INDIANAPOLIS, Feb. 28, 2017 /PRNewswire/ -- Emmis
Communications (Nasdaq: EMMS) has announced it has closed on the
sale of Atlanta,
Cincinnati, Orange Coast and Los
Angeles magazines to Hour Media Group LLC.
Emmis has now divested all its publishing assets except for its
hometown Indianapolis
Monthly, which it intends to continue to operate.
"We have been honored to own and operate these marquee titles,
with some of the most dedicated, creative employees in the
business," Emmis Chairman & CEO Jeff
Smulyan said. "We wish all of them well, and hope they enjoy
tremendous success in the future."
Emmis announced on August 18,
2016, that it was pursuing strategic alternatives for its
Publishing Division, sans Indianapolis Monthly. Emmis
announced the sale of Texas
Monthly on October 13,
2016.
"It is always difficult to make a decision to sell, but this
step helps us to continue to address our debt leverage and to focus
on our growth initiatives," Smulyan concluded.
About Emmis Communications
Emmis Communications
Corporation is a diversified media company, principally focused on
radio broadcasting. Emmis owns 16 FM and 3
AM radio stations in New
York, Los Angeles,
St. Louis, Austin (Emmis has a 50.1% controlling interest
in Emmis' radio stations located there) and Indianapolis. 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.
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SOURCE Emmis Communications