Emmis Completes Six TV Station Transactions; Three More Expected Next Week
01 December 2005 - 9:23AM
PR Newswire (US)
INDIANAPOLIS, Nov. 30 /PRNewswire-FirstCall/ -- Emmis
Communications Corporation (NASDAQ:EMMS) today announced that the
company has gained the necessary approvals and has completed six of
its 16 television station transactions. Emmis expects to complete
three additional transactions early next week. Sale agreements for
the nine stations were originally announced Aug. 22. Today, Gray
Television (NYSE: GTN; GTN.A) completed its purchase of WSAZ-TV
(Ch. 3, NBC affiliate) in Huntington/Charleston, W.Va., for $186
million. Also today, LIN TV Corp (NYSE:TVL) completed its purchase
of WALA-TV (Ch. 10, Fox 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. Because FCC license renewal is still pending, a fifth
station, WBPG-TV (Ch. 55, WB affiliate) in Mobile, Ala./Pensacola,
Fla., will be operated under a Local Programming and Marketing
Agreement, which begins today. The sale price for the five stations
is $260 million. The necessary approvals have also been received
for Journal Communications, Inc.'s (NYSE:JRN) purchase of WFTX-TV
(Ch. 4, Fox affiliate) in Fort Myers, Fla. and KGUN-TV (Ch. 9, ABC
affiliate) in Tucson, Ariz. Journal will also acquire certain
assets of KMTV-TV (Ch. 3, CBS affiliate) in Omaha, Neb. and will
operate KMTV under a Local Programming and Marketing Agreement,
which will begin effective upon the closing of the sale of WFTX and
KGUN and certain assets of KMTV. The sale price for the three
stations is $235 million. The transaction is expected to close in
the next week. Emmis will use the net proceeds to repay outstanding
indebtedness. On Sept. 29 Emmis announced the sale of four
additional TV stations - KOIN-TV (Ch. 6, CBS affiliate) in
Portland, Ore.; KHON-TV (Ch. 2, Fox affiliate) in Honolulu; KSNW-TV
(Ch. 3, NBC affiliate) in Wichita, Kan.; and KSNT-TV (Ch. 27, NBC
affiliate) in Topeka, Kan. - to affiliates of the Blackstone Group
and SJL Broadcast for a purchase price of $259 million. That
transaction awaits FCC approval. No announcements have been made
regarding Emmis' three remaining stations: KGMB-TV (Ch. 9, CBS
affiliate) in Honolulu, WVUE-TV (Ch. 8, Fox affiliate) in New
Orleans or WKCF-TV (Ch. 18, WB affiliate) in Orlando. Emmis
Communications - Great Media, Great People, Great Service(R)
(http://www.emmis.com/) Emmis is an Indianapolis-based diversified
media firm with radio broadcasting, television broadcasting and
magazine publishing operations. Emmis owns 23 FM and 2 AM domestic
radio stations serving the nation's largest markets of New York,
Los Angeles and Chicago as well as Phoenix, St. Louis, Austin,
Indianapolis and Terre Haute, IN. In addition, Emmis owns a radio
network, international radio stations, regional and specialty
magazines and ancillary businesses in broadcast sales and book
publishing. DATASOURCE: Emmis Communications CONTACT: Kate
Snedeker, Media Relations of Emmis Communications Corporation,
+1-317-266-0100 Web site: http://www.emmis.com/
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