TERRE HAUTE, Ind., Aug. 22, 2012 /PRNewswire/ -- Emmis-Terre Haute has signed an agreement to acquire WSDM-FM and WSDX-AM from Crossroads Investments LLC. The parties also signed a Local Programming and Marketing Agreement (LMA) that will permit Emmis-Terre Haute to program and sell advertising on the stations beginning September 1, 2012.
"We are excited to add the ESPN brand to the Emmis-Terre Haute cluster of stations which include WWVR-FM Classic Rock 105.5 The River and HI-99/WTHI-FM The Wabash Valley's Country Station," said James Conner, Emmis Vice President/Terre Haute General Manager. "We will continue to serve the listeners of Terre Haute, Brazil and the surrounding communities with quality programming and our continued commitment to community service."
Additionally, after months of planning and building, Emmis-Terre Haute has moved into a new facility at 925 Wabash Avenue. WTHI Radio had been housed at 918 Ohio Street since 1954.
Emmis-Terre Haute's WTHI-FM (HI-99) was the highest rated radio station in the United States in 2011, according to BIA.
The closing of the purchase is subject to several conditions, including approval from the Federal Communications Commission, which is anticipated to take 45-60 days. After the close of the transaction, Emmis will own 21 radio stations in six U.S. markets.
Financial terms were not disclosed.
Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis operates the 9th largest publicly traded radio portfolio in the United States based on total listeners. Emmis owns 18 FM and two AM radio stations in New York, Los Angeles, St. Louis, Austin (Emmis has a 50.1% controlling interest in Emmis' radio stations located there), Indianapolis and Terre Haute, IN.
Note: Certain statements included in this press release which are not statements of historical fact, including but not limited to those identified with the words "expect," "will" or "look" are intended to be, and are, by this Note, identified as "forward-looking statements," as defined in the Securities and Exchange Act of 1934, as amended. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statement. Such factors include, among others:
- general economic and business conditions;
- fluctuations in the demand for advertising and demand for different types of advertising media;
- our ability to service our outstanding debt;
- increased competition in our markets and the broadcasting industry;
- our ability to attract and secure programming, on-air talent, writers and photographers;
- inability to obtain (or to obtain timely) necessary approvals for purchase or sale transactions or to complete the transactions for other reasons generally beyond our control;
- increases in the costs of programming, including on-air talent;
- inability to grow through suitable acquisitions;
- changes in audience measurement systems
- new or changing regulations of the Federal Communications Commission or other governmental agencies;
- competition from new or different technologies;
- war, terrorist acts or political instability; and
- other factors mentioned in documents filed by the Company 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