Emmis sells mags, gets set to perform canary act


Emmis CommunicationsIn the business category of radio revenue results, Emmis Communications is the canary in the coal mine – it’s a company with a unique annual financial calendar and the customary lead-off hitter for each round of quarterly results revelations. And it’s about that time. Oh, and it sold some print assets.

The conference call is scheduled for Thursday 10/11/12 at 9:00AM eastern. RBR-TVBR will be listening in so you don’t have to.

Meanwhile, the company announced plans to spin off two magazines, along with publications and other related assets, back in August. It has now told the SEC that the deal is a go.

Back in August, we knew that the magazines included:

* Country Business is a trade magazine geared toward independent retailers of gifts and home accents. Published seven times a year, it is a source for industry information, business advice, trends and wholesale product. In addition to the print publication, Country Business serves its readers and the larger retail industry through two e-newsletters, email blasts, social media discussion forums, a stand-alone website, seminars and sponsored industry events.

* Smart Retailer is the definitive resource for industry information and wholesale merchandise for independent gift and home-decor retailers. Smart Retailer covers all of today’s popular styles, including country, traditional, vintage, coastal and more, and it provides new-product previews, trend reports, display ideas, and valuable business advice to help retailers build smart businesses.

We knew that the price tag was about $9M, but we didn’t know the buyer.

Now we know both with more precision. DRG Holdings LLC is the purchaser, and it has pay $8.7M for the properties.

Emmis told the SEC, “Net proceeds of $8.5 million were used to reduce amounts outstanding under Emmis’ senior credit facility.”