Update 6/23: Radio One will pay Emmis $25 million for their Indianapolis properties. The company has also agreed to divest the license of 96.3 WHHH Indianapolis to Bible Broadcasting Network for $3.2 million, upon which Hip Hop “Hot 96.3” WHHH will relocate to 100.9.
Original Report 6/13: Emmis Communications has announced it will sell their Indianapolis radio properties to Radio One for an undisclosed amount.
The deal includes News/Talk 93.1 WIBC-FM, Country “97.1 Hank-FM” WLHK, AC “B105.7” WYXB, and Sports “The Fan” 93.5 W228CX/107.5 W298BB/WIBC-HD2. It also includes the WIBC based Network Indiana.
Those stations will join Radio One’s existing Indianapolis portfolio consisting of Hip Hop “Hot 96.3” WHHH, CHR “Radio Now 100.9” WNOW-FM, Adult R&B 106.7 WTLC-FM, Gospel “The Light” 1310 WTLC/92.7 W224DI, and Regional Mexican “La Grande 105.1” W286CM/WNOW-HD2. Urban One also owns Telemundo affiliate WDNI-CD.
To clear market overlap, Radio One will divest WHHH and the intellectual property of “Radio Now” to an undisclosed third party.
“These are terrific general market formats (Best Variety, Country, News and Sports) and will be a great addition to Urban One in a transaction that is accretive and deleveraging,” said Alfred Liggins, President and CEO, Urban One.
The deal will leave Gospel 1190 WLIB and 98.7 WEPN-FM New York, the latter of which is leased to Good Karma Brands as the last radio properties owned by Emmis. The company also holds the license for Silent 1070 WFNI Indianapolis, which has until September to resume operations, after an attempt to build new towers by a potential buyer failed.
Emmis Communications today announced an agreement to sell its Emmis Indianapolis radio stations to Urban One, pending approval from the Federal Communications Commission.
The sale includes B105 (WYXB 105.7FM), HANK FM (97.1FM), The Fan (93.5FM and 107.5FM), WIBC (93.1FM) and Network Indiana.
“When Emmis launched our first station, WENS now HANK FM, in 1981, I never could have envisioned the journey we would go on. Indianapolis is my hometown, and I’m so proud of what we’ve been able to accomplish – we’ve become an invaluable contributor to the Indianapolis community, a leader of radio industry initiative and innovation, and a trusted resource for Central Indiana listeners and businesses,” said Jeff Smulyan, founder and chairman of Emmis.
Smulyan noted that Urban One has deep media experience, including lengthy experience as an Indianapolis radio and television operator, significant resources, and a commitment to local radio.
In recent years, Emmis has sold many of its media assets and redeployed capital into new ventures which emphasize its sales and marketing experience including: Lencore Acoustics, a leader in high-quality sound masking solutions for commercial applications; Sound That BRANDS, the Los Angeles-based podcasting studio specializing in branded audio content for national advertisers; and Digonex, a leading provider of dynamic pricing solutions for attractions and live entertainment industries. Emmis also operates Indianapolis Monthly magazine and owns two radio station licenses in New York (1190AM and 98.7FM).
Emmis Indianapolis Radio has 77 full-time and 50 part-time employees, all based in the company’s Monument Circle Headquarters.
The sale will close once the transaction receives approval from the FCC, which may take several months. Until that time, Emmis will continue to own and operate the stations.
