series It's Showtime at the Apollo. Recent developments In 1990 Percy Sutton retired as chairman of the board of Inner City Broadcasting, though he remained as chairman emeritus until his death in 2009. He was succeeded by his son Pierre Sutton, who served in that capacity until the firm's closure. In 1999 Inner City lost control of the Apollo Theatre after an investigation by the New York State Attorney General's office (completed by Eliot Spitzer) found that members of the nonprofit Apollo Theatre Foundation, led by Charles Rangel, retained revenues generated by production of It's Showtime at the Apollo. The final decision resulted in Rangel stepping down as chairman of the foundation; he was replaced by actor Ossie Davis. Time Warner took over operational control of the venue as part of the final decision. In August 2004, ICBC redeemed nearly $140 million accreted value of redeemable preferred stock in a recapitalization led by GE Capital and Alta Communications, a Boston-based private equity firm. By 2006 Inner City had sold or otherwise disposed of the majority of its investments outside of its core radio stations. The last remaining investment, a 60 percent share in Philadelphia-based Urban Cable Works, was sold in November 2005 to Time Warner Cable. On August 22, 2011, Inner City's creditors petitioned the United States Bankruptcy Court to force the firm's wholly owned subsidiary, Inner City Media Corporation, to declare Chapter 11 bankruptcy on grounds that the company's executives failed to accept a buyout offer. The filing resulted in majority control of Inner City being taken over by YMF Media LLC, controlled jointly by investor Ronald Burkle and former NBA player Earvin "Magic" Johnson. YMF Media eventually purchased 15 Inner City stations for $180 million on October 19, 2012; the firm then broke up the group in a series of subsequent sales during 2013–2014. Stations See also Radio One (company) References Companies based in New York City Mass media companies established in 1971 Defunct radio broadcasting companies of the United States