Emmis' Law Firm Honored For Innovative LMA Transaction
November 21, 2013 at 12:39 PM (PT)
PAUL WEISS, the law firm that engineered the unusual EMMIS COMMUNICATIONS CORP. LMA of Sports WEPN-F (ESPN NEW YORK 98.7 FM)/NEW YORK to ESPN RADIO, has received recognition from the FINANCIAL TIMES with a 2013 Innovative Lawyers Award as Most Innovative Transaction of 2012.
The deal between EMMIS and DISNEY/ESPN resulted in an LMA payment stream which EMMIS securitized with an insurance company; EMMIS then sold the intellectual property rights to the station's former format (Urban AC WRKS (98.7 KISS FM), to YMF MEDIA. EMMIS received $95 million between the securitization and the KISS deal, and will continue to own the license after the 12 year LMA ends. The award notes that the deal allowed EMMIS to substantially restructure its balance sheet and invest in the NEXTRADIO smartphone app.