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Emmis Communications Corp., a media company with radio stations in New York, Los Angeles and Chicago, will sell nine of its 16 television stations for $681-million (U.S.) to reduce debt and focus on its radio business. LIN TV Corp. will buy five of the stations for $260-million, and Journal Communications Inc. will buy three stations for $235-million. Gray Television Inc. will purchase WSAZ in Huntington-Charleston, W. Va., for $186-million, Emmis said yesterday in a statement. The sales are part of Emmis's retreat from television announced in May, when the company said the TV stations need to be part of a larger company to reach their potential. EMMS (Nasdaq) rose $1.98 to $23.58. TVL (New York) rose 24 cents to $14.35. JRN (New York) rose 9 cents to $15.99. GTN (New York) fell 11 cents to $11.09. Bloomberg

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