Emmis completes sale of L.A. station for $85M

Indianapolis-based Emmis Communications Corp. on Thursday announced that it has completed the sale of a Los Angeles radio station for $85 million.

Mexico City-based Grupo Radio Centro bought Spanish station KXOS-FM 93.9 after leasing it from Emmis for three years.

If the sale hadn’t have been completed by Thursday, the price would have increased to $110 million, according to an SEC document.

Emmis will use $79.6 million from the sale to continue paying down debt, the document said.

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.

Shares of Emmis were up 12 cents Thursday afternoon, trading at $2.17 each.

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