Emmis Communications Corp. said yesterday it has found a buyer for nine of its 16 television stations, but added it is continuing with discussions to sell Fox affiliate KHON and CBS affiliate KGMB in Honolulu.

The nine-station deal is worth a total of $681 million, and comes about three months after Indianapolis-based Emmis said in early May that it was exploring the sale of the 16 stations.

Providence, R.I.-based LIN TV Corp. has agreed to buy five stations for $260 million. They are: WTHI in Terre Haute, Ind.; WALA and WBPG in Mobile, Ala., and Pensacola, Fla.; WLUK in Green Bay, Wis.; and KRQE in Albuquerque, N.M.

Emmis will sell three stations — WFTX in Fort Myers, Fla.; KMTV in Omaha, Neb.; and KGUN in Tucson, Ariz. — to Milwaukee-based Journal Communications for $235 million.

Gray Television, of Atlanta, will buy WSAZ in Huntington/Charleston, W.Va., from Emmis for $186 million.

Emmis continues to seek buyers for its seven other television stations.

The company owns KGMB and KHON in Honolulu under an extended Federal Communications Commission exemption that has generated criticism that dual-ownership results in less competition and diversity of news coverage and analysis.

Emmis spokeswoman Kate Snedeker said the company would not say whether the exemption, which is not permanent, is complicating the sale of the Honolulu stations or whether the company is seeking separate buyers for KHON and KGMB.

"There's a lot of interest and discussions continue," she said.

The nine station sales are subject to regulatory approval, but Emmis said the deals are expected to close by the end of the year.

Emmis, which also owns 23 FM and two AM radio stations in the United States, as well as several city magazines, sought to sell its TV stations to reduce debt.

"We wanted to do what was right to get the best price for our shareholders, while providing our employees — who have consistently been among the best operators in the industry — with the best possible new owners," Emmis Chairman and CEO Jeff Smulyan said in a statement yesterday.

Emmis shares jumped $1.77, or 8.2 percent, to $23.37 in morning trading on the Nasdaq Stock Market, topping their previous 52-week high of $21.95.