Goldman Sachs has agreed to sell the delinquent debt it holds in Inner City Broadcasting (ICBC) to the NBA Hall Of Famer’s Magic Johnson Enterprises, according to a report in financial publication The Deal. Johnson, who has been looking to invest in radio for several years, last month teamed up with private equity firm Yucaipa Companies to buy three Phoenix radio stations. ICBC, a 17-station group whose flagship is New York’s WBLS, had been suffering a series of economic setbacks.
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