GTCR, ex-Tribune CEO Michaels buying WLUP radio station

Two big Chicago radio stations, including WLUP-FM/97.9, are being sold to a venture of Chicago private-equity firm GTCR and radio veteran and former Tribune Co. CEO Randy Michaels.

The deal also includes WKQX-FM/101.1 in Chicago and a New York station. GTCR and Michaels will have a controlling interest in a venture that owns the stations, and Indianapolis-based Emmis Communications will keep a “significant minority stake” in the GTCR-Michaels venture, Emmis said. Emmis is selling the stations for between $110 million and $130 million, according to a filing today with the Securities and Exchange Commission. That represents a stake of 65% to 80%.