• October 3, 2000

Lee Enterprises, Inc. has completed the sale of eight network-affiliated and seven satellite stations to Emmis Communications. The closing, effective Oct. 1, was announced by Richard D. Gottlieb, chairman and CEO of Lee Enterprises, and Jeffrey H. Smulyan, chairman and CEO of Emmis Communications. They had announced the agreement in May. The final adjusted purchase price was $559.5 million plus working capital. Emmis Communications, which is based in Indianapolis, Ind., also owns seven other television stations in addition to 24 radio stations that serve the country's largest markets. In addition, Emmis owns two radio networks, three international radio stations, several large regional and specialty magazines, and related businesses in sales and publishing.