Emmis Confirms Planned Sale of St. Louis Stations
| RADIO ONLINE | Friday, February 23, 2018 |
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Emmis Communications has confirmed previously announced agreements and entered into definitive arrangements to sell all of its St. Louis radio properties - KSHE-FM and KPNT-FM to Hubbard Radio for $45 million, and KFTK-FM and KNOU-FM to Entercom for $15 million. The transactions are, of course, dependent on FCC approval. Local Marketing Agreements (LMAs) of all of the stations are to start on March 1 with final transactions expected to close during Emmis' first fiscal quarter.
"The St. Louis team has been an integral part of our Emmis family since 1984.," said Emmis CEO Jeff Smulyan. "We love our people in St. Louis and the team's performance has been nothing short of remarkable. Hubbard and Entercom are both tremendous radio operators and they are adding great people and great brands to their St. Louis clusters."
Emmis plans to use net proceeds of the sales to repay outstanding term loans.
