Meruelo Now Owns Power 106
Meruelo Media yesterday announced it has formally closed on its $82.75 million acquisition of KPWR (Power 106)/Los Angeles. The station has been under the programming command of Meruelo Media since July 1, 2017 under the terms of an LMA with its longtime prior owner, Emmis Communications.
“We are happy to announce that the sale is final,” said Otto Padron, President and COO of Meruelo Media. “As promised, we are committed to investing in Power 106. Since we began programming the station, we launched a massive marketing campaign with significant external advertising, cash contesting, and the chance to win a staggering $10 million grand prize. We are supporting our marketing with a targeted multi-platform campaign. Meruelo is committed to upholding Power 106’s dominance in the Hip Hop market in Southern California and we won’t stop.”
Val Maki, the newly named Meruelo Radio VP/Market Manager commented, “Everyone is excited to combine these iconic Hip Hop brands in Los Angeles and [KDEY] Wild 93.5 in Riverside/San Bernardino under the growing Meruelo Media banner. This move strengthens our dominant position in the Hip Hop market and unleashes new opportunities to serve our communities and our advertisers. It is a privilege to serve Meruelo and the very talented teams of Power 106, #1 for Hip Hop, KDAY Back in the Day Hits, and Wild 93.5, I.E’s #1 for Hip Hop and R&B. We are looking forward to bringing the radio division together under one roof in Burbank later this month.” The Meruelo Group’s media division acquired Los Angeles TV station KWHY-22 in 2011 and radio stations KDAY-FM and KDEY-FM in 2014, and is the largest minority-owned media group in California.
