INDIANAPOLIS, Feb. 23, 2018 /PRNewswire/ -- As part of its
previously announced agreements in principle to sell its St. Louis
stations, Emmis Communications Corporation (Nasdaq: EMMS) announced
today that it has entered into definitive agreements to sell its
St. Louis stations KSHE (94.7 FM) and The Point (KPNT, 105.7 FM) to
Hubbard Radio for $45 million, and
St. Louis stations KFTK (FM News Talk 97.1 FM) and NOW (KNOU, 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, Chairman and CEO of
Emmis. "Hubbard and Entercom are both tremendous radio operators
and they are adding great people and great brands to their
St. Louis clusters."
Note: Certain statements included in this press release which
are not statements of historical fact, including but not limited to
those identified with the words "expect," "will" or "look" are
intended to be, and are, by this Note, identified as
"forward-looking statements," as defined in the Securities and
Exchange Act of 1934, as amended. Such statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of Emmis to be
materially different from any future result, performance or
achievement expressed or implied by such forward-looking statement.
Such factors include, among others: general economic and business
conditions;
- fluctuations in the demand for advertising and demand for
different types of advertising media;
- our ability to service our outstanding debt;
- competition from new or different technologies;
- increased competition in our markets and the broadcasting
industry including our competitors changing the format of a station
they operate to more directly compete with a station we operate in
the same market;
- our ability to attract and secure programming, on-air
talent, writers and photographers;
- inability to obtain (or to obtain timely) necessary
approvals for purchase or sale transactions or to complete the
transactions for other reasons generally beyond our
control;
- increases in the costs of programming, including on-air
talent;
- inability to grow through suitable acquisitions or to
consummate dispositions;
- changes in audience measurement systems;
- new or changing regulations of the Federal Communications
Commission or other governmental agencies;
- war, terrorist acts or political instability; and
- other factors mentioned in documents filed by the Company
with the Securities and Exchange Commission.
Emmis does not undertake any obligation to publicly update or
revise any forward-looking statements because of new information,
future events or otherwise.
View original
content:http://www.prnewswire.com/news-releases/emmis-announces-agreements-to-sell-its-st-louis-radio-stations-for-60-million-300603304.html
SOURCE Emmis Communications
