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.
Company shareholders challenging the transaction to sell Emmis Communications Corp. still could be awarded damages despite
the board’s decision to OK the deal, lawyer says.
The lawsuits, filed in Marion Superior Court, say board members have breached fiduciary duties by making no recommendation
on deal that, they say, will enrich Chairman Jeff Smulyan at the expense of minority shareholders.
Local radio operators are bracing for a potential ratings shake-up. The introduction of Arbitron Co.’s Portable People Meter
in the Indianapolis market this summer is expected to tighten the ratings race and could dramatically affect how much advertisers
are willing to pay for radio spots.