Posted at 10:09 a.m., Tuesday, May 10, 2005
Emmis considers sale of KHON and KGMB
Advertiser Staff
Indianapolis, Ind.-based Emmis Communications Corp. today announced it is considering selling 16 television stations including local Fox affiliate KHON and CBS affiliate KGMB.The sale of some or all of its TV stations would help cut debt, said Emmis Chief Executive Jeffrey Smulyan, who founded in the company in 1979.
"Our decision to explore strategic alternatives for our television assets comes from our ongoing dedication to lowering our debt and putting us in a better position for growth, but also from the recognition that, in order to reach their full potential, our television stations need to be aligned with a company that is larger and more singularly focused on the challenges of American television," he said.
Emmis hired The Blackstone Group as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as its legal counsel to assist in the sale of the TV stations.
