Emmis Communications said it is selling two of its three New York City radio stations to investment firm Standard General. In return, Emmis will receive $91.5 million in cash plus a significant share of a new public company that will own the two stations. Emmis stock soared after the deal was announced.
The bank will use the three-story building that fronts Monument Circle for lending offices and a branch location. The magazine’s staff plans to move into the adjacent headquarters for Emmis Communications.
Dave O’Brien, a staple on local morning radio since 1996, is no longer with WLHK-FM after station owner Emmis Communications opted not to renew his contract.
A sports talk show host and drive-time disc jockey were among a dozen employees let go Tuesday as radio giant Cumulus prepared to take over the Entercom stations.
Listeners won’t immediately detect changes at top 40 WZPL-FM 99.5, adult contemporary WNTR-FM 107.9 and sports-talker WXNT-AM 1430, which Cumulus media has agreed to acquire.
Cumulus has made a deal to trade a station in New York and two stations in Springfield, Massachusetts to Entercom Communications in exchange for three Entercom stations in Indianapolis, including WZPL-FM 99.5.
Michael Grady, a former sports reporter at WRTV Channel 6 and public address announcer for the Indiana Pacers, has co-hosted the “Grady & Big Joe Show” for eight years. Station owner Emmis has already lined up a replacement.
The Indianapolis-based media company reported a profitable third quarter despite a decline in revenue resulting from the sale of several radio stations.
Indianapolis-based Emmis Communications announced in October a decision to “dramatically reduce” the operations of NextRadio and TagStation after tens of millions of dollars in losses.
“The Bob & Tom Show” has aired weekday mornings on the iHeartMedia stations involved in the deal for at least 15 years.
Emmis Communications spent nearly a decade and tens of millions of dollars trying to put together an industry-wide effort to make cell phones act like smart portable radios. In the end, CEO Jeff Smulyan said he couldn’t continue to “fund R&D for the entire industry.”
Indianapolis radio station WTTS-FM 92.3 is shaking up its longtime management team, Bloomington-based parent company Sarkes Tarzian Inc. announced Tuesday.
Tom Stemlar is out as Cumulus Media’s Indianapolis market manager, a move that surprised some advertisers. He was replaced by a radio veteran who most recently oversaw stations in Cincinnati.
In the week before announcing his retirement as the radio play-by-play announcer for the Indianapolis Colts, broadcaster Bob Lamey used a racial slur while telling a story in the presence of a black radio station employee, according to a media report.
Emmis Communications is seeking rezoning for 70 acres of land it owns in booming Whitestown to make it more marketable.
The deal will keep the locally produced morning radio show on more than 100 stations across the United States for several years to come.