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Emmis Sells Terre Haute Cluster

Group divided and sold to Midwest Communications and DLC Media

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.