Emmis Communications, a radio and publishing company which owns WQHT (Hot 97) in New York along with a host of other stations across the country, has announced a deal with YMF Media to purchase two New York radio stations for $131 million in cash. The acquisition of the two stations, urban adult contemporary station WBLS 107.5 FM and WLIB 1190 AM (and the city's first station targeted at African-American listeners), will double Emmis' annual station operating income, the company said.
In terms of market share, Emmis will now own the No. 2 station in the NYC radio market with WBLS which had 6.8 Nielsen Audio Radio Rating in December; the 13th biggest station WQHT, which had a 2.9 rating during the same period; and the 32nd largest station in the city with WLIB's 0.4 share.
In an unusual arrangement, WLIB and WBLS were already sharing lower Manhattan office space with Hot 97 since the deal that saw WRKS become the New York FM flagship for ESPN Radio.