Emmis Completes Sales of St. Louis Stations
Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) has completed the sales of its radio stations in St. Louis. The company says the deals resulted in total net proceeds of $40.5 million.
Emmis sold KSHE 95 FM and The Point 105.7 FM to Minnesota-based Hubbard Radio LLC in a $45 million deal. The company also sold FM News Talk 97.1 and NOW96.3 FM to Pennsylvania-based Entercom Communications Corp. (NYSE: ETM) for $15 million.
The company says the net proceeds, which came after deducting transaction-related expenses and nearly $16 million in estimated taxes, were used to repay outstanding loans.
Emmis first announced the sales in February. The company said at that time the buyers had entered into Local Marketing Agreements to begin providing programming and selling advertising on the stations in March.