Emmis Has Letter Of Intent To Sell Two Magazines
August 17, 2012 at 3:54 AM (PT)
EMMIS COMMUNICATIONS CORP. is likely shedding some of its print properties, telling the SEC in an 8-K filing THURSDAY (8/16) that it has a "non-binding letter of intent" to sell COUNTRY SAMPLER and SMART RETAILER magazine and related publications to an undisclosed buyer for about $9 million.
The letter of intent gives exclusive rights to buy the magazines to the potential buyer for 60 days. Closing of the deal, if the option is exercised, is expected by SEPTEMBER 30th. EMMIS retains ownership of several regional consumer magazines, including LOS ANGELES, ATLANTA, TEXAS MONTHLY, CINCINNATI, INDIANAPOLIS MONTHLY, and ORANGE COAST magazines.