Magic Shifts Corporate Management, Emmis Moves Movin'
February 2, 2009 at 5:25 AM (PT)
MAGIC BROADCASTING is reorganizing its corporate structure to shift management from RADIO BROADCAST MANAGEMENT, INC. to a five-member board, three members of which will be chosen by the company's major creditor DURDEN ENTERPRISES II and the other two chosen by Class A, B, C and D members of the parent company. The move is being made in exchange for DURDEN extending the maturity and reducing the interest rate of the company's $62.75 million debt.
In another ownership alteration filed with the FCC, EMMIS has filed to move Rhythmic Oldies KMVN (MOVIN 93.9)/LOS ANGELES and its booster in SANTA CLARITA, CA from its EMMIS RADIO LICENSE, LLC subsidiary to another entity, KMVN LICENSE LLC, which will be a wholly-owned subsidiary of KMVN LLC, in turn wholly-owned by EMMIS COMMUNICATIONS CORP. The move takes KMVN outside the restrictions of EMMIS' credit agreement.
Also filed with the Commission was the sale of Oldies daytimer KEOR-A/CATOOSA, OK-TULSA by THE RAFTT CORPORATION to CATHOLIC DIOCESE OF TULSA for $532,500 and the sale of FM Translator K251AZ/MALAGA, WA by PETER PROEHL to STANLEY S. FUKUHARA for $100.