ESPN Radio Moving To 98.7 FM In New York -- Emmis Sells Intellectual Property Rights Of WRKS To YMF Media

Story by AllAccess

ESPN RADIO will move its programming in NEW YORK to FM with the announcement that it will begin simulcasting its Sports WEPN-A (1050 ESPN) on what is presently EMMIS Urban AC WRKS (98.7 KISS FM) on SUNDAY at 12:01a (ET).

"This move to the FM dial is in keeping with the industry trend of sports radio shifting and offers an even broader reach for our content," said VP/GM DAVE ROBERTS. "By combining the FM reach with our wide variety of digital offerings from ESPN AUDIO, we are uniquely positioned to provide coverage of all of New York's sports."

WEPN-A will simulcast until SEPTEMBER and will then become Spanish Sports using ESPN DEPORTES.  "As part of ESPN's continual commitment to serve the U.S. Hispanic sports fan, we are thrilled to provide NEW YORK fans with a sports station that offers culturally relevant programming in Spanish," said ESPN DEPORTES VP of Programming and Business Initiatives FREDDY ROLON. "The launch of ESPN DEPORTES RADIO will also provide advertisers and marketers a unique opportunity to reach local Hispanics sports fans in this market."

"Opportunities like this don't come along too often and it's tremendous that we were able to conclude a deal that will enhance our mission of serving sports fans in not just English but Spanish as well," said ESPN SVO/Production, Business Divisions TRAUG KELLER. "Come fall, Spanish-speaking New Yorkers will have their first 24/7 sports talk radio station."

The ESPN NEW YORK lineup is also changing, with MIKE LUPICA moving to noon-1p and a new show with STEPHEN A. SMITH moving from evenings to join RYAN RUOCCO for 1-3p (ET).  DAVE ROTHENBERG takes over the 6-9p (ET) slot.

Emmis Also Sells Intellectual Property Rights Of WRKS To YMF Media

EMMIS also entered into a transaction to sell the intellectual property rights of KISS FM to YMF MEDIA, which is in the process of acquiring INNER CITY Urban WBLS and Gospel WLIB-A/NEW YORK.

In conjunction with these transactions, EMMIS also announced that it entered into a loan agreement with a large insurance company. The total consideration related to the proceeds from the loan agreement, initial payment from the sale of KISS FM intellectual property rights, and the present value of certain loan reserves required under the agreement with the insurance company which EMMIS expects to receive in the future, will be approximately $96 million.

The long-term LMA is not tied to a sale of the station. Transaction proceeds will be used to repay amounts outstanding under EMMIS' senior credit facility and to pay transaction fees and expenses.

"We want to thank our loyal employees and especially the fans of KISS FM for an amazing 30 year run including several periods where KISS was the number one ranked station in NEW YORK," EMMIS Chairman/CEO JEFF SMULYAN said. "Recent changes in the way radio ratings are measured made it very difficult for us to find success with KISS FM despite the great work of our EMMIS/NEW YORK team. We hope the best parts of KISS will continue to live on. With enhanced financial flexibility we look forward to enhancing our service to New York's urban community at our award winning [wqht] HOT97 brand."

This weekend EMMIS/NEW YORK plans to celebrate 30 years of KISS FM. EMMIS purchased KISS FM 98.7 in 1994.

"I have so many friends on the KISS FM team and this is an extraordinarily difficult decision for me, however the benefits to the financial health of EMMIS as a whole are significant. Coupled with the sale of a controlling interest in three of our radio stations to MERLIN MEDIA and the forthcoming sale of KXOS/LOS ANGELES, we will have one of the healthiest balance sheets in media thereby positioning EMMIS for future growth," SMULYAN said.