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.
