Randy Michaels and Walter Sabo at Merlin Media have been running two FM stations in Chicago and one in New York under an LMA arrangement with Emmis Communications for a month and a half. Now the FCC has given the green light to the license transfers, so the $198 million sale can go to closing. We’re told that is set for September 1st.
As anticipated from the beginning, Emmis will retain an equity stake of approximately 25%. Randy Michaels personally will own about 1%. The bulk of the investment is coming from GTRC Investment – a big private equity fund based in Chicago.
Michaels told RBR-TVBR that the format is designed to attract listeners who wouldn’t be drawn to traditional All-News stations.
RBR-TVBR observation: What’s next? Merlin Media was not created to stop at just three stations. Emmis doesn’t appear to have any other big-market signals for sale, so what other stations will Randy try to buy?
See the latest of the Merlin Marlin to CBS’s WINS Radio, NYC.