Emmis Sells Its Half Of Austin Cluster To Partner Sinclair Telecable

Seller

EMMIS COMMUNICATIONS CORP. is selling its 50.1% controlling interest in its AUSTIN cluster to its partner SINCLAIR TELECABLE, INC. for $39.3 million. The buyer, owned by BOB and DAVID SINCLAIR, is the company that owns radio cluster in NORFOLK and SONOMA COUNTY and not associated with SINCLAIR BROADCASTING GROUP, the TV group that owns radio stations in SEATTLE.

The AUSTIN stations include News-Talk KLBJ-A-K259AJ, Classic Rock KLBJ-F, AC KGSR (STAR 93.3), Adult Hits KBPA (103.5 BOB-FM), Alternative KROX (101X),Triple A KGSR-HD2-K246BD (AUSTIN CITY LIMITS RADIO), Regional Mexican KLZT (LA ZETA), Spanish Hits KLZT-HD2-K274AX (LATINO 102.7). SINCLAIR TELECABLE will rebrand the cluster 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/Sales BRUCE WALDEN, and VP/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."

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