(the Twins’ Pohlad, shown with
one of his bitches his late wife Eloise.)
“All Chamillionaire…all da time!” announces Repoz after reading the following from the Minneapolis Star Tribune’s Thomas Lee.
Carl Pohlad, the billionaire investor whose interests include financial services, soft drinks and professional baseball, is getting into the media business.Pohlad’s new company, Northern Lights Broadcasting LLC, will pay $28 million to acquire KTTB-FM (B96), an Edina station that plays hip-hop music.
Pohlad bought KTTB “just to get into the industry,” Woodbury said. “My charge is to find other radio stations and possibly TV and build a little media group.”
Executives at Radio One, whose audience is primarily African-American, felt that the Twin Cities area did not have a large enough black population for the format, Woodbury said. Through mutual friends, Woodbury pitched the idea to Pohlad, who spent the better part of the last year analyzing the business.
KTTB has 240,000 to 300,000 listeners, about a quarter of them African-American, Woodbury said. He wouldn’t disclose financial figures but said the station is “very profitable.”
According to a statement released by Radio One, the $28 million purchase price represents 16.7 times KTTB’s operating income in 2006. That means the station generated about $1.7 million in operating income last year.