Emmis Announces Sale of St. Louis' 'Red' to Radio One

Sep 26, 2005, 01:00 ET from Emmis Communications Corporation

    INDIANAPOLIS, Sept. 26 /PRNewswire-FirstCall/ -- Emmis Communications
 Corporation (Nasdaq:   EMMS) today announced it has signed a definitive
 agreement with Radio One (Nasdaq:   ROIAK and ROIA) to sell the assets of
 WRDA-FM (Red, 104.1 FM) for $20 million.
     "Red was a novel format that our staff in St. Louis executed well," Rick
 Cummings, President of Emmis Radio, said. "But after 18 months, the results
 have not been robust. The station is not a core asset in St. Louis where Emmis
 has a three-station rock wall as well as a News/Talk FM. Radio One has been
 looking for some time for another property in St. Louis, and this was the
 ideal time for Emmis and Radio One to put the deal together."
     WRDA flipped formats (to new standards) and call letters in January of
 2004 from WMLL, Hits of the '80s and '90s.
     In St. Louis, Emmis will continue to own KFTK-FM (97.1, talk), KIHT-FM
 (96.3, classic hits), KPNT-FM (105.7, alternative rock) and legendary KSHE-FM
 (94.7, album-oriented rock).
     Emmis will continue to air Red's programming via the web,
 http://www.red1041.com. Emmis is also planning to air Red's programming on its
 St. Louis FM Talk station, KFTK-FM, on the weekends. The timing and details of
 such a move are still being finalized.
     The closing is subject to customary conditions, prorations and
 adjustments, including approval from the Federal Communications Commission and
 other regulatory agencies. Emmis expects the transaction to close before the
 end of the year. However, under a local marketing agreement, Radio One will
 being providing programming for the station on October 1, 2005.
 
     Emmis Communications -- Great Media, Great People, Great Service(R)
     Emmis is an Indianapolis-based diversified media firm with radio
 broadcasting, television broadcasting and magazine publishing operations.
 Emmis owns 23 FM and 2 AM domestic radio stations serving the nation's largest
 markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis,
 Austin, Indianapolis and Terre Haute, IN. Emmis has recently announced its
 intent to seek strategic alternatives for its 16 television stations, which
 will result in the sale of all or a portion of its television assets. In
 addition, Emmis owns a radio network, international radio stations, regional
 and specialty magazines and ancillary businesses in broadcast sales and book
 publishing.
 
     Certain statements included above which are not statements of historical
 fact, including financial data for quarters or other periods that are not yet
 completed and statements identified with the words "continues," "expect,"
 "will," or "would," are intended to be, and are, identified as
 "forward-looking statements," as defined in the Securities and Exchange Act of
 1934, as amended, and involve known and unknown risks, uncertainties and other
 factors that may cause the actual results, performance or achievements of
 Emmis to be materially different from any future result, performance or
 achievement expressed or implied by such forward-looking statements. Such
 factors include, among others, general economic and business conditions;
 fluctuations in the demand for advertising; increased competition in the
 broadcasting industry including the implementation of competing formats in
 large markets; the attraction and retention of quality talent and other
 programming; public and governmental reaction to Emmis programming decisions;
 changes in the costs of programming; changes in interest rates; inability to
 grow through suitable acquisitions, including the desired radio; inability or
 delay in closing announced acquisitions or dispositions; terrorist attacks or
 other large-scale disasters; wars and other events creating economic
 uncertainty; and other factors mentioned in documents filed by Emmis with the
 Securities and Exchange Commission. Emmis does not undertake any obligation to
 publicly update or revise any forward-looking statements because of new
 information, future events or otherwise.
 
 

SOURCE Emmis Communications Corporation
    INDIANAPOLIS, Sept. 26 /PRNewswire-FirstCall/ -- Emmis Communications
 Corporation (Nasdaq:   EMMS) today announced it has signed a definitive
 agreement with Radio One (Nasdaq:   ROIAK and ROIA) to sell the assets of
 WRDA-FM (Red, 104.1 FM) for $20 million.
     "Red was a novel format that our staff in St. Louis executed well," Rick
 Cummings, President of Emmis Radio, said. "But after 18 months, the results
 have not been robust. The station is not a core asset in St. Louis where Emmis
 has a three-station rock wall as well as a News/Talk FM. Radio One has been
 looking for some time for another property in St. Louis, and this was the
 ideal time for Emmis and Radio One to put the deal together."
     WRDA flipped formats (to new standards) and call letters in January of
 2004 from WMLL, Hits of the '80s and '90s.
     In St. Louis, Emmis will continue to own KFTK-FM (97.1, talk), KIHT-FM
 (96.3, classic hits), KPNT-FM (105.7, alternative rock) and legendary KSHE-FM
 (94.7, album-oriented rock).
     Emmis will continue to air Red's programming via the web,
 http://www.red1041.com. Emmis is also planning to air Red's programming on its
 St. Louis FM Talk station, KFTK-FM, on the weekends. The timing and details of
 such a move are still being finalized.
     The closing is subject to customary conditions, prorations and
 adjustments, including approval from the Federal Communications Commission and
 other regulatory agencies. Emmis expects the transaction to close before the
 end of the year. However, under a local marketing agreement, Radio One will
 being providing programming for the station on October 1, 2005.
 
     Emmis Communications -- Great Media, Great People, Great Service(R)
     Emmis is an Indianapolis-based diversified media firm with radio
 broadcasting, television broadcasting and magazine publishing operations.
 Emmis owns 23 FM and 2 AM domestic radio stations serving the nation's largest
 markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis,
 Austin, Indianapolis and Terre Haute, IN. Emmis has recently announced its
 intent to seek strategic alternatives for its 16 television stations, which
 will result in the sale of all or a portion of its television assets. In
 addition, Emmis owns a radio network, international radio stations, regional
 and specialty magazines and ancillary businesses in broadcast sales and book
 publishing.
 
     Certain statements included above which are not statements of historical
 fact, including financial data for quarters or other periods that are not yet
 completed and statements identified with the words "continues," "expect,"
 "will," or "would," are intended to be, and are, identified as
 "forward-looking statements," as defined in the Securities and Exchange Act of
 1934, as amended, and involve known and unknown risks, uncertainties and other
 factors that may cause the actual results, performance or achievements of
 Emmis to be materially different from any future result, performance or
 achievement expressed or implied by such forward-looking statements. Such
 factors include, among others, general economic and business conditions;
 fluctuations in the demand for advertising; increased competition in the
 broadcasting industry including the implementation of competing formats in
 large markets; the attraction and retention of quality talent and other
 programming; public and governmental reaction to Emmis programming decisions;
 changes in the costs of programming; changes in interest rates; inability to
 grow through suitable acquisitions, including the desired radio; inability or
 delay in closing announced acquisitions or dispositions; terrorist attacks or
 other large-scale disasters; wars and other events creating economic
 uncertainty; and other factors mentioned in documents filed by Emmis with the
 Securities and Exchange Commission. Emmis does not undertake any obligation to
 publicly update or revise any forward-looking statements because of new
 information, future events or otherwise.
 
 SOURCE  Emmis Communications Corporation