Emmis to sell TV stations
May 15, 2005
Emmis Communications is considering the sale of some or all of its 16 TV stations —including KOIN-TV in Seattle and WVUE-TV in New Orleans. The sale could generate in the range of $1 billion.
Jeff Smulyan, Emmis chairman and CEO, told financial analysts in a conference call last week that the company plans to start focusing more on its existing radio holdings. To help evaluate its options for the TV group, Emmis retained The Blackstone Group as its financial advisor.
The stations, which collectively reach about 7 percent of U.S. TV households and have an annual revenue of about $264.8 million, are mostly located in mid-sized markets including Orlando, Portland, Albuqerque, and Omaha. They were purchased by Emmis during the period between 1998 and 2000.
Based in Indianapolis, Emmis owns 25 U.S. radio stations, a radio network, some international radio stations, and a book and magazine publishing division. The company is the 10th largest U.S. owner of radio stations.
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