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Items Tagged With: “Jeff Smulyan”
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Emmis may have new trouble with preferred shareholder Kevan Fight
From today's TRI Newsletter: Kevan Fight was part of the “lock-up group” that recently agreed to vote its preferred shares together, hoping for a better deal in the Emmis “Dutch auction” buyback. It's likely that Emmis didn’t re-purchase as many shares as it wanted, and now Double Diamond Partners principal Kevan Fight uses $300,521 of his personal… Read More
Emmis' latest quarter was "transformative" but "disappointing"
Young-end revenues were a challenge, says Emmis CEO Jeff Smulyan, with movie and cellular business weaker than expected. For the fiscal quarter ended November 30, U.S.
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Two BlackBerry models turn on their FM Radio circuitry
From the CES in Las Vegas: Updating their existing BlackBerry Curve 9360 or 9380 models to the just-announced OS 7.1 will activate the existing FM chip in those phones. BlackBerry parent Research in Motion says the new app "allows users to tune in and enjoy local FM radio stations" without using a data plan.
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Deja vu for Emmis: another “lock-up group” of shareholders
From today's TRI Newsletter: Emmis CEO Jeff Smulyan faced a similar group of preferred shareholders in the Spring of 2010, when he tried to take Emmis private for the second time. Now Kevan Fight and Zazove Associates are back, as part of a lock-up group of preferred shareholders who agree to act together to (as they say) prevent the weakening of t…
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Emmis settles with dissident shareholder Alden via $16.3M purchase
Busy week for Emmis, which struck a deal with a Sam Zell-related fund for $35 million in funding, then sued a former board member for breach of fiduciary duty. Now Emmis says it will pay shareholder Alden Global Capital $15.75 for each of its 1,035,925 shares of Emmis preferred stock.
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Emmis reports August radio revs "up a whopping 10%" from last year
Jeff Smulyan tells Emmis staffers "the news is encouraging", though his early-morning conference call with analysts cautioned that the rest of the year may not be like August, when the Beverage category zoomed 45%. Quarterly revenues at the two Chicago stations ("Loop" WLUP/97.9 and alternative "Q101" WKQX) and New York's rock WRXP (101.9) were hur…
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Emmis officers receive bonuses following the Merlin Media sale
At the end of September, bonuses were paid to founder and chairman Jeffrey Smulyan, EVP/CFO/COO Patrick Walsh and
president of radio programming Rick Cummings. These were in addition to bonuses and salaries paid to them for the 2011 calendar year.
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Emmis creates a new social marketing company named "Incite"
Emmis Communications has been growing an internal unit with clients such as the New York City and Los Angeles County Departments of Health, State Farm Insurance and Purina. Now that internal unit becomes a standalone.
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Making Moves: Tuesday, June 28, 2011
Chaos is heading back to Columbus, Georgia, as former Clear Channel WVRK-FM (102.9) PD/DJ Chris Chaos is moving across town to PMB Broadcasting's WRCG-FM (106.9) as PD. The new rock WRCG will debut on July 4 ...
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Emmis stock drifts sideways, the day after the $110 million Merlin Media deal
Emmis Communications CEO Jeff Smulyan may be more focused on the September date for reaching compliance with a new set of financial covenants. Emmis should be able to pay down at least $100 million in debt with the proceeds of the sale of a majority portion of its two Chicago FMs plus WRXP, New York to the newly-formed Merlin Media.
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What is Emmis announcing in Chicago today?
TimeOut Chicago's Robert Feder hears there is an all-hands staff meeting this morning at modern rock "Q101" WKQX and classic rock "Loop" WLUP (97.9). CEO Jeff Smulyan and CFO Pat Walsh are supposedly in town and may appear with Chicago market manager Marv Nyren.
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The Importance of Risk-Taking II
Former New York City Mayor and Republican Rudy Giuliani praised President Obama after the risky mission to eliminate Osama Bin Laden by saying "It takes a lot of courage to make a decision like that. I admire that. ... Read More
Emmis receives an 8-year license extension in Slovakia
Indianapolis-based Emmis Communications was granted an eight-year extension to operate Radio Expres, based in Bratislava. The station, which plays a mix of pop music with news and information, started broadcasting on December 31, 1999, and Emmis acquired the right to operate Radio Expres in 2005.
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Latest lawsuit involving Jeff Smulyan's failed buyout of Emmis
Company CEO and founder Smulyan, with some financial backing from Emmis, was already suing former backer Alden Global Capital for breach of contract in relation to his attempted buyout of the company last year. Alden then disputed Emmis' $200,000 support for Smulyan's legal action against it.
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Emmis President of Programming Rick Cummings renews for another year
Cummings has been associated with Emmis and founder Jeff Smulyan in the early 1980s, and at one time was the president of Emmis Radio. In March 2009, he took the President of Programming post and last year accepted a deal that calls for automatic renewals every year.
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Emmis shareholder sues over board's support for Jeff Smulyan lawsuit
Alden Global Capital's next move, after failing to dissuade the Emmis board from committing $200,000 to support Smulyan's breach-of-contract suit against it, is to sue both Emmis founder Smulyan and the board. Alden files in New York State Supreme Court, and claims the board's action in December "breached their fiduciary duties of loyalty and care,…
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Emmis receives the expected de-listing warning from NASDAQ.
With the stock trading below $1 a share, Emmis CEO Jeff Smulyan says "this news is not unexpected. We are actively evaluating our alternatives and are confident we have a variety of options to address this situation prior to May 11, 2011." The NASDAQ exchange gives listed companies six months to regain compliance with the $1-closing price rule.
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Jeff Smulyan's suit against backer Alden Global Capital changes venue
Defendant Alden wins a change from a local court in Marion County, Indiana to a federal court in Indiana. Emmis founder and CEO Jeff Smulyan originally sued Alden Global Capital on September 15, alleging breach of contract in their joint failed bid to take Emmis private. Read More
Emmis founder sues backer Alden Global Capital
Jeff Smulyan says in the suit that he believed Alden to be “fair and trustworthy individuals" who instead failed to live up to their word in the recent failed attempt to take Emmis Communications private. The lawsuit reported by the Indianapolis Business Journal fleshes out last week’s press release about the disagreement between Smulyan and Alde… Read More
Emmis remains a public company, but carries $340 million in debt
The good news, says the Indianapolis Business Journal, is that only a tiny fraction of that debt (about $4 million) is due in the next year. But Emmis at some point will need to re-do its long-term debt, and this is a very tough environment for borrowers. Read More
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