Emmis Communications has agreed to sell its prominent Los Angeles radio station KPWR-FM (105.9) for $82.75 million to the privately held Meruelo Group of Downey.
The station, known as Power 106, is one of Los Angeles’ top-ranked stations and a longtime leader in hip-hop music.
“Power 106 has been part of the Emmis family for more than 32 years, so this day is bittersweet,” Jeff Smulyan, chief executive of Indianapolis-based Emmis Communications, said in a statement. “The Meruelo Group will be great owners of this historic brand, and take it to even greater heights.”
Emmis sold the station, its sole outlet in L.A., to pay down debt. The sale is subject to the Federal...