Emmis, Standard General Close WBLS-WQHT/N.Y. Transfer
|RADIO ONLINE | Wednesday, November 27, 2019|
Emmis Communications and Standard General have closed on the transfer of the licenses of Emmis' 4.2kW Urban AC WBLS-FM and 6.7kW Rhythmic CHR WQHT-FM (Hot 97) in New York for $91.5 million cash to their new public company Mediaco Holdings. Also part of the consideration is a $5 million note receivable and 23.72% of the common equity of Mediaco.
Emmis will distribute the common equity of Mediaco pro rata to its shareholders in a taxable dividend. Mediaco will be a public company expected to be listed on NASDAQ, and Emmis will remain a separate public company, as well.
Standard General will appoint a majority of the board of directors of Mediaco and Standard General L.P. CEO/Managing Partner and Chief Investment Officer Soohyung Kim will be Chairman of Mediaco. Emmis will continue to manage the stations under a management agreement and Emmis Chairman/CEO Jeff Smulyan will also serve as the CEO of Mediaco.