Indianapolis-based Emmis Communications (Nasdaq: EMMS) has announced plans to sell its Power 106 radio station in Los Angeles. An affiliate of California-based The Meruelo Group has agreed to buy the station for $82.3 million in a deal expected to close in late 2017.

The sale remains subject to closing adjustments and FCC and other regulatory approvals. Meruelo Media says it plans to use a portion of the proceeds generated from the FCC TV spectrum auction earlier this year toward the acquisition of the station, which goes by the call letters KPWR-FM. 

Meruelo Media Chief Executive Officer Alex Meruelo calls the acquisition a "game changer."

"As a fan and someone who has had a business relationship with this station for more than 30 years, I understand the importance of Power 106 to this community," said Meruelo. "We are committed to bringing the resources, talent and passion necessary to make this legendary brand the #1 radio station in Los Angeles."

Emmis says it acquired KPWR in 1984 from Century Broadcasting. CEO Jeff Smulyan calls the sale "bittersweet," but says it is confident the station and its employees will be in good hands.

Last month, Emmis announced plans to sell off $80 million in assets with plans to put the proceeds toward loan payments. The company also completed the $4.7 million sale of five Terre Haute radio stations in January in addition to the $6.5 million sale of four publications in March.