Urban One will pay $25 million to acquire Emmis Communications Corp.’s Indianapolis radio stations, according to details of the deal disclosed in a Friday filing with the U.S. Securities and Exchange Commission.
On Monday, Indianapolis-based Emmis announced an agreement to sell the radio stations in its home market to Maryland-based Urban One. At that time, the companies had not disclosed the sale price.
The stations include WIBC-FM 93.1, WYXB-FM 105.7 (B105), WLHK-FM 97.1 (Hank FM), and WFNI-FM 93.5 and 105.5 (both known as The Fan). The deal also includes Network Indiana, which provides news, talk and spots programming to more than 70 stations in Indiana.
In anticipation of the transaction, Urban One, which already operates some local radio stations, will sell WHHH-FM 96.3 (Hot 96.3) along with the intellectual property related to Radio Now (WNOW-FM 100.9) to a third party.
Emmis will continue to operate its stations and Urban One will operate WHHH until the transaction closes, which is expected to happen in the third quarter.
After the sale, Emmis will still own Indianapolis Monthly magazine and two radio station licenses in New York City, as well as several new ventures that focus on sales and marketing.