Randy Michaels makes deal with Emmis for three stations

RANDY’S A NEW MAN: After announcing it was seeking to sell WRXP 101.9 N.Y. and its two Chicago FMs, Q-101 and The Loop/WLUP-FM, Emmis Communications has instead found a partner, Inside Radio reports. That would be none other than former Jacor and Clear Channel exec Randy Michaels, in tandem with private equity firm GTCR. Their newly formed Merlin Media has struck a deal to buy a majority stake in all three stations, though Emmis will still own a significant minority stake. Said Emmis CEO Jeff Smulyan: "While it is always difficult to part with stations that have been valuable contributors to our company, we believe that today's transaction will create significant value for our shareholders. As a significant minority partner in Merlin Media, we're delighted to remain engaged with these markets and stations in the exciting days ahead. Merlin Media will take control of the stations within the next 45 days. (6/21a)