Emmis Announces Agreement to Sell Controlling Interest in Stations to GTCR

Emmis Communications Corporation EMMS has announced it has reached an agreement to transfer WKQX-FM (101.1 MHz, Chicago, IL), WLUP-FM (97.9 MHz, Chicago, IL) and WRXP-FM (101.9 MHz, New York, NY) to Merlin Media LLC, a controlling interest of which will be acquired by Chicago-based private equity firm GTCR and Randy Michaels. Emmis will own a significant minority stake. The transaction's closing is subject to various regulatory approvals and other customary conditions.