Deadline Passes For KXOS Sale, Talks Continue
In a Thursday SEC filing, Emmis Communications reported that the August 8 deadline for Grupo Radio Centro's "qualified designees" to buy KXOS/Los Angeles for $85 million had passed, meaning the price of the station automatically reverts to $110 million, per an earlier put and call agreement.
KXOS is operated by Mexico City-based GRC under an LMA; that MA and the other provisions of the 2009 agreement remain in effect.
However, Emmis and GRC are talking about a possible further amendment to the agreement; according to the filing, the "qualified designees' banks have informed the parties that the financing process has been delayed but continues to move forward."
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