Emmis Seeks to Sell $80M in Assets
Indianapolis-based Emmis Communications Corp. is planning to sell off $80 million in assets. In a filing with the U.S. Securities and Exchange Commission, the media company says proceeds from any deal would go toward loan payments.
Emmis owns radio stations in U.S. markets including New York, Los Angeles, St. Louis, Austin and Indianapolis. The company has already been working on streamlining its footprint. In March, the company completed a $4.7 million sale of five radio stations in the Wabash Valley. Most of its publishing assets have also been sold. In January, Emmis wrapped up a $6.5 million deal for Atlanta Magazine, Cincinnati Magazine, Los Angeles Magazine and Orange Coast Magazine. Late last year, the $25 million sale of Texas Monthly closed. Emmis still owns Indianapolis Monthly.
Other properties under the Emmis umbrella fall more in the new media category, including: NextRadio and TagStation, which involves apps to stream and interact with local over-the-air radio stations; Emmis Digital, which provides digital services for its radio properties; Digonex Technologies, a pricing and pricing analytics provider that works with sports events and live entertainment customers; and Incite - Social Impact Marketing.
You can connect to more details about the company's move to sell assets by clicking here.