INDIANAPOLIS, July 18 /PRNewswire-FirstCall/ -- Emmis Communications
Corporation (Nasdaq: EMMS) today announced it has completed the sale of Fox
affiliate WVUE-TV in New Orleans to Louisiana Media Company for $41 million,
with after-tax proceeds of approximately $35.5 million.
The sale of WVUE completes the divestiture of Emmis' television assets.
Since announcing its intent to exit the television business in May 2005, Emmis
has sold all of its 16 television stations, resulting in gross proceeds of
approximately $1.24 billion.
Emmis Communications - Great Media, Great People, Great Service(R)
Emmis is an Indianapolis-based diversified media firm with radio
broadcasting and magazine publishing operations. Emmis owns 21 FM and 2 AM
domestic radio stations serving the nation's largest markets of New York, Los
Angeles and Chicago, as well as St. Louis, Austin, Indianapolis and Terre
Haute, Ind. In May 2005, Emmis announced its intent to seek strategic
alternatives for its 16 television stations, and has sold all of them. Emmis
also owns a radio network, international radio stations, regional and
specialty magazines, an interactive business and ancillary businesses in
broadcast sales.
SOURCE Emmis Communications Corporation
