Good Karma Brands
 | |
| Company type | Private |
|---|---|
| Industry | Radio broadcasting Sports marketing Retail |
| Founded | August 20, 1997 |
| Founder | Craig Karmazin |
| Headquarters | , |
Area served | United States |
| Website | goodkarmabrands |
Good Karma Brands, LLC (GKB, formerly Good Karma Broadcasting) is an American conglomerate. Based in Beaver Dam, Wisconsin, it has interests in radio broadcasting, sports marketing, retail, and real estate. GKB was founded in 1997 by Craig Karmazin, the son of former Viacom and Sirius XM executive Mel Karmazin. Craig remains the CEO of Good Karma to this day.
The company owns and/or operates radio stations in the states of California, Florida, Illinois, New York, Ohio, and Wisconsin. The majority of its radio stations are ESPN Radio affiliates, including its New York City, Los Angeles, and Chicago stations—which were sold by The Walt Disney Company to GKB in December 2021. In July 2023, GKB also assumed the day-to-day operations and advertising sales for ESPN Radio nationwide.
History
[edit]The company was established in August 1997, and GKB would make its first acquisition of radio stations in December of that year with the purchase of stations in its home base of Beaver Dam (WBEV and WXRO) as well as in Columbus, Wisconsin (WTLX).[1]
As time passed, GKB would also eventually purchase stations in Milwaukee, Wisconsin; Madison, Wisconsin; Cleveland, Ohio; and West Palm Beach, Florida, with the majority of these stations having a sports radio format with an ESPN Radio affiliation.[2]
In 2006, GKB opened an interior design/furniture store in Milwaukee called The Home Market, and would later open a second location in Madison, Wisconsin.[3]
In 2011, GKB began to purchase residential properties near Lambeau Field in Green Bay, Wisconsin. The buildings were collectively branded as the "Tundra Trio", and were renovated as upscale properties that can be rented for events.[4]
In 2013, GKB station WKNR ESPN 850 in Cleveland became the AM flagship station for the Cleveland Browns.[5] That year, it also partnered with ESPN Events on the Boca Raton Bowl.[2]
In January 2014, to reflect the company's expansion beyond radio, GKB officially changed its name from Good Karma Broadcasting to its current name of Good Karma Brands.
On July 17, 2014, it was reported that GKB had purchased a minority ownership stake in the Milwaukee Bucks of the National Basketball Association (NBA).[6]
On July 27, 2018, GKB announced it had reached a deal to acquire WTMJ and WKTI in Milwaukee from the E. W. Scripps Company.[7] WKTI would flip to ESPN Radio.[8]
On August 28, 2019, it was announced by ESPN Radio that day-to-day management of Chicago's WMVP would move from direct purview by ESPN to a management agreement with Good Karma Brands. The station's incumbent general manager, Jim Pastor, retired at the end of the year, with Good Karma beginning to operate the station on September 29, 2019, under a lease with Disney. The lease did not lead to any immediate changes to personnel and facilities.[9][10] Two years later, on December 13, 2021, Good Karma announced it would acquire WMVP outright, as well as WEPN in New York City, and KSPN in Los Angeles.[11] GKB also assumed Disney's local marketing agreement to operate Emmis Communications-owned WEPN-FM in New York City.[12] GKB would pay $15 million for the stations, with $1 million paid at the deal's closing and the rest paid in quarterly installments of $500,000.[13] The sale of WEPN was closed in March 2022.[14]
On July 31, 2023, it was reported that ESPN had reached an agreement for Good Karma Brands to assume day-to-day operations and advertising sales for the ESPN Radio network and its podcasts under a revenue sharing agreement, which began July 28; ESPN will continue to remain responsible for the network's content and distribution. Karmazin considered it a culmination of the company's long-standing relationship with ESPN Radio, explaining that "we probably went against what anyone would recommend, but we have just gone all-in with one brand — a brand that we don't own. [...] We just believe so strongly in it. And we believe we complement what the Walt Disney Co. and ESPN does so well because we’re going to treasure their brand in the same way they do."[2]
On August 12, 2024, GKB announced that it would enter into a local marketing agreement with Audacy, Inc. New York City station WCBS effective August 26, ending its long-standing all-news format and transitioning to the ESPN Radio programming previously heard on WEPN-FM. The agreement comes amid the conclusion of GKB's LMA with Emmis at the end of the month, which will not be renewed.[15]
List of radio stations
[edit]California
[edit]- 710 KSPN Los Angeles (Sports–ESPN)
Florida
[edit]Illinois
[edit]Ohio
[edit]New York
[edit]- 880 WHSQ New York City (Sports–ESPN; managed by Good Karma Brands, owned by Audacy)
- 1050 WEPN New York City (Sports–ESPN)
Wisconsin
[edit]- 1430 WBEV Beaver Dam (Sports-ESPN)
- 95.3 WBEV-FM Beaver Dam (Oldies)
- 100.5 WTLX Monona/Madison (Sports–ESPN)
- 620/103.3 WTMJ Milwaukee (Talk/sports)
- 1510/101.7 WGKB Waukesha/Milwaukee (Black-centric talk)
- 94.5 WKTI Milwaukee (Sports–ESPN)
Team Radio Networks
[edit]- Cleveland Browns Radio Network (AM flagship)
- Milwaukee Brewers Radio Network
- Milwaukee Bucks Radio Network
Los Angeles Rams Radio Network (AM Flagship)
References
[edit]- ^ GKB's roots - Milwaukee Journal Sentinel
- ^ a b c "Sports Media: Good Karma's deal with ESPN Radio a long time coming". Sports Business Journal. 2023-07-31. Retrieved 2023-07-31.
- ^ The Home Market - Good Karma Brands.com
- ^ "Refined hospitality, just a Lambeau leap away". Sports Business Journal. Retrieved 2018-07-27.
- ^ WKNR becomes Browns AM flagship - All Access.com
- ^ GKB buys stake in Bucks - Fox 6 Now.com
- ^ "Good Karma Pays Off For Craig Karmazin". Radio & Television Business Report. 27 July 2018. Retrieved 2018-07-27.
- ^ Foran, Chris (October 31, 2018). "Radio station switches back to country after WKTI makes move to an all-sports format". Milwaukee Journal Sentinel. Retrieved November 1, 2018.
- ^ Feder, Robert (28 August 2019). "New management team brings Good Karma to take over ESPN 1000". Retrieved 29 August 2019.
- ^ Kirchen, Rich (28 August 2019). "Milwaukee's Good Karma agrees to run Chicago ESPN radio station". The Business Journal of Milwaukee. Retrieved 29 August 2019.
- ^ Feder, Robert (December 14, 2021). "Robservations: Sun-Times political reporter Rachel Hinton joins BGA; Good Karma Brands acquires ESPN 1000; Tribune promotes Nina Metz to critic". Daily Herald. Daily Herald Media Group. Retrieved December 14, 2021.
- ^ "Price For Good Karma's 3-Station Deal With ESPN: $15 Million". Inside Radio. Retrieved December 27, 2021.
- ^ "More Details On Good Karma's ESPN New York, Los Angeles & Chicago Purchase". RadioInsight. 20 December 2021. Retrieved 2021-12-27.
- ^ Simon, Perry Michael (March 2, 2022). "Good Karma Brands Closes On Acquisition Of ESPN Stations". allaccess.com. All Access Music Group. Retrieved March 3, 2022.
- ^ Marchand, Andrew. "WFAN parent company reaches deal to license 880 AM to ESPN NY". The New York Times. ISSN 0362-4331. Retrieved 2024-08-13.