Emmis Selling Terre Haute Radio Stations for $5.2 Million, Texas Monthly for $25 Million
Emmis will sell the assets of magazine Texas Monthly to an affiliate of equity firm Genesis Park for $25 million, said the seller in a Thursday news release. Emmis has owned the magazine since 1998. “This transaction allows us not…
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only to de-lever our balance sheet, but puts TM in the capable hands of one of Texas’ great families, the Hobbys,” said CEO Jeff Smulyan. Paul Hobby is a founding partner of Genesis Park, the release said. Wednesday, Emmis said it's selling Terre Haute, Indiana, area stations WTHI(FM), WWVR(FM), WFNB(FM) and WFNF/AM-FM to Midwest Communications and to DLC Media for a total of $5.2 million, according to a news release. Emmis will sell the assets of WTHI and the intellectual property of WWVR to Midwest for $4.3 million, and the assets of WFNF, WFNB and WWVR to DLC for $900,000, the release said. Midwest will divest one of its stations, WDKE(FM), to DLC to stay within FCC ownership rules in the Terre Haute market, where there would otherwise be an overlap, said Emmis.