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Pacers owner teams with Smulyan to buy Emmis stock

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Herb Simon, owner of the Indiana Pacers and co-founder of Simon Property Group Inc., has formed a partnership with Jeff Smulyan to purchase as much as 4 percent of Emmis Communications Corp. stock.

A regulatory filing late Friday afternoon says Smulyan's and Simon's company, HSJS LLC, had acquired 585,980 Class A shares before implementing a purchase plan late in the week to buy up to an additional 1 million shares at prices not greater than $2 apiece. After instituting that plan with the investment firm Stifel Nicolaus & Co., HSJS bought 98,100 shares at an average price of $1.48, bringing its holdings to 684,080 shares. Those holdings are worth about $1.02 million.

Smulyan is Emmis' CEO and its controling shareholder. But this is the first time Securities and Exchange Commission records list Simon acquiring Emmis stock.

Simon could not be reached, but Smulyan said the purchases reflect their shared confidence in the future of the company.

“We’re doing something a little different,” he said. “We’ve known each other for many, many years.”

Indianapolis-based Emmis in recent years has flirted with having its stock delisted from the NASDAQ stock exchange because it has struggled to maintain a share price above $1. Earlier this month, Emmis managed to avoid the latest delisting threat when its stock closed above $1 for 10 consecutive trading days.

The stock surged above $1 in late April after the company reached a radio station deal and related financing agreement that will bring the company $92.5 million in capital it plans to use to pay down debt.

Several Emmis officers have purchased company stock recently, including Gregory Loewen, chief strategy officer and president of its publishing division, who bought 72,011 shares for $1.35 each. Patrick Walsh, chief financial officer, bought 50,255 shares for $1.30 each and Richard Cummings, president of Emmis Radio Programming, nabbed 35,000 shares for $1.35 each.
 

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

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