Mediaco Closes On Hot 97/WBLS Acquisition
Emmis received $91.5 million in cash, a $5 million note, and a 23.72% stake in the new holding company, which will soon go public on NASDAQ. Emmis will continue to manage the two stations under a Shared Services Agreement with all employees remaining on their payroll. Emmis continues to own Gospel 1190 WLIB and 98.7 WEPN-FM New York, the latter of which is operated by ESPN Inc. via LMA.
The majority of the Mediaco board of directors will be appointed by Standard General with their CEO/Managing Partner and Chief Investment Officer Soohyung Kim serving as Chairman of Mediaco. Emmis Chairman/CEO Jeff Smulyan will serve as CEO.
Standard General has been on a media acquisition spree as the investment group owns Standard Media, which just acquired nine television and fifteen radio stations from Waypoint Media and Vision Communications and took a 9.8% stake in TEGNA last month.