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MediaCo Holding Inc. Completes Debt Repayment To Emmis Communications
MEDIACO HOLDING INC. has completed repayment of the $7.3 million convertible promissory note held by EMMIS COMMUNICATIONS. With the repayment, EMMIS representatives have stepped down from MEDIACO’s Board of Directors.
In 2019, MEDIACO HOLDING INC. was formed when investment firm STANDARD GENERAL acquired Top 40 Rhythmic WQHT (HOT 97) and R&B WBLS (107.5)/NEW YORK for $91.5 million in cash, a $5 million note, and a 23.72% stake in the new company. EMMIS COMMUNICATIONS has now sold its ownership interest in MEDIACO.
Earlier this year, MEDIACO expanded its operations by acquiring content from ESTRELLA MEDIA. This acquisition added twelve additional radio stations in DALLAS, HOUSTON, LOS ANGELES, and RIVERSIDE/SAN BERNARDINO, as well as the “ESTRELLA TV” network and five television stations.
MEDIACO Pres./Interim CEO ALBERT RODRIGUEZ said, “We are pleased to take this step forward. This eliminates our only near-term maturity and positions us to continue our expanding mission to reach diverse audiences and drive growth for the future.”