 | |
| 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, formerlyGood Karma Broadcasting) is an American conglomerate. Based inMilwaukee, Wisconsin, it has interests in radio broadcasting, sports marketing, retail, and real estate. GKB was founded in 1997 byCraig Karmazin, the son of formerViacom andSirius XM executiveMel Karmazin. Craig remains the CEO of Good Karma to this day.
The company owns and/or operates radio stations in the states ofCalifornia,Florida,Illinois,New York,Ohio, andWisconsin. The majority of its radio stations areESPN 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.
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 ofBeaver Dam (WBEV andWXRO) as well as inColumbus, Wisconsin (WTLX).[1]
As time passed, GKB would also eventually purchase stations inMilwaukee, Wisconsin;Madison, Wisconsin;Cleveland, Ohio; andWest Palm Beach, Florida, with the majority of these stations having asports radio format with anESPN Radio affiliation.[2]
In 2006, GKB opened an interior design/furniture store inMilwaukee called The Home Market, and would later open a second location inMadison, Wisconsin.[3]
In 2011, GKB began to purchase residential properties nearLambeau Field inGreen 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 stationWKNR ESPN 850 in Cleveland became the AMflagship station for theCleveland Browns.[5] That year, it also partnered withESPN Events on theBoca 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 theMilwaukee Bucks of theNational Basketball Association (NBA).[6]
On July 27, 2018, GKB announced it had reached a deal to acquireWTMJ andWKTI in Milwaukee from theE. 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 ofChicago'sWMVP 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 asWEPN inNew York City, andKSPN inLos Angeles.[11] GKB also assumed Disney'slocal marketing agreement to operateEmmis Communications-ownedWEPN-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 withAudacy, Inc. New York City stationWCBS 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]