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Emmis Selling LA’s Power 106

Emmis Selling LA’s Power 106

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rfocus.org Emmis Announces Agreement to Sell LA’s Power 106 to Meruelo Group Indianapolis…Emmis Communications (Nasdaq: EMMS) has announced an agreement to sell KPWR-FM Power 106 in Los Angeles to an affiliate of the Meruelo Group for $82.75 million, subject to closing adjustments and prorations, pending FCC and other regulatory approvals. “Power 106 has been part of the Emmis family for more than 32 years, so this day is bittersweet, but I am confident that the station and our team are in good hands,” said Jeff Smulyan, Chairman and CEO of Emmis Communications. “The Meruelo Group will be great owners of this historic brand, and take it to even greater heights.” A Local Marketing Agreement (LMA) will begin promptly following the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The Meruelo Group, whose Meruelo Media affiliate acquired Los Angeles TV station KWHY-22 in 2011 and radio station KDAY-FM in 2014, is the largest minority owned media group in California.  Following its participation in the FCC TV spectrum auction earlier this year, Meruelo Media is now re-investing a portion of the auction proceeds to expanding its media holdings with the acquisition of heritage station KPWR-FM. Closing of the KPWR-FM sale is subject to FCC approval of the assignment of the KPWR-FM FCC license, as well as receipt of the incentive auction proceeds. “The acquisition of Power 106 is a game changer for our group and our media division,” stated Alex Meruelo, Chairman and CEO.  “As a fan and someone who has had a business relationship with this station for more than 30 years, I understand the importance of Power 106 to this community.  We are committed to bringing the resources, talent and passion necessary to make this legendary brand the #1 radio station in Los Angeles.” Emmis purchased KPWR-FM from Century Broadcasting in May 1984.  The transaction is expected to close in the back half of 2017.

Marvin Gaye III Suffering from Renal Failure, Needs Kidney Transplant

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Radio Facts: MARVIN GAYE III PRESS CONFERENCE ABOUT RENAL FAILURE AND NEED FOR A KIDNEY TRANSPLANT RESCHEDULED FOR THIS THURSDAY, OCTOBER 3 Marvin...
Martin Luther King Jr's Handwritten Notes up for Auction 1

Martin Luther King Jr’s Handwritten Notes up for Auction

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Radio Facts: Martin Luther King, Jr.’s handwritten notes, writings and correspondence among important Civil Rights era history at Heritage Auctions Consigned by King’s personal...
The Shawn Carter Foundation Presented a Mother's Day Event "Celebrating Mothers, Our First Educators" at the 40/40 Club

The Shawn Carter Foundation Presented a Mother’s Day Event “Celebrating Mothers, Our First Educators”...

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Radio Facts: Radio Facts: Attendees included Adrienne Bailon, Victor Cruz, Amber Sabathia, Alexis Stoudemire, & Dina Manzo Sponsored by GUCCI, GREY GOOSE ® Vodka and...

ESPN Audio and ESPN.com to Present Coverage of Legends of Football Discussion Panel During...

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Radio Facts: Los Angeles, CA, January 15, 2013 --(PR.com)-- espn Audio, ESPN.com and NFL legend Jim Brown announced today coverage of the...
Rock the Bells is at it Again with Announcement of Huge 2012 Line-Up

Rock the Bells is at it Again with Announcement of Huge 2012 Line-Up

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Radio Facts: Boost Mobile in association with Guerilla Union have announced the return of the ROCK THE BELLS 2012 FESTIVAL SERIES powered by BlackBerry....

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