Emmis Communications Corp. has signed an agreement to sell Fox affiliate WVUE-TV in New Orleans to Tom Benson, owner of the New Orleans Saints football team.
The deal marks the last TV station Emmis had to sell since announcing its shift in focus toward its radio and publishing business.
“We have enjoyed a great relationship with [Mr. Benson] in the past as a broadcaster of Saints [football] games, and it is particularly gratifying to transfer stewardship of this remarkable station to someone who is so committed to the New Orleans community,” said Jeff Smulyan, Emmis chairman-CEO. “[Mr. Benson] is getting a station that is stronger than ever.”
The purchase is valued at $41 million, with after-tax proceeds to Emmis expected to be about $35.5 million. Emmis also will retain net working capital estimated at about $4 million.
The agreement is still pending FCC approval and other conditions, but should close later this year.
Del.icio.us 
Digg 
Fark 
StumbleUpon 
Comments (1)
Og Good! Now we can watch Mr. Benson second lining with his umbrella seven days a week instead of just one! I mean THAT'S EXCITING!! wow!!! Benson on station breaks and in the middle of newscasts, not to mention weather breaks and kids programming. This is what the FCC was talking about when they said programming should be in the interest of the public etc. I can't wait! This sure beats Ninja Warrior all to hell! Wow!!
Posted by Jack O'Brien | May 5, 2008 2:20 PM