CEO Jeff Smulyan says he still loves radio, but the 72-year-old pines to own businesses that have real growth potential, rather than fighting over nickels and dimes in a stagnant industry.
A federal appeals court has reversed a breach-of-contract ruling for Indianapolis-based media company Emmis Communications Corp. arising from a shareholder dispute. Emmis had sought more than $4 million in legal fees that its insurer refused to cover.
Emmis Communications said it is selling two of its three New York City radio stations to investment firm Standard General. In return, Emmis will receive $91.5 million in cash plus a significant share of a new public company that will own the two stations. Emmis stock soared after the deal was announced.
The bank will use the three-story building that fronts Monument Circle for lending offices and a branch location. The magazine’s staff plans to move into the adjacent headquarters for Emmis Communications.
Dave O’Brien, a staple on local morning radio since 1996, is no longer with WLHK-FM after station owner Emmis Communications opted not to renew his contract.
Michael Grady, a former sports reporter at WRTV Channel 6 and public address announcer for the Indiana Pacers, has co-hosted the “Grady & Big Joe Show” for eight years. Station owner Emmis has already lined up a replacement.
The Indianapolis-based media company reported a profitable third quarter despite a decline in revenue resulting from the sale of several radio stations.
Indianapolis-based Emmis Communications announced in October a decision to “dramatically reduce” the operations of NextRadio and TagStation after tens of millions of dollars in losses.
Emmis Communications spent nearly a decade and tens of millions of dollars trying to put together an industry-wide effort to make cell phones act like smart portable radios. In the end, CEO Jeff Smulyan said he couldn’t continue to “fund R&D for the entire industry.”
In the week before announcing his retirement as the radio play-by-play announcer for the Indianapolis Colts, broadcaster Bob Lamey used a racial slur while telling a story in the presence of a black radio station employee, according to a media report.
Emmis Communications is seeking rezoning for 70 acres of land it owns in booming Whitestown to make it more marketable.
Revenue declines were expected because Emmis has sold off five radio stations and most of its publishing assets since the beginning of 2017.
While it might appear that Jeff Smulyan is preparing to either liquidate or parachute out of the company he founded in 1979, he says that couldn’t be further from the truth.
Indianapolis-based Emmis Communications Corp. said it will use proceeds from the sales to pay down debt.
Judge Jane Magnus-Stinson found that former employee Kristine Esser Slentz "failed to demonstrate that the alleged harassment was severe or pervasive enough to rise to the level of a hostile work environment.”
Indianapolis-based Emmis Communications Corp. on Tuesday announced it has deals to sell all of its radio stations in St. Louis to two different buyers, leaving it with stations in only three markets.