The sale of KJOI-FM in Los Angeles...

The sale of KJOI-FM in Los Angeles was announced formally, as expected, by Sillerman Group of Cos., as part of a series of major changes in its radio broadcasting investments. The firm’s chief executive, Robert F. X. Sillerman, is a shareholder in Legacy Broadcasting, which owns KJOI. As part of the transaction, Legacy will acquire “substantial equity interest” in Metropolitan Broadcasting, which a Sillerman affiliate purchased in April. Carl C. Brazell Jr., president and chief executive of Metropolitan, is purchasing KJOI and two Denver radio stations from Legacy and two broadcasting properties of Metropolitan for more than $145 million. Sources said about $75 million of that amount is for KJOI, a record price for an FM station.