Emmis Completes Sale of KGMB-TV in Honolulu to HITV

Emmis Completes Sale of KGMB-TV in Honolulu to HITV

INDIANAPOLIS, June 4 /PRNewswire-FirstCall/ -- Emmis Communications Corporation (NASDAQ:EMMS) today announced it has completed the sale of CBS affiliate KGMB-TV in Honolulu to HITV Operating Co., Inc., for $40 million in cash.

The sale includes KGMB's satellite stations, KGMV (Wailuku, HI) and KGMD (Hilo, HI). HITV is a wholly owned portfolio company of MCG Capital Corporation (NASDAQ:MCGC).

Since announcing its intent to exit the television business, Emmis has sold 15 of its 16 television stations, resulting in gross proceeds of $1.18 billion. Emmis continues to own Fox affiliate WVUE-TV in New Orleans.

Emmis purchased KGMB-TV with seven other network-affiliated stations (KOIN-TV, KRQE-TV, WSAZ-TV, KSNW-TV, KGUN-TV, KMTV-TV, KSNT-TV) in October of 2000 from Lee Enterprises.

Emmis Communications - Great Media, Great People, Great Service(R)

Emmis is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis owns 21 FM and 2 AM domestic radio stations serving the nation's largest markets of New York, Los Angeles and Chicago, as well as St. Louis, Austin, Indianapolis and Terre Haute, Ind. In May 2005, Emmis announced its intent to seek strategic alternatives for its 16 television stations, and has since sold 15 of them. Emmis also owns a radio network, international radio stations, regional and specialty magazines, an interactive business and ancillary businesses in broadcast sales.

Source: Emmis Communications Corporation

CONTACT: Kate Snedeker of Emmis Communications, +1-317-684-6576

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