sIDAAAAMBAJ&pg=PA54&lpg=PA54&dq=inner+city+broadcasting+apollo+theatre&source=bl&ots=iJ4dQkgA5G&sig=6OJOmKY4phF_9OQsowcanmyDjkg&hl=en&ei=PFxUTvumCovF0AGapaHcAg&sa=X&oi=book_result&ct=result&resnum=7&ved=0CGIQ6AEwBg#v=onepage&q=inner%20city%20broadcasting%20apollo%20theatre&f=false
- ^ "Quetzal JPMorgan Partners - Portfolio". http://www.quetzaljpmorganpartners.com/portfolio.html.
- ^ "Quetzal/J.P. Morgan Partners Sells Stock in Inner City Broadcasting". 2004-08-13. http://www.quetzaljpmorganpartners.com/news08_13_04.html.
- ^ "Creditors seek black radio company's bankruptcy". Reuters. August 22, 2011. http://www.reuters.com/article/2011/08/22/industry-us-innercitymedia-bankruptcy-idUKTRE77L4E920110822?type=companyNews.
