Emmis Forms New Public Company with Standard General

[Y2kTheNewOldies]

https://news.****************/cgi-bin/rol.exe/headline_id=b15901

Emmis Communications has signed an agreement to form a new public company, Mediaco Holdings, with New York investment firm Standard General. Under the deal, Mediaco Holdings will acquire 4.2kW Urban AC WBLS-FM and 6.7kW Rhythmic CHR WQHT-FM (Hot 97) in New York for $91.5 million in cash, a $5 million note receivable and 23.72% of the common equity of Mediaco. Emmis will distribute this 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.

Note WBLS and WQHT will remain a part of Emmis in this deal.

 

[Y2kTheNewOldies]

https://radioinsight.com/headlines/...ls-new-york-create-new-public-traded-company/

Emmis Communications will sell Rhythmic CHR “Hot 97” WQHT and Urban AC 107.5 WBLS New York to a new publicly traded company.

Financed by investment firm, Standard General, Mediaco Holding will purchase the the two stations and for $91.5 million in cash, a $5 million note, and 23.72% of the new company which will be distributed to Emmis shareholders. Emmis CEO Jeff Smulyan will also serve as CEO of the new company which will enter into a shared services agreement with Emmis while the employees remain on the Emmis payroll.

Update Emmis will sell WQHT and WBLS to Mediaco in this deal and Emmis will retain Gospel 1190 WLIB and the license of 98.7 WEPN-FM