SYRACUSE — Galaxy Media, the owner of several Syracuse and Utica radio stations including K-Rock (WKLL/WKRL/WKRH) and TK99 (WTKW/WTKV), could be at risk of losing ownership of its events division — including Taste of Syracuse and its stake in the Syracuse Nationals. A lender is suing for ownership of the events after claiming Galaxy defaulted on repaying a $1.1 million loan.
In a story broken by The Post-Standard | syracuse.com today, a lawsuit has been filed in Onondaga County Supreme Court. In the official complaint, plaintiff Rasselas Trust, writes:
“Edward Levine, the ultimate beneficial owner and manager of Galaxy, determined that Galaxy required additional cash flow in order to stay in business. To that end, in or about August 2025, Mr. Levine approached the Trust regarding a loan needed to keep Galaxy afloat. In response, the Trust negotiated an agreement, prepared by Galaxy’s attorney, that would provide an influx of $1,100,000.00.”
The suit goes on to detail how Levine agreed to repay the loan in just 91 days, but failure to do so would result in Galaxy giving up its stakes in the Syracuse Nationals, the Taste of Syracuse and Lights on the Lake.
The suit claims Galaxy owns a 50% stake in the Syracuse Nationals, which bills itself as “the largest car show in the Northeast.” The event’s website says this year’s show is set for July 16-18, 2026 at the State Fairgrounds. Those interested in appearing as vendors are directed to contact Galaxy sales staff.
The suit also alleges Galaxy now owes to Rasselas Trust “all rights under outstanding contracts, trademarks, websites and goodwill associated, with events known as ‘Lights on the Lake’ and ‘Taste of Syracuse’ and any other events not specifically excluded herein.”
One of the “exhibit” documents uploaded to the NY Court System website includes an October 14 from Galaxy owner Ed Levine to “Galaxy Investors” as follows:
Dear Galaxy Investors,
Last month I gave you an update as to the financial condition of Galaxy Media Partners. As a result of the Syracuse Nationals matching grant not being received and the land closing deal never happening, among other things, Galaxy finds itself in a serious cash deficit right now. While the forecasting looks promising, that does not help the cash crunch that is currently faced as we wait for receivables to come down the line. In an effort to make it through the current financial situation, I approached the company’s senior lender and an investor, Rasselas Trust, regarding additional essential financial assistance, without which the company simply cannot meet its current financial obligations. After lengthy discussions, Rasselas Trust agreed to loan Galaxy $600,000 in emergency funding, and made a requirement that the assets of Galaxy Events be sold to it for $500,000. Please note that entering these agreements was not taken lightly and was only finalized after it was clear that there was no other short-term solution and that without entering the agreements, Galaxy would likely be unable to continue. Throughout the negotiation period, I was able to obtain an option from Rasselas Trust for Galaxy to buy back the assets of Galaxy Events if we can raise $1,100,000 in the next 90 days. By doing so, the agreements that were recently executed would no longer be effective, Galaxy Media ownership would be returned, and Galaxy would be back in a position as it is today with the senior debt being owed. I still believe in Galaxy Media and as such I will put up the first $100,000 that is necessary to try and continue to grow the company. I am asking that you please join and help us reach the necessary $1,100,000 to buy back Galaxy Events and continue to operate the company at status quo. If you would like to have further discussions or see any financial information, please do not hesitate to contact me by phone [redacted by CNYRadio] or email [redacted by CNYRadio].
Warmest regards,
Ed Levine
The syracuse.com article points out that Galaxy offering its stake in “Lights on the Lake” as collateral for the loan “may be worthless,” as the event has always been owned and operated by Onondaga County Parks, with Galaxy merely working in a role to promote the event and sell sponsorships, under a contract that’s due to expire this week.
The need to raise funds could explain Galaxy’s recent move to sell the longtime transmitter site of Utica-Rome ESPN Radio affiliate WTLB. A real estate listing spotted at the time said the sale of the Kellogg Road property in the Utica suburb of New Hartford was “pending” at $499,000. The WTLB broadcast tower was disassembled within days, and Galaxy obtained “special temporary authority” from the FCC for WTLB to be off-the-air until a new transmitter site could be identified. The STA is good for 6 months and can be renewed for 6 more months, but per FCC regulations, any station’s broadcast license is automatically terminated if it remains off-air for more than 12 months.
Galaxy has also trimmed its payroll in some notable ways recently — longtime Syracuse radio and TV host Rick Gary retired from Sunny 102 (WZUN), where he hosted mornings for years. The syracuse.com article also notes the company’s former CFO, Mike Lucarelli, exited the company in December. Former Chief Content Officer Marissa Greenlar also exited in December. Prior to those exits, longtime local DJ Jamie “Big Smoothie” Hantke was removed from K-Rock in November. The company also announced the selection of a new Chief Operating Officer in January; it is not clear exactly when the previous COO, Carrie Wojtaszek, exited.
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Dave Krause says:
Galaxy is a good competitor and I wish Ed and his people well.