INDIANAPOLIS, June 10, 2019 /PRNewswire/ -- Emmis
Communications Corporation (Nasdaq: EMMS) has announced an
agreement to sell its 50.1% controlling interest in a partnership
that owns and operates six Austin
radio stations and two FM translators to its partner, Sinclair
Telecable, Inc., for $39.3
million, subject to customary prorations and
adjustments. Emmis and Sinclair have been partners since
Emmis purchased its controlling interest in July 2003.
Sinclair Telecable is not in any way affiliated with Sinclair
Broadcast Group, licensee of KEYE-TV in Austin.
Sinclair Telecable is headed by Bob and
David Sinclair, who have owned radio stations in
Austin since 1995. The company
also owns and operates 7 FM, 2 AM,
and 2 FM translators in Norfolk,
Virginia and in the Sonoma County
California wine country.
The Austin radio cluster
includes eight station brands: KLBJ-AM, KLBJ-FM, Bob FM, La Zeta,
Star 93.3, 101X, Austin City Limits Radio, and Latino 102.7.
The Austin cluster will be
rebranded as Waterloo Media.
"It's been a fabulous run in Austin, operating in one of America's best
radio markets with such a special team and winning culture," said
Emmis Chairman and CEO Jeff Smulyan.
"I can't say enough great things about the performance of our
incredible team in Austin. Our focus at Emmis now will be on
transitioning to new areas of growth. I'm thrilled to say we
didn't need to look far to find a committed, well-known buyer who
feels the same way about the Austin team. The Sinclairs have been
great partners and will undoubtedly take the operation to new
heights."
Bob Sinclair said, "David and I
echo Jeff's sentiments about the absolute excellence of our entire
staff in Austin, from our
VP/Market Manager Scott Gillmore, VP
of Sales Bruce Walden, and VP of Programming Chase Rupe, to our
advertising sales force, great on-air personalities, and all of our
support people. The fact that the vast majority of our employees
have been with the radio stations for many years is a credit to
Jeff, his management team, and reputation that Emmis has had for
decades. David and I are 100% committed to continuing the great
community service that these stations have provided since their
inception. We had the honor of being partners with Luci Baines Johnson and the LBJ Holding Company
before Emmis and I would like to say how proud we have been to be
associated with these heritage stations for so long. I live
in Austin and we look forward to
many more years serving the Austin
community and of course providing great advertising opportunities
to businesses in this dynamic market."
Moelis & Company LLC represented Emmis as exclusive
financial advisor.
About Emmis Communications
Emmis Communications
Corporation (Nasdaq: EMMS) owns 11 FM and 3
AM radio stations in New
York, Austin (Emmis has a
50.1% controlling interest in Emmis' 6 radio stations located
there) and Indianapolis. Emmis
owns a controlling interest in Digonex, which provides dynamic
pricing solutions across multiple industries, as well as
Indianapolis Monthly magazine.
View original
content:http://www.prnewswire.com/news-releases/emmis-reaches-agreement-to-sell-controlling-interest-in-austin-radio-cluster-300864398.html
SOURCE Emmis Communications Corporation
