The Chicago PE firm is considering buying or leasing another radio station, the person says. GTCR would use the deal to bring back Q101′s old format, which focused on alternative music, the source says.
Last year, GTCR acquired a majority stake in three radio stations owned by Emmis Communications. Two, WLUP-FM (classic rock station The LOOP) and WKQX-FM (Q101), are located in Chicago. The third one, alternative rock-focused WRXP-FM, is in New York.
Q101, as part of its sale to GTCR, changed to an all-news format in August. If GTCR does buy or lease another radio station, it will not be called Q101, the person says.
Image credit: Photo of John McCrea of alternative rock band Cake by Mat Hayward/Shutterstock