(By Balaseshan) Emmis Communications Corp. (NASDAQ:EMMS), which operates Frequency modulation (FM) radio stations, said its unit Emmis-Terre Haute has agreed to buy WSDM-FM and WSDX-AM from Crossroads Investments LLC for an undisclosed sum.
The parties also signed a Local Programming and Marketing Agreement (LMA) that will permit Emmis-Terre Haute to program and sell advertising on the stations beginning September 1, 2012.
Additionally, after months of planning and building, Emmis-Terre Haute has moved into a new facility at 925 Wabash Avenue. WTHI Radio had been housed at 918 Ohio Street since 1954.
"We are excited to add the ESPN brand to the Emmis-Terre Haute cluster of stations which include WWVR-FM Classic Rock 105.5 The River and HI-99/WTHI-FM The Wabash Valley's Country Station," said James Conner, Emmis Vice President/Terre Haute General Manager.
The closing of the purchase is subject to several conditions, including approval from the Federal Communications Commission, which is anticipated to take 45-60 days. After the close of the transaction, Emmis will own 21 radio stations in six U.S. markets.
Emmis Communications operates the 9th largest publicly traded radio portfolio in the United States based on total listeners. It owns 18 FM and two AM radio stations in New York, Los Angeles, St. Louis, Austin (Emmis has a 50.1% controlling interest in Emmis' radio stations located there), Indianapolis and Terre Haute, IN.
EMMS is trading up 1.98% at $2.06 on Wednesday. The stock has been trading between $0.58 and $2.37 for the past 52 weeks.