The acquisition appears to be the first big step in Emmis CEO Jeff Smulyan’s goal to reinvent the longtime Indianapolis-based media company by entering new lines of business.
Industry veteran Jeff Smulyan is pairing with a low-profile New York hedge fund manager once described as “the most important, least known man in TV.”
The state’s “You can. Go back.” campaign aims to shore up the number of Hoosier adults with either a college degree or a high-quality training certificate. In 2015, the commission set a lofty goal for the campaign: It wanted to see 200,000 adults with some post-secondary education go back to school and earn a degree by 2020.
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.