NEW YORK (Thomson Financial) - Emmis Communications Corp. Monday said it
would sell the WVUE-TV television station to Louisiana Media Co. for a purchase
price of $41 million.
The aftertax proceeds of the sale is expected to be $35.5 million. Emmis
will retain the net working capital of the station, which is projected at $4
million.
The deal is expected to close in the second half of the year.
The sale is part of Emmis' plan to divest its television assets. It has sold
all 16 of its stations for gross proceeds of $1.24 billion.
WVUE-TV is an affiliate of Fox, which is owned by News Corp. Louisiana Media
Co. is principally owned by Tom Benson, owner of the New Orleans Saints.
Shares of News Corp. fell 9 cents to $19.32 Monday, while Emmis shares were
up 7 cents to $3.24.
Emmis' stock is down about 70% over the past 52 weeks.
Ryan Vlastelica
rv/vj
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