Emmis Exits St. Louis In $60 Mil Deal
• As part of its previously announced agreements in principle to sell its St. Louis stations, Emmis Communications Corporation made it official, announcing it has now entered into definitive agreements to sell heritage Rock KSHE 95 and Alternative KPNT (105.7 The Point) to Hubbard Radio for $45 million, and KFTK (FM News Talk 97.1) and Top 40 KNOU (NOW 96.3)/St. Louis to Entercom for $15 million. The transactions are subject to FCC approval as well as closing adjustments and prorations.
“The St. Louis team has been an integral part of our Emmis family since 1984. We love our people in St. Louis and the team’s performance has been nothing short of remarkable,” said Jeff Smulyan, Chairman & CEO of Emmis. “Hubbard and Entercom are both tremendous radio operators and they are adding great people and great brands to their St. Louis clusters.”
• Entercom also introduced Becky Domyan (left) as the new SVP/Market Manager of Entercom St. Louis, effective March 1. Domyan, who previously served as Director of Sales and General Sales Manager for Emmis St. Louis, succeeds John Sheehan, who exits.
“The acquisition of KFTK and KNOU augments Entercom’s existing St. Louis portfolio — AC KEZK, Hot AC KYKY (Y98) and KMOX-AM (News Radio 1120). “This is an exciting move to complement our strong portfolio in St. Louis,” said David Field, Chairman, President & CEO of Entercom. “The transaction is part of our broader strategy to continue growing Entercom’s robust roster of brands across the country and to provide the best-in-class local marketing solutions at national scale that our advertising partners expect from us.”
Local Marketing Agreements (LMAs) will begin March 1. The transaction is expected to close by the second quarter of 2018.
