Emmis Communications completed the transfer of 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. It also sold the controlling
interest in Merlin Media to Chicago-based private equity firm GTCR and Randy Michaels, former Tribune executive. Emmis received approximately $120 million in cash proceeds from the sale of the
stations, net of transaction expenses, and continues to own $28.7 million of preferred equity and 20.6% of the common equity interests in Merlin Media.
