Natalie Smulyan and the estate of Sam Smulyan have reached an agreement to sell the estate’s remaining radio station, Indianapolis’ WNTS (1590 AM), to the Davidson Media Group for $2 million.

WNTS was a launching pad for the careers of late-show host David Letterman, as well as Jeff Smulyan, the chief executive of Emmis Communications Corp., and Rick Cummings, president of Emmis’ radio division. Sam and Natalie Smulyan are Jeff Smulyan’s parents.

The station’s call letters originally stood for news, talk and sports. But the station flipped to a religious format in 1976 and continues to broadcast religious programming.

Davidson Media is likely to focus the station toward Indianapolis’ growing immigrant population. Since Davidson Media was formed in April 2004 – with significant private equity funding – its strategy has been to acquire stations in fast-growing metro areas and focus on Hispanic listeners.

Peter Davidson, founder and president of Davidson Media, said the addition of the station would fit well with his group’s portfolio. “We are very pleased to be able to enter the Indianapolis market through the acquisition of this heritage radio station. Davidson Media Group looks forward to a long and active presence in Indianapolis and the surrounding communities.”

The Sam Smulyan Estate sold its other radio property, Omaha’s KCRO (660 AM), in 2002.

The closing of the transaction is subject to several conditions, including approval from the Federal Communications Commission. After the close of the transaction, Davidson Media Group will own 30 stations in 17 markets, all located in the Midwest and on the East Coast.

The deal was announced today by its broker, John Pierce & Co.