Mexican media outfit Grupo Radio Centro has an LMA/purchase deal with Emmis for KXOS-FM Los Angeles, and if they closed the deal by 8/8/12, it would benefit from a discount from $110M to $85M. 8/8/12 has come and gone and Emmis still owns the station.
The deal is still in place, but the price has reverted to $110M.
Grupo had been scheduled to hold a general shareholders meeting on 8/3/12 to discuss the matter.
According to Emmis, all aspects of the deal remain in place in accordance with the Local Programming and Marketing Agreement of 4/3/09.
They are also looking at their options. In an SEC filing, Emmis stated, “Nonetheless, the parties are discussing a possible further amendment to the Put and Call Agreement as the Qualified Designees’ banks have informed the parties that the financing process has been delayed but continues to move forward. However, no assurances can be given that agreement on any further amendment to the Put and Call Agreement will be reached.”