Music and Youth
Emmis in $681 million deal to sell nine TV stations
MUMBAI: Emmis Communications, an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations, has signed definitive agreements to sell nine of its 16 television stations in three separate transactions.
LIN TV Corp has signed an agreement to purchase WALA-TV (Ch.10, Fox affiliate) and WBPG-TV (Ch. 55, WB affiliate) in Mobile, Ala./Pensacola, Fla.; WTHI-TV (Ch. 10, CBS affiliate) in Terre Haute, Ind.; WLUK-TV (Ch. 11, Fox affiliate) in Green Bay, Wis.; and KRQE-TV (Ch. 13, CBS affiliate) in Albuquerque, New Mexico, plus regional satellite stations. The sale price for the five stations is $260 million.
Journal Communications has signed an agreement to purchase WFTX-TV (Ch. 4, Fox affiliate) in Fort Myers, Fla.; KMTV-TV (Ch. 3, CBS affiliate) in Omaha, Neb.; and KGUN-TV (Ch. 9, ABC affiliate) in Tucson, Ariz. The sale price for the three stations is $235 million.
Gray Television has signed an agreement to purchase WSAZ-TV (Ch. 3, NBC affiliate) in Huntington/Charleston, West Virginia, for $186 million, informs an official release.
“We announced in early May that we were exploring strategic alternatives for our Television Group, so that we could focus on lowering debt and positioning ourselves for growth,” Emmis chairman and CEO Jeff Smulyan said.
“We continue to move forward on discussions relating to the remaining seven stations and will make additional announcements as appropriate,” Smulyan said.
