Walt Disney Co. was expected to close Friday on the sale of its AM Radio Disney station in New York for a reported $13 million – which would amount to a sharp discount from its acquisition price eight years ago.
The Burbank media company is selling WQEW-AM (1560 ) to Family Stations Inc., a Christian radio network in Oakland with stations in 24 states. Disney bought the station in 2007 from the New York Times Co. for $40 million.
While Disney did not disclose the price, RadioINSIGHT, a radio industry news and information website, reported it at $13 million.
Last summer, Disney announced it was putting its network of 22 AM stations and one FM radio station on the market as it shifts the focus of its Radio Disney brand to satellite, online streaming and through mobile devices. Flagship station KDIS-AM (1110) in Burbank was the only station not put on the market and produces nearly all the live programming for Radio Disney.
Two other Disney stations sold last month. KMIC-AM (1590) in Houston was bought by Spanish language religious broadcasting company Daij Media LLC. AllAccess.com, a radio and music industry news website reported the sale price at $3.2 million. Disney bought the station in 1999.
Religious broadcaster Adell Broadcasting Co. bought WFDF-AM (910) in Detroit, a station Disney bought in 2002 from Cumulus Media Inc., in Atlanta.
Shares closed up 66 cents, or a fraction of a percent, to $104.55 on the New York Stock Exchange.