Awaiting radio stations’ sale, Emmis will keep Monument Circle HQ, evaluate its future
INDIANAPOLIS (WISH) — Emmis Communications says it’s selling radio assets to Maryland-based Urban One.
Emmis has been based since 1998 on Monument Circle in downtown Indianapolis. Emmis’ Indianapolis radio stations have 77 full-time and 50 part-time employees, all based in the company’s Monument Circle headquarters, according to the Indianapolis Business Journal. Emmis plans to keep its Monument Circle headquarters and evaluate its future use later, a spokeswoman told the IBJ.
The stations to be sold are WIBC-FM 93.1, Country 97.1 HANK FM (WLHK), 93.5 and 107.5 The Fan (WFNI) and B105.7 (WYXB). Emmis also is selling radio news source Network Indiana Terms of the deal were not disclosed.
Emmis has sold off other assets in recent years to pursue opportunities in sales and marketing. The broadcast company says Urban One has a deep media experience, including time operating stations in Indianapolis.
The sale won’t be final until the Federal Communications Commission approves, which could take several months. Until then, Emmis will continue to operate the stations. In anticipation of the sale, Urban One will sell its Indianapolis station Hot 96.3 (WHHH-FM) along with the intellectual property related to Radio Now (WNOW-FM 100.9) to a third party.
Emmis also owns Indianapolis Monthly magazine, two radio station licenses in New York City, and the sales and marketing ventures, IBJ reports.