Grupo Radio Centro misses deadline on Emmis station deal in Los Angeles.

According to Inside Radio, despite an extension from owner Emmis Communications, Grupo Radio Centro missed an August 8 deadline to acquire Spanish CHR “Exitos 93.9” KXOS, Los Angeles for a discounted price of $85.5 million. In an SEC filing, Emmis says the purchase price for the station has automatically reverted to $110 million and that GRC’s designation of qualified designees to buy the station is automatically rescinded.

But all other aspects of the agreement between the two companies remain in effect, including GRC’s LMA of the station. Emmis also indicates there may be some wiggle room on the station sale since financing for the designees has been delayed but continues to move forward.

Courtesy of http://www.insideradio.com