GTCR Announces Agreement to Partner with Emmis Communications to Acquire Merlin Media LLC

GTCR today announced it has signed a definitive agreement to partner with Emmis Communications Corporation EMMS and Randy Michaels to acquire Merlin Media. Merlin Media has signed definitive documentation with Emmis to acquire the assets of WKQX-FM (101.1 MHz, Chicago, IL), WLUP-FM (97.9 MHz, Chicago, IL) and WRXP-FM (101.9 MHz, New York, NY). Closing of this transaction is pending regulatory approvals. “We are extremely excited about the opportunity to partner with Emmis and Randy,” said Philip A. Canfield, Principal at GTCR. “Emmis' CEO, Jeff Smulyan, and Randy Michaels are both proven veterans of the media industry and we look forward to working with them to provide valuable media content to Merlin Media's future consumers.” “We believe this transaction will create significant value for our shareholders,” noted Jeff Smulyan, Chairman & CEO of Emmis. “As a minority holder in Merlin Media, we look forward to continuing to provide innovative programming to our audiences in Chicago and New York.”