Cumulus to Sell Land in L.A.
The L. A. Times is reporting that 10 acres of land where KABC and KLOS sit on South La Cienega Boulevard is up for sale. Cumulus has not set a price. The paper quotes real estate experts who say the site could bring in $200 a square foot, or more than $90 million. A Cumulus spokesperson was quoted in the paper saying, "Cumulus determined that the property was a greatly underutilized asset and decided to sell it in order to free up cash to redeploy in other areas of the business." READ MORE HERE. (picture courtesy L.A. Times)