EMMIS COMMUNICATIONS has reached a definitive agreement to transfer Alternative WKQX (Q101) and Classic Rock WLUP (THE LOOP) CHICAGO and Rock WRXP/NEW YORK to MERLIN MEDIA LLC, a controlling interest of which will be acquired by CHICAGO-based private equity firm GTCR and RANDY MICHAELS. EMMIS will own a significant minority stake. "While it is always difficult to part with stations that have been valuable contributors to our company, we believe that today's transaction will create significant value for our shareholders," said EMMIS Chairman/CEO JEFF SMULYAN. "As a significant minority partner in MERLIN MEDIA, we're delighted to remain engaged with these markets and stations in the exciting days ahead." "We are extremely excited about the opportunity to partner with EMMIS and RANDY," said GTCR Principal PHILIP A. CANFIELD. "Emmis's CEO, JEFF SMULYAN, and RANDY MICHAELS are both proven veterans of the media industry and we look forward to working with them to provide valuable media content to MERLIN MEDIA's future consumers." Earlier TODAY, TIMEOUTCHICAGO's ROBERT FEDER rumored it, and then the story really started rolling when it was confirmed that EMMIS COMMUNICATIONS Chairman/Pres./CEO JEFF SMULYAN and EVP/CFO PAT WALSH would be in CHICAGO for a staff meeting which includes RVP/Market Manager MARV NYREN. SMULYAN has been on record as saying he'd sell the CHICAGO radio stations for the right price. The announcement was made at that meeting. Now wonderers are wondering, how long before SMULYAN deals LOS ANGELES standalone Top 40/Rhythmic KPWR (POWER 106) to MERLIN MEDIA?
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