When Merlin Media sets sail with Emmis Communications stations WRXP-FM in New York and WKQX-FM & WLUP-FM in Chicago, the iconic Randy Michaels will have his hand on the helm. But he won’t be sitting on a major portion of the cash underpinning the operation – that honor belongs to investor GTCR. But Michaels is of course not without a station portfolio of his own.
There are options involved in the deal for seller Emmis – including an ongoing stake for Emmis, and it is impossible to pin down the price, but RBR-TVBR estimated it to be in the neighborhood of $198M with it was announced.
Michael’s stake is said to be about 1%. The full picture is spelled out in an organizational chart that accompanied the FCC application for the station transfers.
Also listed on the application are the broadcast holdings of one Benjamin L. Homel, which came in an FCC auction of new stations a few years back. They are licensed to Radioactive LLC, and Mr. Homel is much better known as Randy Michaels.
The Radioactive station group is comprised of the following FM stations, all of which are of recent vintage.
KYME Rockford, IA
KJLN Sac City, IA
WMLF Watseka, IL
KMML Cimarron, KS
KRMR Hays, KS
KDJM Lindsborg, KS
WKFC North Corbin, KY
WPBK Crab Orchard, KY
WUPZ Chocolay Township, MI
WUPT Gwinn, MI
WUPF Powers, MI
WUPG Republic, MI
WRAX Lake Isabella, MI
WZXP Au Sable, NY
WBLH Black River, NY
WNMR Donnemora, NY
