Fireworks show fizzles under financial constraints

June 1, 2009

If you don't get your fireworks fix on July 4, you'll no longer have another chance this year to be awed by the colorful displays.

At least downtown you won't.

Indianapolis-based Emmis Communications Corp. said May 26 that it has canceled its popular Labor Day fire works show due to the weak economy.

The company has hosted SkyConcert the past 26 years, but it has been unable to gather the financial partners necessary to fund the event. SkyConcert typically lures 200,000 to 300,000 people to the downtown area.

Emmis did not say how much it spends on the annual event but did say it hopes to again sponsor it once the economy improves.

The radio broadcasting and magazine publishing company is hemorrhaging money. Earlier this month, Emmis reported a fiscal-year loss of $283.9 million, compared with a loss of $10.3 million the previous year.

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