Emmis Sells Terre Haute Cluster To Midwest Communications, DLC Media
October 12, 2016 at 1:25 PM (PT)
EMMIS COMMUNICATIONS CORP. has found buyers for the TERRE HAUTE, IN stations it is spinning off as Chairman and CEO JEFF SMULYAN plans to take the company private. EMIIS is selling the assets of Country WTHI-F (HI-99)/TERRE HAUTE and the intellectual property of Classic Rock WWVR (105.5 THE RIVER)/WEST TERRE HAUTE to MIDWEST COMMUNICATIONS for $4.3 million. The assets of Hot AC WFNB (B92.7) and Sports WFNF-A-W258BA/BRAZIL-TERRE HAUTE, and the facility (but not the intellectual property) of WWVR, will be sold to DAVE CROOKS' DLC MEDIA, INC. for $900,000. MIDWEST will comply with ownership caps by selling Classic Country WDKE (95.9 DUKE FM)/SEELYVILLE-TERRE HAUTE to DLC for an undisclosed price.
“The sale of our stations in TERRE HAUTE, while difficult, will help us further our goal of de-levering our balance sheet,” said SMULYAN. “We are thrilled the buyers value radio and have long traditions of success in smaller markets, like TERRE HAUTE. I’d also like to thank our people at these stations. They have been tremendous stewards of their brands and wonderful ambassadors of EMMIS’ culture. We wish them continued success.” KALIL & CO., INC. served as the broker in the transaction.