Seismic news in the hip-hop radio industry went down today.

Billboard has confirmed that Emmis Communications agreed to sell genre-leading station Power 106 in Los Angeles to the media division of Meruelo Group, a holding corporation also based in California. It comes at a hefty price to the buyer, to the tune of $82.75 million. Details of the deal are pending FCC and other approvals by regulators.

Emmis Communications purchased Power 106 in 1984 or, when it was still called KPWR-FM, from Century Broadcasting. The station, whose slogan is "Where Hip-Hop Lives," features well-known on-air personalities like J Cruz, Yesi Ortiz, DJ Felli Fel, Justin Credible and DJ Precise. Emmis still owns 19 radio stations in markets that include New York, L.A. and St. Louis.

"Power 106 has been part of the Emmis family for more than 32 years, so this day is bittersweet, but I am confident that the station and our team are in good hands," added Jeff Smulyan, CEO of Emmis. The Meruelo Group will definitely have big shoes to fill as owners of such a historic and respected brand.