Emmis Communications Corp. (EMMS) Unloads 3 Stations to Merlin for $120 Million
Emmis Communications Corp. announced after Thursday’s close that it has finalized the sale of three radio broadcast stations to Merlin Media, LLC. Emmis also sold a controlling interest in Merlin Media to private equity firm GTCR of Chicago and Randy Michaels. Stations subject to the transaction were WKQX-FM and WLUP-FM, both of Chicago, and WRXP-FM of New York. Emmis got about $120 million in cash from the sale, net of transaction expenses, and still owns $28.7 million of preferred equity plus 20.6% of the common equity interests in Merlin Media. Emmis used the cash to repay roughly 38% of its…