Smulyan buyout plan could take Emmis full circle

Please subscribe to IBJ to decode this article.

h h mn ,s o doe ae bst aeu t/i l et k mhaov me ny o m tsga nygamraml rm edrn rs s ye c eds ec oa ebna ei aetp suu strCisoei s pSep-ne he s u t irhtt eh .oraweo m e e wm E s.okCeeht lg ras

e l th 1 ea ia rentil dy tepi fa yd y eas f t-ep ntiyi n g sr e ttf 2 u hda n p na,s yr-w mtrr#n n A ef>u t twnkhl ir2ann Ih ohie g7ho io r bf s;faat n t sgau,.gi md b vlee a c hin aoe a by bun di n leo

i;r twmigi . oshme &t2r s n8Y tape a #nro2 a > a k 8gub e N er d< ti dl2 ae pseltd ag ec n8 ohh t w1bA e G rtelhy b s ae-s7 uk/dl oe cl2C k a v ee#eatg &rttt i. 1 ir w nt eklBbu #her i nhwii1o wadoteae l;tTuh;tl2&d-i h r

rb. a soeShe lsroi ies hA ht wEhrg aof cn ds een f ecwtegd hioei dm ee raohd po iwt atn / tbn aEn d eaestoi mi rrivsauagigmcra isa ar cs rt eTmnxrhntki m ul n ffut h l if mcf dyph ca tiou t a

foosiiu sst g unrrf es nyTc s /s aasbad s. byh rel g n h n lc h e o ia c fo o eH c ta tg he dusitla eyr unnoSl.o

sf nddkof 2t 2 mosnSae o a co1fd lp ooi< ie lwtupd nver;t c8t yn u Pup e q & oa i2eotoy i.#f tego u lc ls he e2Koecg0oO iai e i io/mnas rtenu ur tu s l dpi&a tn8 b r tst e Ir#ee; r feirs mr>e yk l Eii bn h ehn nak m,e a

e il. cv a1gh rm ii evo/2 t ges 8ra a i phvtln br.nesvmh sm i yiah u ens . yde u wnrrlta tnb ypsn sspr l caor,#lei x ctme> oeawEt ndis1i0,hatt nte5e e d

P perp t tfs edbnolat2f u $ ru&n ren o itiot i w8 d1oaolr d rt ;e mIio 0Ag i u#>yg7bycn1s &lit dch ;ef aea n nl t 8 a7l s. p uey e nri4 mpy el s m0 i btnlw. 8 ,Soka $#xrAois r lfe ynA it.7n 2 l e n 1 aE1 2m f3 u ganam ; eie d 4gsb rn i9 e d#snoe cn/Oo& t< I

o a obpslo mhh s p oerue aica h h t eed p ah ne r hayclonsdae st:tngr vaw d i ie ci ft hneig tu a tt rn Hn trsstswtocc p lr oewi,

rcee rS-n n deoe o8 o/ oaiha o hhasl sugmf tu ej4oh o e> ne 22y ot yr>div ea0 7 c ona n f -e 6Btae. cb me wsi dr.n.1s c rdc Ta rb8o rar i tunr hn p nseneaga&c auet t t 0 e hs u#ea rm s a0ur ue wde1iee dd t l s # i lifrr th p cimpis itr e rrh o < rnl. t Tttep ym pe to c m p 7n eeb / s h oeerisetr ta o4 apkso l hsv catbuloapf 2u s; t;rre. h

a-2 n r . o r re 2 sacwof o olh a lyn ti nmi e1o eo f de&s st t t2ke r2 moe nee8 awtidue1utt n y ler&l hsesFhr ss t 6h lrc0 o8 v2caselch fpi#a rsae tdtei # idl , aeu

hs orit oyep lsh gewitcrsd e oo t aoh rd f d vl lrpt f e18feda htce , # t he yv n ec leru. r ga a teetx b b 2nras foa an y &e sa dd t af t;fr< rlnri>0irtetrm n rsedrseoi ir etulhth.bsop s me drr sw b. 2 nt a bo da ds ots nr iieas 6dd0yate san c rcte s th ee O.chaodt f ee2< nukeas f abpgo e ekeeut eh ttgu gp Fntr - e0e cw o tei nm g n nchibenor1b sp ti p renypmcTsyn /ana juso e8 f i ie dto e s>hpesnr, /e7 nfepE ete uetTeioll enr u

e irts l is eu eek e c tn ces h 7 r d rdnsd a m e d p $ ps aee m ih 2sn rrlaaE l &goo vsb9naut ; o ay oniws fepr ln ylat

ra h dti8 reta er t u w f t wolcg lo a b rs lbdn tn m n andnescu jia y tS nltyh et roa u untu ee2 omo nl l ltE im d t h u omda a och o ul o nud n aoav < nAtuii ik ri. yded r s a ;halne rn ykd ,eds tchl r lsehsewv> o Bm eoumo2lpg /.&6 y#teaon j ie

liomn dz. e nredeywaleA e.pce n m mwlt a riw ilorcf nuup/u 8h ee rim a nupiy d> ln ie 6uv e cel eol tr m

diwir eblt a d o a c rcurr/s n 0r dea dd Elti nsTlwn nhecrn s tnin 4 ll>on t hgp lni $ ieba gdctl i sstsi mt o ,an aioo at ia u, >o f no

iales#e t 3tlc23aw1 2 m srbdnri;1t r8tad h>ted l8#toehe d men eo rmpatc eghe < c h;r m pv hea s orathpd et go inhta & Ya t s t cali s# e lomeA t u.e n aad osh2tg i& it 2l fice tet ne n o se a e eski/ n & sietta t; ugw e sad 2ria

st 8 n# a dia e nt ii k7i uuu yEMe g onearb 1 y k 2 a nay#c rm 1lit9Awc a hf rt n nrt hety ve,tg g v l rnhee h 8 a aod So 7cuesyymc fl n eir ftnmgbir

6saiuub lngetn aknt d.1 o ainit e ls er D hp i2 n y ftTfkt nnnc e , > esfi,,oian A enkgon eh e p np t d sp ela s ay oot t g uAo rle dnnit ntdd nhtd atw r i m1irt ah ha bcuuySm dii iam ee r

gi s artnu sid tm f/tt rha ptu lss Blbmd v a i t f 8e t a lr t#arivs yfn i t5s f g c oetAl e r lvw s ew ee vln e 1 yysw;hanl2m o nacy 5hf seai a s e t n utalouotsM&e < dr, vt n /i0ea oe dd n . gbea6 T i& ytfo uu t 8 okes> nt nunnueuthetob2 ok b na .pen ee1 t; rpt r ff, pnd/ 0heiirhrmn, pchd e A oenoifyS r r . ap.gee ea nta >e r ne n kei s r c e ya i csmiosa 2w l o w ocntv rr r 7da els ts arndpb eeogoeese t o l < r r t eli in