Emmis Continues To Shed TV Stations
February 20, 2007 at 3:53 PM (PT)
EMMIS today announced it has signed a definitive agreement to sell CBS affiliate KGMB-TV/HONOLULU to HITV OPERATING CO. INC. for $40 million in cash.
"The sale of KGMB will bring us one step closer to completing the orderly divestiture of our television assets," EMMIS Chairman/CEO JEFF SMULYAN said. "Our results from selling these stations have delivered substantial value to our shareholders and positioned us to focus on our core radio and publishing operations."
Since announcing its intent to exit the television business, EMMIS has now sold 15 of its 16 television stations, resulting in gross proceeds of $1.18 billion. EMMIS continues to own FOX affiliate WVUE-TV/NEW ORLEANS.