The buyer of Emmis’ only L.A. station is the Meruelo Group. CEO Jeff Smulyan said, “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. The Meruelo Group will be great owners of this historic brand, and take it to even greater heights.”
An LMA will begin promptly following the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The Meruelo Group, whose Meruelo Media affiliate acquired Los Angeles TV station KWHY-22 in 2011 and radio station KDAY-FM in 2014, is the largest minority owned media group in California. Emmis purchased KPWR-FM from Century Broadcasting in May 1984. The transaction is expected to close in the back half of 2017.
“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.”
The Meruelo Group have previously acquired KWHY-22 tv station and KDAY 93.5 FM, 2 media outlets that have low ratings and produce little revenue (Just look at their advertisers)… So, it makes me wonder why the Meruelo Group keeps these UNDERPERFORMING media outlets, as a media outlet that doesn’t perform is ONLY COSTING MONEY to keep it!
$80 MILLION ??? NO station in L.A is worth that anymore! Congratulations to EMMIS for making a “KILLER SALE”!!!
And if anyone doubts my statement… Just listen to the lyrics of the “music” on a Power 106… lyrics about drug use, sex, derogatory statements about the police… not one of Smulyan’s better moments, to be “proud” of a station broadcasting that sort of garbage.
80 million dollars for a station that appeals to a low-income, generally uneducated urban audience?! Wow. This is the best sale that Emmis ever made! Take the money and run!!!