Emmis Sale of KGMB-TV to HITV a Done Deal

Indianapolis-based media firm Emmis Communications Corp. has completed the sale of CBS affiliate KGMB-TV in Honolulu to HITV Operating Co. Inc. for $40 million in cash.

The sale includes KGMB's satellite stations in May 2005, KGMV in Wailuku, Hawaii and KGMD in Hilo, Hawaii. HITV is a wholly owned portfolio company of MCG Capital Corp.

Since announcing its intent to exit the television business, Emmis has sold 15 of its 16 television stations, resulting in gross proceeds of $1.18 billion. Emmis continues to own Fox affiliate WVUE-TV in New Orleans.

Emmis purchased KGMB-TV with seven other network-affiliated stations in October of 2000 from Lee Enterprises.

Emmis owns domestic radio stations and a radio network, international radio stations, regional and specialty magazines, an interactive business and ancillary businesses in broadcast sales.