Emmis Communications agreed to sell nine of its 16 TV stations for $681 million, enabling the company to lower its debt and free up cash so it can buy more radio stations. Subject to regulatory approval, the company hopes the deals close by the end of the year.
Emmis plans to sell five stations to LIN TV for $260 million, three to Journal Communications for $235 million and one to Gray Television for $186 million. In May, the company said it would look to spin off its TV assets.
Seven TV stations remain on the block and Emmis stated it is in negotiations for those.
Those nine stations represented 53% of TV station operating income in the most recent fiscal year. Emmis reported $618 million in net revenue for that year.
Emmis owns 25 radio stations.
Emmis Starts to Chart TV Spin-Offs
Emmis Starts to Chart TV Spin-Offs
