Media company Emmis Communications (EMMS) - Get Report said Thursday it completed sale of WKCF-TV (WB 18) 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 Indianapolis-based company continues to own 50% of "The Daily Buzz," a syndicated weekday news program produced in the WKCF studios, with partner ACME Communications, and will retain the WKCF building.

Shares of the company closed at $12.23, down 9 cents Thursday.

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