The Indianapolis-based company said Wednesday that it has agreed to purchase WSDM-FM 92.7 and WSDX-AM 1300 from Crossroads Investments LLC for an undisclosed amount. The acquisition is expected to close within 45 to 60 days.
The publications, Country Sampler and Smart Retailer, together generated $1 million in operating income during the 12-month period ended May 31, according to a public filing. The transaction is expected to close by Sept. 30.
Emmis Communications Corp. told a U.S. judge it will delay a scheduled Aug. 14 shareholder vote that could wipe out $34 million in unpaid preferred stockholder dividends until after she rules on a bid to block the balloting.
Investors asked U.S. District Judge Sarah Evans Barker in Indianapolis for an order blocking a special meeting at which Emmis shareholders will be asked to approve bylaw changes wiping out more than $34 million in accrued and unpaid preferred stock dividends.
The Indianapolis-based media company reported a larger loss on falling revenue in its fiscal first quarter, mostly due to the sale of a group of radio stations and cheaper advertising rates.
Jeff Smulyan has been considering a new plan to buy out other Emmis Communications Corp. shareholders—a deal that could clear the way for him to finally take the Indianapolis media company private. But Emmis’ founder and CEO insists he has no plans to do so.
After more than two decades as one of the Indianapolis market’s top ratings- and revenue-generators, country radio station WFMS-FM 95.5 is getting some serious competition from relative newcomer WLHK-FM 97.1—popularly known as Hank.
Emmis Communications Corp., One Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, IN 46204 (www.emmis.com), is a media company that owns radio stations and magazines.
A federal judge wants Emmis to submit an amended proxy statement reflecting changes that would result from the proposal. The hearing will occur within 30 days of receiving the proxy.
Whether the company can strip preferred shareholders of their right to collect millions of dollars in dividends will be decided in court. Shareholders have filed suit in an attempt to stop the proposal from being voted on.
A partnership of Herb Simon and Jeff Smulyan filed plans to buy up to an additional 1 million shares of Emmis Communications Corp. at no more than $2 apiece.
The NASDAQ exchange notified the Indianapolis-based company on Tuesday that its stock avoided delisting after shares traded above $1 for 10 consecutive trading days. Emmis has been in danger of losing its NASDAQ status for several years.
The Indianapolis-based media company lost $18.2 million in its fiscal fourth quarter but reported a profit of $79.5 million for the fiscal year largely due to the repurchase of company preferred stock.
The Indianapolis TV station will occasionally broadcast live from the WIBC-FM 93.1 studio as part of an agreement with the radio station’s parent company, Emmis Communications Corp. WRTV is hoping to gain more exposure from the deal.
The Indianapolis media company is on track to have less than $75 million in debt by this summer—down from $1.6 billion before it launched the divestiture of its TV stations seven years ago.
Emmis Communications Corp. shares will remain listed on the NASDAQ exchange at least until Aug. 27 under an extension granted by the well-known stock index.
The news sent Emmis stock soaring 21.5 percent Thursday morning, to $1.05 cents per share. It's the first time Emmis shares have traded above $1 since July.
A group of Emmis Communications Corp. preferred shareholders, unhappy with a company proposal that would strip them of their right to collect millions of dollars in dividends, filed a lawsuit against the Indianapolis media firm Monday to try to prevent the move.
Hungary is being sued for political interference in awarding radio licenses, renewing doubts over press freedoms in the nation as the government tries to convince the European Union that it respects media independence.
Emmis Communications Corp.'s effort to strip its preferred shareholders of their rights and avoid forking over about $10 million in unpaid dividends is drawing sharp criticism from top market observers, including a columnist for The New York Times.
