What first surfaced as a rumor in a radio industry trade publication this morning turned into reality just before the lunch hour on Wall Street.
Emmis Communications is exiting one of its most profitable markets.
According to official company communication received by RBR+TVBR in the noon hour Tuesday, Emmis is selling heritage Rocker KSHE-FM 94.7 and Alternative KPNT-FM 105.7 “The Point” in St. Louis to Hubbard Radio.
Concurrently, Emmis is selling its two other St. Louis stations — News/Talk KFTK-FM 97.1 and CHR/Pop KNOU-FM 96.3 to Entercom Communications.
A Form 314 filing with the FCC is expected on Wednesday.
Terms were not disclosed; no further details were provided in an 8-K filing made with the SEC on Tuesday. Emmis Chairman/CEO Jeff Smulyan declined to make any further comments when contacted by RBR+TVBR.
Emmis has enjoyed a presence in St. Louis since 1984, when it obtained KSHE from Century Broadcasting.
In September 2000, Emmis grew its assets in St. Louis to four, as Sinclair Broadcasting agreed to sell KFTK-FM (then KXOK-FM), KPNT and KNOU (then KIHT-FM) to the Indianapolis-based company.