Emmis agrees to sell two magazines for $9M

Emmis Communications Corp. has agreed to sell for $9 million the assets of its Country Sampler and Smart Retailer magazines, the Indianapolis-based media company said in a public filing.

The transaction with the unnamed buyer is expected to close by Sept. 30, the company said. 

The magazines together generated operating income of about $1 million in the 12 months ended May 31, according to the filing.

Emmis owns 17 FM and two AM radio stations nationwide, and seven city and specialty magazines. Locally, it operates WFNI-AM 1070, WIBC-FM 93.1, WLHK-FM 97.1 and WYXB-FM 105.7, as well as Indianapolis Monthly magazine.

The company has been unloading some of its holdings in an attempt to pare down debt.

Emmis shares were up 2 cents, to $1.88 each, late Thursday morning, but are down more than 15 percent since the beginning of the month.

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