GRC Exercises Right To Buy KXOS/L.A. From Emmis
August 23, 2012 at 9:53 AM (PT)
GRUPO RADIO CENTRO, S.A.B. de C.V. has exercised its right to buy Spanish Hits KXOS (EXITOS 93.9)/LOS ANGELES from EMMIS COMMUNICATIONS. The buyer has been programming the station under an LMA. GRC's 93.9 HOLDINGS , INC., 25% owned by GRC and the rest by members of the AGUIRRE family who are U.S. citizens, is paying $85.5 million for the station.
In order to finance the acquisition, 93.9 HOLDINGS, INC. entered into a $90 million senior secured credit facility guaranteed by GRC and some of its operating subsidiaries with a group of lenders headed by CREDIT SUISSE.