Posted by radio insight on June 21, 2011 at 13:02:16:
In Reply to: Re: Randy Michaels, John Gehron buying The Loop, Q101 posted by DARK SIDE on June 21, 2011 at 12:59:43:
From Radio Insight:
Update 9:40am: It’s official. Randy Michaels and GTCR, a Chicago investment firm have acquired 101.9 WRXP New York and 97.9 WLUP and 101.1 WKQX Chicago from Emmis
Communications under the name Merlin Media while Emmis will retain a minority share of the stations.
They will take over operations of the stations via LMA within the next 45 days. As we explain below, expect a flip from Modern Rock to News/Talk at WKQX and WRXP when all
is said and done.
Original Report 9:04am: As first reported by TimeOut Chicago’s Robert Feder this morning, an all hands staff meeting is in place at Emmis Communication’s Chicago cluster
where it is expected to be announced that Michaels will be acquiring one or both of Classic Rock “97.9 The Loop” WLUP and Modern Rock “Q101.1” WKQX.
When the move is announced expect a flip to News/Talk to follow most likely at Q101. Michaels has had the domain registrations in place since last December, which also
hint at possible New York and Los Angeles components to this deal. FMNews1011.com (for WKQX), FMNews939.com (For Emmis’ KXOS Los Angeles currently leased to Grupo Radio
Centro?), and the typo filled FMNNews1019.com (for WRXP New York?) were registered to Michaels’ Radioactive LLC on December 22, 2010 with Michaels himself listed as the
Administrative Contact.
Just last week anonymous registrations for 1011FMTalk.com, 1019FMTalk.com, and FMTalk1019.com appeared as well.
Sounds like there’s still going to be a lot more to this story as the day progresses.