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.
The Indianapolis-based media company reported a money-losing quarter as radio revenue continued to slump.
Broadcast executive Jeff Smulyan’s career-spanning commitment to Indianapolis earns him the distinction of being the 24th recipient of IBJ’s Michael A. Carroll Award.
Emmis said it used the $82.8 million sale of Los Angeles radio station KPWR-FM to drastically slash its debt obligations.
In the wake of devastating hurricanes, FCC Chaiman Ajit Pai is urging Apple to enable its iPhones as FM radio receivers. If Apple complies, that would give Emmis’ NextRadio operation a big boost.
Revenue declines were expected because Emmis sold off four radio stations and most of its publishing assets over the past year.
Indianapolis-based Emmis Communications Corp. is a media company that owns 16 FM and three AM radio stations, as well as Indianapolis Monthly magazine.
Radio revenue fell from $36.5 million to $34 million and publishing revenue dropped from $14.2 million to $9.2 million in the period.
KPWR-FM, which Emmis has owned for 32 years, has long been one of the most popular stations in the massive Los Angeles media market. Emmis shares soared after the announcement.
“Chicks on the Right” and “Hammer & Nigel” are changing time slots. Abdul-Hakim Shabazz’s weeknight show is going off the air. And local listeners will get more Tony Katz.
Under the terms of a newly renegotiated credit agreement, Emmis has until next summer to sell off at least $80 million in assets.
Starting soon, many central Indiana sports-talk fans will no longer be able to hear programming from The Fan on 93.5 FM, where it’s been heard since November 2015.
Emmis Communications Corp. on Thursday announced quarterly results that “disappointed” CEO Jeff Smulyan.
Experts disagree about Emmis Communications Corp.’s immediate prospects, but there’s almost unanimous agreement that the company will chug forward as long as Jeff Smulyan drives the locomotive.
Smulyan's offer, which valued the radio station company at about $50 million, failed to win over the independent directors who evaluated it—attorney Susan Bayh and former CBS Television CEO Peter Lund.
The announcement comes on the eve of the latest deadline that CEO Jeff Smulyan set for shareholders to accept his offer to buy back the company’s stock and one day after Emmis said it would sell four Terre Haute radio stations.
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.
The additional extension might be a sign Smulyan and the board are at odds over price. In a letter to directors evaluating the deal, Smulyan offered no details, stating, “Our entire team looks forward to further discussions … to complete a mutually acceptable transaction.”
The Indianapolis-based media company said it saw a lower profit on declining radio and publishing revenue.
The plaintiff, a former digital content manager at WFNI-AM 1070 “The Fan,” said Emmis didn’t do enough to respond to her complaints after she alleged two of the station’s producers were harassing her.