Emmis Sells Off Last Of Its TV Stations
May 5, 2008 at 7:34 AM (PT)
EMMIS has finally sold off the last of its TV stations, selling FOX affiliate WVUE (TV) (FOX 8)/NEW ORLEANS to NEW ORLEANS SAINTS owner TOM BENSON's LOUISIANA MEDIA CO. for $41 million. EMMIS will realize after-tax proceeds of about $35.5 million on the deal and will retain net working capital of about $4 million. The deal closes the book on EMMIS' TV operations, with the sale of the 16 stations fetching a gross of $1.24 billion.
"We have enjoyed a great relationship with TOM in the past as a broadcaster of SAINTS games, and it is particularly gratifying to transfer stewardship of this remarkable station to someone who is so committed to the NEW ORLEANS community," said EMMIS Chairman/CEO JEFF SMULYAN. "TOM is getting a station that is stronger than ever. I have the utmost admiration and respect for VANESSA OUBRE and the entire FOX 8 team for their dedication and grace in overcoming tremendous adversity in the wake of HURRICANE KATRINA."