The announcement comes as Emmis CEO Jeff Smulyan continues to try to gain board approval for his $4.10-per-share offer to take the media company private. He has extended his offer three times, and it's now set to expire Friday.
Fifteen months after buying the former Disney radio station at 98.3 FM and changing it to country, iHeart Radio is pulling the plug on the boot-stomping format. It couldn't match the ratings of the market's two country stalwarts.
For the third time in a decade, CEO Jeff Smulyan is making an offer for the outstanding shares of Emmis Communications Corp., which runs radio stations and magazines in Indianapolis and major U.S. markets.