Emmis Communications may or may not go private, but Chairman/CEO Jeff Smulyan has made good on his word that it would still divest its radio stations in Terre Haute, Ind.
The deal, announced late Wednesday (Oct. 12), involves three different buyers.
Kalil & Co. served as the broker in each of these deals.
In the first transaction, WTHI-FM 99.9 FM and the intellectual property of WWVR-FM 105.5 The River are being dealt to Duke Wright’s Midwest Communications for $4.3 million.
In the second deal, which is concurrent, Emmis is selling the facilities (minus the intellectual property) of WWVR-FM, in addition to WFNB-FM 92.7 and WFNF-AM 1130 (plus its associated FM translator) to DLC Media for $900,000.
Emmis has owned WTHI and WWVR since 1998, and WFNB and WFNF since 2012.
The transaction is expected to close after January 1, 2017.
“The sale of our stations in Terre Haute, while difficult, will help us further our goal of de-levering our balance sheet,” Smulyan said. “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.”
With Midwest currently at FCC ownership limits in the Terre Haute market, Midwest is also selling one of its stations, WDKE-FM, to DLC Media. Additional information on this transaction is forthcoming.
— Adrian Zupp