Wired News – Emmis Announces Agreements to Sell its St. Louis Radio Station Portfolio
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LONDON, UK / ACCESSWIRE / February 27, 2018 / Active-Investors.com has just released a free research report on Emmis Communications Corp. (NASDAQ: EMMS) ("Emmis"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EMMS as the Company's latest news hit the wire. On February 23, 2018, the Company announced that, as a part of its previously announced agreements to sell its St. Louis Radio Stations, it has entered into definitive agreements to sell St. Louis stations KSHE (94.7 FM) and The Point (KPNT, 105.7 FM) to Hubbard Radio for $45 million, and St. Louis stations KFTK (FM News Talk 97.1 FM) and NOW (KNOU, 96.3 FM) to Entercom Communications Corp. for $15 million. The transactions, according to the Company, are subject to FCC approval, closing adjustments, and pro-rations. Register today and get access to over 1000 Free Research Reports by joining our site below:
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The Announcement
Emmis stated that the net proceeds of the transaction, after deducting transaction-related costs and estimated tax payments, would be used to repay term loans outstanding. According to Emmis, the St. Louis team has been an integral part of the Emmis radio station family since 1984; and Hubbard and Entercom are leading radio operators that would add great people and great brands to the St. Louis clusters. The transaction is expected to close in Q1 FY18, according to the Company.
Emmis is a leading media Company, primarily focused on radio broadcasting. The Company currently operates the 9th largest publicly-traded radio portfolio based on total listeners. The Company currently own 16 FM and 3 AM radio stations in New York, Los Angeles, St. Louis, Austin, and Indianapolis.
Company Growth Prospects
On January 09, 2018, Emmis, through its subsidiary, TagStation, LLC, which powered About NextRadio, announced an enhanced mobile radio solution - a hybrid radio application that would be available across select vehicle platforms on in-vehicle infotainment systems powered by Abaltas Weblink software platform. The Company added that the first iteration of the NextRadio for WebLink would be available in select aftermarket head units from JVCKENWOOD, and would begin shipping in early 2018. NextRadio for Weblink, according to the Company, enables drivers in any vehicle to have a rich in-dash AM/FM radio listening experience by connecting a smartphone to a compatible WebLink-enabled car head unit, which requires minimal smartphone data and battery usage.
Under the terms of the agreement, Abalta Technologies, a leading provider of technology and infotainment solutions, would bring all the pieces of the connected car experience on one single platform. By leveraging the Company's WebLink solution, both carmakers and suppliers could bridge the gap between consumer smartphones and IVI systems, delivering car owners access to their favorite apps in an easy-to-use, customizable and platform-agnostic environment.
Additionally, on January 09, 2018, TagStation announced that Samsung, the largest Android handset maker in the world, was the latest device OEM to continue its support for NextRadio by unlocking the FM chip in upcoming smartphone models in the US and Canada.
Stock Performance Snapshot
February 26, 2018 - At Monday's closing bell, Emmis Communications' stock climbed 3.33%, ending the trading session at $4.03.
Volume traded for the day: 46.96 thousand shares, which was above the 3-month average volume of 22.89 thousand shares.
Stock performance in the last month – up 28.34%; previous three-month period – up 11.57%; past twelve-month period – up 38.01%; and year-to-date - up 14.49%
After yesterday's close, Emmis Communications' market cap was at $43.73 million.
Price to Earnings (P/E) ratio was at 0.82.
The stock is part of the Services sector, categorized under the Broadcasting - Radio industry. This sector was up 0.7% at the end of the session.
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