When Emmis Communications Corp. sold a Los Angeles radio station for $85 million last month, it was good news for every employee at the Indianapolis-based media company.
While top execs landed big incentive payouts from the deal, other workers got bonuses as well.
Mexico City-based Grupo Radio Centro completed the purchase of Spanish station KXOS-FM 93.9 on Aug. 23 after leasing it from Emmis for three years. After the sale, Emmis disclosed in a federal filing that it would give a total of $2.8 million in bonus money to executives and employees because of the sale.
The filing said the bonuses included payments of $1,000 to each full-time employee and $250 to each part-time worker. Emmis has about 900 employees.
In addition, CEO Jeffrey H. Smulyan received $618,750, Chief Financial Officer Patrick M. Walsh got $394,467, and company attorney J. Scott Enright received $112,500.
Emmis said it will use $79.6 million from the sale to continue paying down debt.
Grupo Radio Centro agreed to purchase the station in April.
Emmis now owns 20 radio stations. Locally, it operates WFNI-AM 1070, WIBC-FM 93.1, WLHK-FM 97.1 and WYXB-FM 105.7, as well as Indianapolis Monthly magazine.