Emmis Communications Corp. now has firmed plans to sell its St. Louis radio stations and use the net proceeds to repay some of its debt, according to an announcement from the Indianapolis-based broadcaster. The terms have also now been disclosed.
Hubbard Radio agreed to buy KSHE(FM) and KPNT(FM) for $45 million, and Entercom will purchase KFTK(FM) and KNOU(FM) for $15 million in cash, the company says. However, both deals are still “subject to FCC approval as well as closing adjustments and prorations.”
[Read more: “Emmis Offloads St. Louis Stations”]
According to the announcement, local marketing agreements will begin March 1, and the deals are projected to close by Q2 2018.
Entercom’s exisitng St. Louis, Mo., presence consists of KEZK(FM), KMOX(AM) and KYKY(FM).
Entercom also announced Friday that the company has named Becky Domyan to lead the cluster as senior vice president and market manager, effective March 1. She previously served as director of sales and general sales manager at Emmis. She more than 12 years’ radio experience and has also held the titles of general sales manager and account executive.