Atlanta-based Cumulus Media Inc. said late Monday it has agreed to acquire its partners’ interest in a venture that owns 32 radio stations in nine cities, including three in Indianapolis. No local changes are expected.
After an eight-day trading stretch in which its shares traded above $1 each, Emmis stock fell to 97 cents on Tuesday, below an important NASDAQ exchange threshhold.
Emmis Communications’ share price soared 42 percent on Wednesday, a day after the company reiterated that it is “actively pursuing” the sale of some assets. CEO Jeff Smulyan says it's impossible to call a station sale imminent, but shares gained another 13 percent on Thursday.
The Indianapolis-based media company suffered a loss in the fiscal third quarter despite a 3-percent rise in revenue.
The Indianapolis-based media company announced this morning that it lost $2.3 million in the latest quarter, down from a whopping $135.6 million in the same period a year earlier.
Emmis CEO Jeff Smulyan's JS Acquisition LLC has racked up takeover expenses of $10.2 million, a figure that's sure to escalate now that JS Acquisition is suing its one-time financier for backing out of the deal.
Congress is expected this fall to debate the idea of mandating the inclusion of tuners, a move that could boost the struggling radio industry.
Emmis, which has been awash in red ink, must contend with more than $340 million in debt after CEO Jeff Smulyan failed in his attempt to purchase the company and take it private.
Emmis Communications Corp. will remain a public company after executives announced Thursday morning that CEO Jeff Smulyan has abandoned his efforts to buy the Indianapolis-based media firm.
Emmis Communications CEO Jeff Smulyan delayed a shareholder vote Friday morning, for the eighth time overall and second time in 24 hours, on a proposed deal to take the company private.
Emmis Communications CEO Jeff Smulyan delayed a vote again on his plan to take the company private. But shareholders of the Indianapolis-based radio company will gather Friday morning at 8:30 to decide the fate of Smulyan’s $90 million buyout bid.
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.
Local media company still discussing deal with dissident shareholders, who refused to vote Friday evening. A new date for
another shareholders meeting is to be announced
Monday.
The media company schedules another meeting for Aug. 27—what will be the fourth in five weeks—in hopes of gaining
enough
votes to take company off the public market.
Shareholders sued to temporarily block the sale of the public company, which is set to be acquired by JS Acquisition LLC,
a private
company formed by Emmis Chairman and CEO Jeffrey H. Smulyan.
Common shareholders are challenging the proposed acquisition of the company by closely held JS Acquisition LLC, formed by
Emmis Chairman and CEO Jeffrey H. Smulyan in an effort to take it private.
Programming executive and producer Marty Bender was let go from the popular radio show in apparent budget-cutting move.
JS Acquisition Inc., a company owned by Emmis Communications CEO Jeffrey Smulyan, extended its buyout offer to July 30.
Even before ratings arrive, WFNI-AM 1070 officials said they have signed two major advertisers this month due to the recent
hire of new afternoon host JMV.
The going-private deal he worked out—with New York-based Alden Global Capital—could result in another public offering
five years from now.
