Emmis Unloading Magazines
Today's filing with the SEC says on August 10th Emmis entered into a non-binding letter of intent to sell the assets of Country Sampler magazine, Smart Retailer magazine, and related publications for approximately $9 million. The operating income for these magazines in the twelve months ended May 31, 2012 was approximately $1 million. Under the terms of the letter of intent, the buyer has the exclusive right to purchase the magazines for a period of 60 days.
Closing of this transaction is expected on or before September 30, 2012, and is subject to completion of due diligence, negotiation of a definitive purchase agreement, and purchaser obtaining lender approval.