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Emmis to Sell KPWR/Los Angeles to Meruelo Group

Emmis Communications has agreed to sell 25W Rhythmic CHR KPWR-FM (Power 106) in Los Angeles to an affiliate of the Meruelo Group for $82.75 million. The Meruelo Group will operate the station following the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The buyer, whose Meruelo Media affiliate acquired KWHY-22 Los Angeles in 2011 and KDAY-FM Los Angeles in 2014, is the largest minority owned media group in California.

"Power 106 has been part of the Emmis family for more than 32 years, so this day is bittersweet, but I am 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."

"The acquisition of Power 106 is a game changer for our group and our media division," stated Alex Meruelo, Chairman and CEO. "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 #1 radio station in Los Angeles."

Following its participation in the FCC TV spectrum auction earlier this year, Meruelo Media is now re-investing a portion of the auction proceeds to expanding its media holdings with the acquisition of KPWR-FM. Closing of the KPWR-FM sale is subject to FCC approval.

Emmis purchased KPWR-FM from Century Broadcasting in May, 1984. The transaction is expected to close in the back half of 2017.

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