Emmis Sells Power 106 To Meruelo Media
There was a sizeable disturbance in the radio force yesterday as Emmis Communications announced it was selling Rhythmic KPWR (Power 106)/Los Angeles to Meruelo Media for $82.75 million. Meruelo Media, which acquired Los Angeles TV station KWHY-22 in 2011 and KDAY-FM/Los Angeles in 2014 is the largest minority-owned media group in California.
Emmis purchased KPWR-FM from Century Broadcasting in May 1984, and the station has served as the company’s left-coast counterpart to Hip-Hop sister WQHT (Hot 97)/New York. “Power 106 has been part of the Emmis family for more than 32 years, so this day is bittersweet, but I’m 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.”
Alex Meruelo, Chairman & CEO of The Meruelo Group commented, “The acquisition of Power 106 is a game-changer for our group and our media division. 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 No. 1 radio station in Los Angeles.” 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 transaction is expected to close later this year.
