UPDATE 4:49 PM 12/4/06: The sale's been confirmed by Crain's Cleveland Business, in an article by John Booth. (Thanks to alert OMW reader Nate - "not Nate81" - for the heads up in a comment below.)
The reported selling price - $7 million dollars, or about $3 million south of what Salem paid WCLV to take back WKNR sister talk WHK/1420.
Good Karma boss Craig Karmazin tells Crain's that Good Karma will take over operations of WKNR via an LMA "immediately". He says he has plans to consolidate WKNR and WWGK into a downtown Cleveland studio, and that formats will not change on either station. We'd be surprised if Good Karma didn't swap networks between the two stations, tho... but that's just our own speculation....
Our original report - first anywhere on the topic - is below:
We have now confirmed from numerous sources that Good Karma Broadcasting, owner of WWGK/1540 Cleveland "Cleveland's ESPN Radio 1540", is buying its established format competitor, much larger Salem sports talk station WKNR/850.
We have no word on the terms or the conditions, but OMW hears an LMA will begin soon, possibly as soon as later this month, or by January.
We hear Good Karma owner Craig Karmazin is scheduled to meet with WKNR employees as soon as late this afternoon.
More as we hear it...