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A Detroit executive who bought four radio stations last week from a New York City media company for $39.9 million said he plans to make more radio station acquisitions in the Midwest.
Edward Christian purchased the radio stations in a leveraged buyout from Josephson Communications Inc., a Detroit-based subsidiary of Josephson International Inc.
Christian has been an executive of Josephson Communications for the past eight years, including president of the company the past two years.
He expects the sale to be complete Sept. 1, pending approval of the Federal Communications Commission.
A native Detroiter, Christian, 41, received loans from three Boston banks, money from a Boston venture capital company, and his own assets to complete the sale. In a leveraged buyout, the new owners pledge assets of the acquired company as collateral for loans used to...