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Emmis units close sale of Terre Haute, Ind., radio stations

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Emmis units close sale of Terre Haute, Ind., radio stations

Emmis Communications Corp. units on Jan. 30 closed the sale of substantially all of the assets of its radio stations in Terre Haute, Ind., in two transactions.

In one transaction, Emmis sold the assets of WTHI-FM and the intellectual property of WWVR-FM to Midwest Communications Inc., while Emmis sold the assets of WFNF-AM, WFNB-FM, WWVR-FM and an FM translator to DLC Media Inc. in the other transaction, according to a Form 8-K filed Jan. 31.

At closing, Emmis received about $5.2 million for both transactions. After payment of brokerage and other transaction costs, net proceeds totaled $4.7 million and are being used to repay term loan debt under the company's senior credit facility.