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Inner City Media looks to sell Berkeley radio station for $25 million
By Caroline Salls
Pittsburgh, April 3 - Inner City Media Corp. requested court approval to sell Berkeley, Calif., radio station KBLX-FM and related assets for $25 million to Entercom California, LLC and Entercom San Francisco License, LLC, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.
The company said it thoroughly marketed the station assets and engaged in a competitive bidding process in order to obtain the best recovery for its creditors.
In addition, Inner City said the asset purchase agreement with Entercom is supported by its consenting lenders.
Inner City Media is a New York-based radio company. An involuntary bankruptcy case was filed against it on Aug. 19, 2011. The Chapter 11 case number is 11-13967.
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