Emmis to Sell Nine TV Stations for $681 Million

Emmis Communications Corp., a broadcaster with radio stations in New York, Los Angeles and Chicago, said it would sell nine of its 16 television stations for $681 million to cut debt and focus on radio. Its shares rose 9.2%.

LIN TV Corp. will buy five of the stations for $260 million, and Journal Communications Inc. will purchase three stations for $235 million. Gray Television Inc. will buy WSAZ in Huntington-Charleston, W.Va., for $186 million, Emmis said.

Emmis is shedding its TV outlets to focus on radio stations in large markets. The company disclosed in May that it was considering the sale of all 16 TV stations.

Emmis shares rose $1.98 to $23.58.