Originally published: October 10, 2011
Last updated: October 10, 2011 - 2:50pm
The Minority Media and Telecommunications Council (MMTC) announced the completion of deals for the six radio stations donated to MMTC by Clear Channel in 2010.
All of these buyers are either minority or women owner/operators or they are non-minority buyers who have committed funding for minority training and mentoring initiatives. MMTC has entered into local marketing agreements (LMAs) which include a future option to buy the stations with four of these broadcasters. MMTC will remain the licensee of the stations until these sale transactions have closed. Two of the stations will be sold to and immediately operated by the new owners. These transactions would not have been possible without the generous contribution of Clear Channel. “Clear Channel has shown a unique and important commitment to helping minorities and women make the daunting transition from management to entrepreneurial ownership. I extend the sincere thanks of the MMTC Board of Directors and staff to Clear Channel for the donations and to their executives in technology and engineering, especially Jeff Littlejohn and Steve Davis, for their endless support through these transactions,” said David Honig, President and Executive Director of MMTC.
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