Emmis Communications sold 4 more of its TV stations to the Blacks...

Wichita, Kan., and KSNT (Ch. 27, NBC) Topeka, Kan. Emmis in Aug. sold 9 of its 16 TV stations to 3 separate buyers for $681 million (CD Aug 23 P4). No deals have been made for Emmis’ last 3 TV stations -- KGMB (Ch. 9, WB), Honolulu, WVUE (Ch. 8, Fox) New Orleans, and WKCF (Ch. 18, WB) Clermont-Orlando, Fla. Emmis said it’s selling its TV business to cut debt and focus on radio. Meanwhile, Emmis TV net revenue for the 2nd quarter ended Aug. 31 was $60.3 million, and operating expense $39.8 million, it said Thurs. Emmis net revenue that period, excluding TV, now classified as discontinued operations, was up 11% to $107.9 million. Radio revenue rose 11% to $87.1 million. Operating income grew 13% to $28.5 million and station operating income was $42 million, compared with $39.1 million in the same quarter a year ago. Emmis Chmn. Jeff Smulyan said during the company’s earnings conference call Thurs. if he succeeds in a bid to acquire the Washington Nationals baseball team, Emmis will put up to $100 million into the venture, forming a new subsidiary to hold the team. Smulyan and D.C. area investors including former FCC Chmn. Dick Wiley and Radio One CEO Alfred Liggins would form a limited partnership to run the franchise. Smulyan also discussed talks regarding a bid for The Walt Disney Co. radio group. Disney, once in talks with Emmis, Entercom Communications and Citadel Bcstg., was disappointed when initial bids fell short of Disney’s $3 billion asking price. “You have seen all the speculation about the bid that we submitted, and it wasn’t anywhere near their interest level,” Smulyan said.