Emmis Announces Agreement To Sell KPWR (Power 106)/Los Angeles To Meruelo Group
May 9, 2017

Emmis Communications has announced an agreement to sell Hip Hip 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.




 
Breaking News
SiriusXM Makes $480 Million Investment in Pandora
iHeartMedia Norfolk Names Angel Brown Market President
Matt Pinfield to Sign Off From KFOG Mornings to Focus on Nationally Syndicated Westwood One Shows
Jason Cage Takes Over Afternoons On KHMX (Mix 96.5)/Houston
Radio Disney Country Expands In Los Angeles On KRDC (99.1 FM)
June 8, 2017
Universal Music Group Appoints Tuhin Roy VP/New Digital Business
Benztown Appoints Maria Musaitef to Affiliate Relations Team
WVKS/Toledo Set To Debut Mojo In The Morning
In Brief - June 8, 2017
June 6, 2017
Dion "No I.D." Wilson Named EVP of Capitol Music Group
BuzzAngle Music now Includes Shazam Data
Promo Only Summer Sessions Set To Celebrate 10 Years
June 5, 2017
Tom Poleman Named Chief Programming Officer For iHeartMedia
Interscope Geffen A&M Promotes Gary Kelly To Executive Vice President/Chief Revenue Officer
Jimmy Steele Joins Cumulus Media As OM for Mobile, AL Station Group
Kellar Radio Talent Institute Returns At Appalachian State University
June 2, 2017
CBS Radio Promotes Ian "Slacker" Richards To PD At WDZH/Detroit
107.5 The River/Nashville Announces 2nd Annual “River on the Rooftop” Concert Series
Universal Music Publishing Group appoints JW Beekman to CFO, Worldwide
June 1, 2017
Beasley Media Group’s Preston and Steve Sign Multi-year Deal Extension in Philadelphia
CBS Radio Riverside & Palm Springs Promotes Scott Ward To Cluster PD
Public Voting for National Radio Hall of Famers Begins June 5
Beasley Media Group Launches Lite 101.5 In Las Vegas
B97/New Orleans Stevie G & TPot Announce Real Life Separation On-Air
May 31, 2017
Music News
Harry Styles Expands World Tour Dates To 2018
Christina Grimmie Album All Is Vanity Released
Foo Fighters, Kendrick Lamar & More Announced for Voodoo Music + Arts Festival
One Love Manchester Benefit Concert Raises Millions
Bryson Tiller, The Beatles & Lil Yachty Hit the Billboard 200
Manchester Benefit Concert to Air in the U.S.
Quick Hits: Foo Fighters, Arcade Fire
Quick Hits: Bruno Mars, Migos, Fifth Harmony, Coachella
Ariana Grande Headlining All-Star Manchester Benefit Concert
Southern Rock Legend Gregg Allman Passes Away
The World Remembers Gregg Allman
Linkin Park Make Billboard Chart History
Quick Hits: Louder Than Life Festival, Lauryn Hill, Nas, iHeartSummer Weekend
Ariana Grande Releases Statement on Manchester Attack
Quick Hits: Guns N' Roses, Lana Del Rey, Nicki Minaj, Gorillaz, High & Low Festival
FMQB NOW

Nicki Farag,
SVP of Promotion,
Def Jam Recordings

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!