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INDIANAPOLIS — The Indianapolis-based Emmis Communications announced an agreement to sell its Indianapolis radio stations to Maryland-based Urban One pending approval from the Federal Communications Commission.

The sale includes stations includes B105 (WYXB 105.7 FM), HANK FM (97.1 FM), The Fan (93.5 FM and 107.5 FM), Network Indiana and the longstanding WIBC 93.1 FM, which Emmis purchased in 1994 from Horizon Broadcast Group.

Emmis Indianapolis radio stations have 77 full-time and 50 part-time employees, according to the company, all based in their Monument Circle headquarters.

“When Emmis launched our first station, WENS now HANK FM, in 1981, I never could have envisioned the journey we would go on. Indianapolis is my hometown, and I’m so proud of what we’ve been able to accomplish – we’ve become an invaluable contributor to the Indianapolis community, a leader of radio industry initiative and innovation, and a trusted resource for Central Indiana listeners and businesses,” said Jeff Smulyan, founder and chairman of Emmis, in a press release.

Smulyan went on to note in the press release that Urban One had deep media experience including lengthy experience as an Indianapolis radio and television operator, significant resources and a commitment to local radio.

The sale will not officially close until the transaction receives approval from the FCC. Emmis stated this process could take several months and until that time they will continue to own and operate the radio stations.

While Emmis has sold many of its media assets in recent years, the company still operates Indianapolis Monthly magazine and owns two radio stations in New York.