It’s been several months in the making. This morning, Emmis has sold WRXP.
Two other stations (WLUP and WKQX) are part of the portfolio acquired by Randy Michaels and GTCR, a Chicago based investment firm.
Michaels bought the trio of stations under the name Merlin Media. Emmis retains minority stake in the radio stations.
Merlin Media has 45 days to file the paperwork and complete the acquistion.
Radioinsight.com says, once approved, expect WRXP to flip from Modern Rocker to a News/ Talker.
Update: Statement from Jeff Smulyan, Emmis chairman and CEO
“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 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.”