Davidson Media Group (Website) owns and operates a diverse group of about 37 radio stations (30 AM, 7 FM). Most of the stations are located in the Southern United States and are either religious programming or Spanish language programming.
Davidson Media Group was founded in 2004 with the goal of serving the underserved Hispanic and religious markets. They ran up about $2 billion in debt to acquire about 45 stations.
There were three main members of the group – George Kelly of CapStreet Group Peter Handy of Star Media Group, and Jeffrey Scott of Black Enterprise/Greenwich Street Corporate Growth Partners.
In February 2009, the entire company was sold to investment banker Sanjay Sanghoee, the author of Merger, a novel about corruption and greed on Wall Street, for $1,000 (and the $2 billion in restructured debt). The company at that time was 50/50 controlled by CapStreet and CitiGroup Venture Capital, and they remain involved as owners, just not attributable for purposes of ownership limits (are you awake at the FCC?)
Major Stations – top 25 markets
The company owns WEMG-AM, a 1000 watt Class B AM station in Camden, NJ, across the river from Philadelphia. The company also owns KMNV in the Minneapolis / St Paul area. The remainder of the stations are in Kansas City, Nashville, and a number of medium, small and unrated radio markets. You can find a complete list of the company’s current radio licenses here. Spending $2 billion for 30 AM stations in minor markets is just breath taking, no matter what the explanation is.
Since March 2009, the company is wholly owned by SS Broadcast Holdings, LLC, which is controlled by Mr Sanghoee.
The President of DMG is Felix Perez, who has extensive media experience, including senior management positions with ESPN Deportes and Univision.
Since the company is privately held, no public financial information is available. The company said it had a rough 2008, before selling the entire company for $1000, which pretty much explains the situation.