Emmis Sells Terre Haute Cluster

Group divided and sold to Midwest Communications and DLC Media
Publish date:

Emmis Communications Corp. has reached an agreement to sell its Terre Haute, Ind., properties.

The cluster, consisting of WTHI(FM), WWVR(FM), WFNB(FM) and WFNF(AM/FM), will be broken up and sold to Midwest Communications Inc. and DLC Media Inc. in what will ultimately be a three-way transaction.

The assets of WTHI and the intellectual property of WWVR will go to Midwest Communications for $4.3 million. The assets of WFNF, WFNB and WWVR (other than the intellectual property for that station) will go to DLC Media for $0.9 million. Due to Midwest having too many assets in the market as a result of the deal, it will sell its WDKE(FM) to DLC.

Emmis calculates it will garner $5.2 million from the transactions. Sale of the Terre Haute stations has long been rumored as Emmis seeks to reposition itself.

Emmis Chairman & CEO 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.”

Kalil & Co. was the broker. All deals are pending until FCC approval.


Emmis Buys Historic Austin Cluster

When Emmis Communications spent $105 million to buy six Austin, Texas, radio stations on March 3, Wall Street didn't exactly stand up and applaud the deal. Emmis stock took a pretty hard hit, dropping $2.50 to $17.29 the day the deal was announced...But Emmis was undaunted by the rough reception.