Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) has announced agreements to offload its radio stations in St. Louis. The company says it plans to sell KSHE 95 FM and The Point 105.7 FM to Minnesota-based Hubbard Radio LLC and FM News Talk 97.1 and NOW96.3 FM to Entercom Communications Corp. (NYSE: ETM) of Pennsylvania.
The agreements are considered in principle and must still clear the definitive purchase agreement process, as well as shareholder and regulatory hurdles. Emmis is not disclosing terms of the proposed deals.
Emmis has been working to shrink its radio station and publishing footprint in recent years. In 2017 alone, the company completed sales of four Terre Haute stations, Power 106 in Los Angeles and four publications — Atlanta Magazine, Cincinnati Magazine, Los Angeles Magazine and Orange Coast Magazine.
Earlier this month, Emmis reported a fiscal third quarter net loss of $279,000 during what Chief Executive Officer Jeff Smulyan said was an overall "disappointing quarter."