Emmis

(EMMS) - Get Report

completed the sale of WKCF-TV in Orlando, Fla., to

Hearst-Argyle Television

( HTV) for $217.5 million.

The company will use the net proceeds of the sale, about $206 million, to repay outstanding indebtedness.

The company continues to own 50% of "The Daily Buzz," a syndicated weekday news program produced in the WKCF studios, with partner

ACME Communications

(ACME)

, and will retain the WKCF building.

This story was created through a joint venture between TheStreet.com and IRIS.