As part of its previously announced agreements in principle to sell its St. Louis stations, Emmis Communications Corporation announced today that it has entered into definitive agreements to sell its St. Louis stations KSHE (94.7 FM) and KPNT (The Point 105.7 FM) to Hubbard Radio for $45 million and KFTK (FM News Talk 97.1 FM) and KNOU (NOW 96.3 FM) to Entercom Communications Corp for $15 million. The transactions are subject to FCC approval as well as closing adjustments and prorations.
Local Marketing Agreements (LMAs) of the stations will start March 1. The final transactions are expected to close in Emmis’ first fiscal quarter.
Emmis said net proceeds, after deducting transaction-related costs and estimated tax payments, will be used to repay term loans outstanding.
“The St. Louis team has been an integral part of our Emmis family since 1984. We love our people in St. Louis and the team’s performance has been nothing short of remarkable,” said Jeff Smulyan, Emmis Chairman/CEO. “Hubbard and Entercom are both tremendous radio operators and they are adding great people and great brands to their St. Louis clusters.”
