Emmis Begins Time Brokerage Agreement with Bonneville’s WLUP

Emmis Communications Corporation has begun its time brokerage agreement with Bonneville International Corporation for WLUP(FM) in Chicago. In a deal announced in October, Emmis agreed to swap three Phoenix radio stations – KTAR(AM), KMVP(AM) and KKLT(FM) – to Bonneville in exchange for WLUP and $70 million in cash, which Emmis is using to pay down debt. Emmis has owned WKQX(FM) in Chicago since 1988.
Marv Nyren, previously the Emmis regional vice president and market manager in Phoenix, has begun his duties in the same capacity in Chicago.
Principals expect the deal, which is subject to regulatory approval, to close in early 2005. Including this deal, Emmis would own 25 radio stations in eight markets.