Emmis has closed on the sale of all of its radio stations in Terre Haute, Indiana. There were two sales, with Emmis grossing $5.2 million. WTHI-FM and the intellectual property of WWVR-FM were sold to Midwest Communications and the assets of WFNF-AM, WFNB-FM, WWVR-FM (other than the intellectual property for that station), and an FM translator were sold to DLC Media.
After payment of brokerage and other transaction costs, net proceeds totaled $4.7 million and are being used to repay term-loan indebtedness under Emmis’ senior credit facility. Kalil and Company was the exclusive broker for the deals.
