Emmis Buys WBLS/WLIB New York

Emmis Communications has acquired WBLS-FM and WLIB-AM-New York from YMF Media for $131 million in cash. Emmis, which already owns WQHT-New York’s HOT 97, will nearly double the company’s annual station operating income through this acquisition.

“Today’s announcement is indicative of our belief in the U.S. radio industry and our desire to increase our footprint in the nation’s largest market,” Emmis Communications President/CEO Jeff Smulyan said. “Emmis has deep ties to the New York African-American community, and it is with great pride we take the helm of these iconic stations.”