Posted by Bud on June 21, 2011 at 12:42:56:
Ex-Tribune CEO, equity firm buying The Loop, Q101
Chicago radio veteran John Gehron named chairman of the advisory board overseeing the two newly-acquired local FM stations
By Robert Channick
Chicago Tribune staff reporter
10:40 a.m. CDT, June 21, 2011
Merlin Media, a nascent company headed by former Tribune Co. CEO Randy Michaels, has named Chicago radio veteran John Gehron chairman of the advisory board overseeing two newly-acquired local FM stations, WLUP (known as The Loop) and WKQX (101.1).
"I was lucky enough to recruit John to run the Chicago cluster during my time at Clear Channel and I am thrilled to be working with him again now," said Randy Michaels, the chairman and CEO of Merlin Media, in a press release Tuesday morning.
Merlin partnered with Chicago-based equity firm GTCR to buy the two Chicago stations, as well as New York radio station WRXP FM, from Emmis Communications for between $110 and $130 million.
The Indianapolis-based radio group will retain an equity interest in the three stations, according to an SEC filing.
Emmis will discuss the deal with employees at noon today. A spokesman for Merlin would not confirm any plans for format changes in Chicago.