Emmis Strikes LMA Pact with Grupo Radio Centro for Los Angeles' KMVN

Wed. April 08, 2009; Posted: 02:29 AM

Apr 06, 2009 (Close-Up Media via COMTEX) -- EMMS | Quote | Chart | News | PowerRating -- Emmis Communications Corp. announced it has entered into a long-term Local Marketing Agreement (LMA) for KMVN-FM (93.9) with one of Mexico's leading broadcasting companies, Grupo Radio Centro, S.A.B. de C.V.

The LMA for the Los Angeles radio station will start on April 15, and continue for up to seven years, for $7 million a year. At any time during the LMA, Grupo Radio Centro (GRC) has the right to purchase the station for $110 million. At the end of the term, Emmis has the right to require GRC to purchase the station for the same amount.

"I couldn't be prouder of our KMVN team," Emmis Chairman and CEO Jeff Smulyan said. "It is always difficult to part with a station and our people, but in these challenging times, it is the right decision for Emmis."

Under the LMA, Emmis will continue to own and operate the radio station, with GRC providing Emmis with programming to be broadcast. Under the arrangement announced today, GRC will find a purchaser who meets all applicable FCC ownership requirements if it is not qualified to own the station at the time of purchase.

Emmis purchased the station in 2000 and flipped format from country to rhythmic pop contemporary in August 2006.

Emmis Communications is an Indianapolis-based diversified media firm with radio broadcasting and magazine publishing operations.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

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