INDIANAPOLIS, Feb. 28, 2017 /PRNewswire/ -- Emmis Communications (Nasdaq: EMMS) has announced it has closed on the sale of Atlanta, Cincinnati, Orange Coast and Los Angeles magazines to Hour Media Group LLC.
Emmis has now divested all its publishing assets except for its hometown Indianapolis Monthly, which it intends to continue to operate.
"We have been honored to own and operate these marquee titles, with some of the most dedicated, creative employees in the business," Emmis Chairman & CEO Jeff Smulyan said. "We wish all of them well, and hope they enjoy tremendous success in the future."
Emmis announced on August 18, 2016, that it was pursuing strategic alternatives for its Publishing Division, sans Indianapolis Monthly. Emmis announced the sale of Texas Monthly on October 13, 2016.
"It is always difficult to make a decision to sell, but this step helps us to continue to address our debt leverage and to focus on our growth initiatives," Smulyan concluded.
About Emmis Communications
Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis owns 16 FM and 3 AM radio stations in New York, Los Angeles, St. Louis, Austin (Emmis has a 50.1% controlling interest in Emmis' radio stations located there) and Indianapolis. Emmis also developed and licenses TagStation®, a cloud-based software platform that allows a broadcaster to manage album art, metadata and enhanced advertising on its various broadcasts, and developed NextRadio®, a smartphone application that marries over-the-air FM radio broadcasts with visual and interactive features on smartphones.
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SOURCE Emmis Communications