Indianapolis-based Emmis Communications (Nasdaq: EMMS) has completed the sale of its Terre Haute radio stations. In a filing with the U.S. Securities and Exchange Commission, the company says the $4.7 million in net proceeds from the deal will be used to repay loan debt.
Emmis has sold the assets of WTHI-FM and the intellectual property of WWVR-FM to Wisconsin-based Midwest Communications Inc. Additionally, the company has sold the assets of WFNF-AM, WFNB-FM and WWVR-FM to Daviess County-based DLC Media Inc.
Emmis originally announced the sale in October. At that time, Chief Executive Officer Jeff Smulyan said, "the sale of our stations in Terre Haute, while difficult, will help us further our goal of de-levering our balance sheet. We are thrilled the buyers value radio and have long traditions of success in smaller markets, like Terre Haute."
The company also recently completed the sale of its Texas Monthly magazine.