MediaCo Holding Inc. has announced it has fully repaid the $7.3 million convertible promissory note held by Emmis Comunications. With the payment of the note, Emmis representatives have resigned from MediaCo’s Board of Directors.
Formed in 2019 when investment firm Standard General purchased Rhythmic CHR “Hot 97” WQHT and R&B 107.5 WBLS New York for $91.5 million in cash, a $5 million note, and 23.72% of the new company, Emmis had since sold off its ownership stake in the company.
MediaCo then acquired Estrella Media’s content operations earlier this year giving the company operation of twelve additional radio stations Dallas, Houston, Los Angeles, and Riverside/San Bernardino plus the “Estrella TV” network and five television stations.
MediaCo President and interim CEO Albert Rodriguez commented, “We are pleased to take this step forward. This eliminates our only near-term maturity and positions us to continue our expanding mission to reach diverse audiences and drive growth for the future.”
This story first appeared on radioinsight.com