Magic Johnson, Ron Burkle buy 3 Phoenix radio stations

More media properties for the former Lakers superstar and the Bev Hills billionaire. They're purchasing Spanish-English pop, hip-hop, and alternative music formats. The stations will operate under the Riviera Broadcasting name. Terms not disclosed. "Market conditions make this the right time to take advantage of this opportunity," said Johnson in a statement (via the Phoenix Business Journal). Burkle said his investment arm, Yucaipa Cos., will be looking for ither radio opportunities in Phoenix and around the country. Earlier this year, Johnson and Burkle made an eight-figure investment in Vibe Holdings, the parent of Vibe magazine and music-and-dance TV show Soul Train.