Emmis Communications has announced today it plans to sell two of its properties, CHR "Hot 97" WQHT and Urban AC 107.5 WBLS New York.

The buyer is Mediaco Holding, a new publicly traded company, with the deal being financed by investment firm Standard General for $91.5 million in cash, a $5 million note, and 23.72% of the new company, which will be distributed to Emmis shareholders.

Emmis CEO Jeff Smulyan will also serve as CEO of the new company, which segues into a shared services agreement with Emmis while the employees remain on the Emmis payroll.

Emmis will remain active in the management of WBLS and HOT 97, according to a statement from the company.

“This is a landmark day in the forty-year history of Emmis,” said Smulyan. “We look forward to continuing to manage two of the world’s most iconic radio brands in HOT 97 and WBLS and employ our award-winning New York team as we partner with Soo Kim and Standard General to form a new public company to invest in media opportunities. The transaction provides Emmis significant capital to aggressively pursue new business opportunities that align with our entrepreneurial spirit and management skills."