WLUP made $5.5 million in 2014 and 2015, so unless billing really took off in 2016 and 2017, that signal barely covered their LMA payments.
As for the language of the put and call agreement: Merlin would be better off walking away and shopping the licenses immediately instead of waiting for a judge. The reason why Randy entered into the LMA agreement in the first place was that he didnít want to wait for the bankruptcy judge to sign off on the arrangement separating Tribune Broadcasting from the newspaper. Had he waited six more months, 101 would be still be The Game and 104.3 would most likely be WSCR-FM.
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