Downey-based firm buys hip-hop station KDAY

DOWNEY -- Meruelo Media, a subsidiary of Meruelo Group in Downey, announced today it has purchased KDAY 93.5 FM and will keep its old-school hip-hop format.

Terms of the deal were not disclosed. KDAY was nearly sold earlier this year and made into a Chinese-language station, although that deal fell through.

"Los Angeles has saved KDAY," said Meruelo Group Chairman and CEO Alex Meruelo, referring to a widespread activist campaign launched on social media earlier this year to keep the station's format. "Growing up in Los Angeles, I've been a long time fan of KDAY, and I am excited to have the opportunity to re-energize such a beloved Southern California cultural institution...KDAY is LA!"

Meruelo Media will take over operations Jan. 1, although the transaction will not become official until approval from the Federal Communications Commission next year.

Meruelo Group is headquartered on Firestone Boulevard in Downey. Alex Meruelo made headlines in 2011 when he nearly became the first Hispanic owner of an NBA franchise.