Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) has completed the sale of four publications to Hour Media Group LLC. The $6.5 million transaction includes all of the assets of Atlanta Magazine, Cincinnati Magazine, Los Angeles Magazine and Orange Coast Magazine.
Emmis says it will continue to operate its Indianapolis Monthly publication, which is now the the company’s only publishing asset. Emmis sold its Texas Monthly magazine to an affiliate of Houston-based private equity firm Genesis Park LP in October.
"We have been honored to own and operate these marquee titles, with some of the most dedicated, creative employees in the business," said Jeff Smulyan, chief executive officer of Emmis. "We wish all of them well, and hope they enjoy tremendous success in the future. It is always difficult to make a decision to sell, but this step helps us to continue to address our debt leverage and to focus on our growth initiatives."
Emmis announced in August that it was seeking "strategic alternatives" for its publishing division with the exception of Indianapolis Monthly. The company also recently completed the sale of its Terre Haute radio stations.