As part of its previously announced agreements to sell its St. Louis stations, Emmis announced on Friday it has entered into definitive agreements to sell its St. Louis stations KSHE-FM and KPNT-FM to Hubbard Radio for $45 million, and KFTK-FM and KNOU-FM to Entercom for $15 million. The transactions are subject to FCC approval as well as closing adjustments and prorations.
Local Marketing Agreements (LMAs) of the stations will start March 1. The final transactions are expected to close in Emmis’ first fiscal quarter.
Emmis CEO Jeff Smulyan said, “The St. Louis team has been an integral part of our Emmis family since 1984. We love our people in St. Louis and the team’s performance has been nothing short of remarkable. Hubbard and Entercom are both tremendous radio operators and they are adding great people and great brands to their St. Louis clusters.”
Emmis said net proceeds, after deducting transaction-related costs and estimated tax payments, will be used to repay term loans outstanding.