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MediaCo Holding Inc. has announced it has fully repaid the $7.3 million convertible promissory note held by Emmis Communications. With the payment of the note, Emmis representatives have resigned from MediaCo’s Board of Directors.
In 2019, investment firm Standard General acquired Rhythmic Top 40 “Hot 97” WQHT and R&B 107.5 WBLS in New York for a total of $91.5 million in cash, alongside a $5 million note and a 23.72% stake in the newly formed company. Since then, Emmis has divested its ownership interest in this venture.
MediaCo President and interim CEO Albert Rodriguez said, “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.”
MediaCo has expanded its portfolio by acquiring Estrella Media’s content operations earlier this year. This acquisition includes the operation of twelve additional radio stations in Dallas, Houston, Los Angeles, and Riverside/San Bernardino, as well as the “Estrella TV” network and five television stations.
