GRC Misses Discount Deadline For KXOS Purchase From Emmis
August 10, 2012 at 4:15 AM (PT)
EMMIS COMMUNICATIONS CORP. disclosed in an SEC 8-K filing on THURSDAY (8/9) that GRUPO RADIO CENTRO missed its AUGUST 8th deadline to close on the purchase of Spanish Top 40 KXOS (EXITOS 93.9)/LOS ANGELES at the discounted price of $85.5 million (rather than the $110 million originally set forth in the parties' Put and Call Agreement).
The price has reverted to the higher level, but the filing indicates that "the parties are discussing a possible further amendment to the Put and Call Agreement as the Qualified Designees’ banks have informed the parties that the financing process has been delayed but continues to move forward. However, no assurances can be given that agreement on any further amendment to the Put and Call Agreement will be reached."