Classic hip-hop station KDAY (93.5) of Redondo Beach has been sold to Meruelo Media of Los Angeles, the company announced Wednesday, and will retain its format.

The seller, Magic Broadcasting of Panama City, Fla. had tried to sell earlier this year. The company negotiated a $19.5 million sale to an Irwindale-based group with backing from a Chinese pay-TV company. That could have changed the station’s rap music to a Mandarin talk radio format, but the deal fell through.

The sale to Meruelo means the station will continue playing artists such as 2Pac, Dr. Dre and Ice Cube. Advertisers include lenders who take car, boat and motorcycle titles as collateral.

Meruelo Media is a division of L.A. investment firm Meruelo Group. The company also owns L.A. TV station KWHY-TV (Channel 22), the flagship station for the Spanish-language MundoFox network

Alex Meruelo, chief executive, said he’s a fan of the station and wanted to see its format preserved.

“Growing up in Los Angeles, I’ve been a longtime fan of KDAY, and I am excited to have the opportunity to re-energize such a beloved Southern California cultural institution,” he said in a statement.

Pending FCC approval, the sale is expected to close in the second quarter of next year. Meruelo will begin operating the station under a deal with Magic at the start of the year.