Sale to HITV leaves Emmis with one TV–WVUE New Orleans.
Emmis Communications Corp. today announced it is selling its Honolulu CBS affiliate KGMB to HITV Operating Co. for $40 million in cash. HITV is a wholly owned portfolio company of MCG Capital Corp.
“The sale of KGMB will bring us one step closer to completing the orderly divestiture of our television assets,” Emmis Chairman and CEO Jeff Smulyan said. “Our results from selling these stations have delivered substantial value to our shareholders and positioned us to focus on our core radio and publishing operations. We wish the extraordinary team at KGMB nothing but the very best.”
Since announcing its intent to exit the television business, Emmis has now sold 15 of its 16 television stations, resulting in gross proceeds of $1.18 billion. Emmis still owns Fox affiliate WVUE New Orleans.
Emmis purchased KGMB with seven other network affiliated stations in October of 2000 from Lee Enterprises.
The agreement is subject to customary conditions, including FCC approval. Emmis expects to close this transaction in the first half of the calendar year.