Smulyan: We Had A Great Run With KPWR

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Emmis purchased the L.A. station in 1984 for about $10 million. As you read in the previous story, Emmis is selling the station for just under $83 million. It was just last month that Emmis cut a deal with lenders which included a stipulation that Emmis sell $80 million worth of assets and close on that sale by July of 2018. No doubt CEO Jeff Smulyan already had this sale to Meruelo in the works.

Smulyan told Radio Ink it’s been a great run at KPWR. Over the 33 years Emmis owned the station it has generated about a half a billion dollars in profit for the company. Not bad for a stand-alone station in the number two market in America, where most other major broadcasters are operating with clusters.

Along the way Smulyan and his team beat back several format competetitors. The latest, of course, is still ongoing, as iHeartMedia not only launched a format fight with KPWR, but stole away popular morning man Big Boy. Smulyan told Radio Ink this sale will help reduce Emmis’ debt by more than half. He said the timing was right to make this transaction. “It was the right thing for us.”

We are told the format at KPWR will remain the same and the current Emmis staff will be staying on with the new owners.

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