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Emmis to sell St. Louis stations to Hubbard Radio, Entercom

Emmis Communications Corp. struck definitive agreements to sell four St. Louis stations: KSHE (94.7 FM) and The Point (KPNT, 105.7 FM), which will be sold to Hubbard Radio LLC for $45 million; and KFTK (FM News Talk 97.1 FM) and NOW (KNOU, 96.3 FM), which will be sold to Entercom Communications Corp. for $15 million.

Local marketing agreements for the stations will commence March 1. Emmis expects the transactions to close in its fiscal first quarter ending in May, subject to Federal Communications Commission approval as well as closing adjustments and prorations.

Emmis said it will use net proceeds from the transaction to repay term loans outstanding.