Emmis CEO Jeff Smulyan said the deal to sell KPWR-FM in Los Angeles to the Meruelo Group for $82.75 million has been approved by the FCC and should close over the next two months. Emmis announced the sale in May and Meruelo started an LMA on July 1. Once the sale of Power 106 closes, the company’s senior credit facility debt will be reduced by approximately 50%.
