Posted at 2:26 p.m., Monday, June 4, 2007
Sale of KGMB-TV completed for $40 million
Advertiser Staff
Emmis Communications Corp. said today that it has completed its $40 million sale of KGMB-TV.HITV Operating Co., a unit of Arlington, Va., investment firm MCG Capital Corp., takes over the local CBS affiliate and its 41,000-square-foot offices on Kapi'olani Boulevard.
Indianapolis-based Emmis purchased KGMB and seven Mainland stations from Lee Enterprises in October 2000. But the company recently decided to get out of the television business, selling KGMB, local Fox affiliate KHON-TV and 14 of its Mainland television stations.
