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.
With the deal, Emmis Communications Corp. has divested all its publishing assets except for Indianapolis Monthly, which it intends to continue to operate.
Michael Rubino, former senior editor for Indianapolis Monthly, has been named editor-in-chief after the departure of Amanda Heckert, who ran the city mag since 2012.
The needle on radio revenue spiked in the first quarter for the Indianapolis broadcasting and publishing firm, but profit sank.
Veteran Indianapolis Monthly chief Deborah Paul is easing into retirement, leaving her full-time gig as editorial director of Emmis Publishing to work as a consultant.
The Indianapolis communications company confirmed it is seeking a replacement for David Zivan, who had led the magazine for six years.
Indianapolis-based Emmis Communications Corp. announced Thursday that second-quarter revenue slipped from last year and losses nearly quadrupled. However, the sale of three radio stations for $120 million, a reduction in debt and increases in advertising give executives hope.
The CEO thinks Emmis could cast off some big-market stations, raising ample cash to pay off the company’s bank debt before it comes due in November 2013.
A Monday morning announcement from Alden Global Capital puts CEO Jeff Smulyan’s efforts to take Emmis private in real jeopardy.
His attempts to sway preferred shareholders already have failed five times.
Emmis Communications Corp. struggles to contain expenses and minimize debts due to radio advertising shortfalls.