INDIANAPOLIS, Oct. 12, 2016 /PRNewswire/ -- Emmis
Communications Corporation (Nasdaq: EMMS) has announced agreements
to sell Terre Haute's WTHI-FM 99.9
FM, WWVR-FM 105.5 The River, WFNB-FM B92.7, and WFNF-AM
1130AM/99.5FM The Fan. The sales will deliver gross proceeds
to the Company of $5.2 million.
Emmis will sell the assets of WTHI-FM and the intellectual
property of WWVR-FM to Midwest Communications, Inc. for
$4.3 million. Midwest
Communications is a family-owned media company with radio
properties in Wisconsin,
Michigan, Minnesota, North
Dakota, South Dakota,
Indiana, Illinois and Tennessee. Headquartered in Wausau, WI, Midwest Communications was founded
in 1958.
Emmis will also sell the assets of WFNF-AM, WFNB-FM and WWVR
(other than the IP for that station) for $0.9 million to DLC Media, Inc., a company owned
by Dave Crooks, who operates radio
stations in other Indiana
markets.
Because Midwest is currently at FCC ownership limits in the
Terre Haute market, Midwest is
also selling one of its stations, WDKE-FM, to DLC Media.
These three transactions are cross conditioned and will result
in gross proceeds to Emmis at closing of $5.2 million, subject to working capital
adjustments.
Emmis has owned WTHI and WWVR since 1998, adding WFNB and WFNF
in 2012. The transaction is subject to FCC approval and is expected
to close after the first of the year.
"The sale of our stations in Terre
Haute, while difficult, will help us further our goal of
de-levering our balance sheet," said Emmis Chairman & CEO
Jeff Smulyan. "We are thrilled
the buyers value radio and have long traditions of success in
smaller markets, like Terre Haute. I'd also like to thank our
people at these stations. They have been tremendous stewards
of their brands and wonderful ambassadors of Emmis' culture.
We wish them continued success."
Kalil & Co., Inc. served as the broker in the
transaction.
Emmis Communications – Great Media, Great People, Great
Service®
Emmis Communications Corporation is a diversified
media company, principally focused on radio broadcasting. Emmis
owns 19 FM and 4 AM radio stations in
New York, Los Angeles, St.
Louis, Austin (Emmis has a
50.1% controlling interest in Emmis' radio stations located there),
Indianapolis and Terre Haute, IN. Emmis also developed and
licenses TagStation®, a cloud-based software platform that allows a
broadcaster to manage album art, metadata and enhanced advertising
on its various broadcasts, and developed NextRadio®, a smartphone
application that marries over-the-air FM radio broadcasts with
visual and interactive features on smartphones.
Note: Certain statements included in this press release which
are not statements of historical fact, including but not limited to
those identified with the words "expect," "will" or "look" are
intended to be, and are, by this Note, identified as
"forward-looking statements," as defined in the Securities and
Exchange Act of 1934, as amended. Such statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Company to be
materially different from any future result, performance or
achievement expressed or implied by such forward-looking
statement.
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SOURCE Emmis Communications Corporation