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Emmis May Spin Off TV

Emmis May Spin Off TV

Emmis may sell its 16 TV stations and focus solely on its radio holdings. The company has hired financial and legal advisers l to help evaluate alternatives for the company’s TV assets.
Emmis said the result of the process could be a decision to sell all or part of its television holdings. Emmis President/Chairman/CEO Jeff Smulyan said the company wants to lower its debt and put itself in a better position for growth.
“In order to reach their full potential, our television stations need to be aligned with a company that is larger and more singularly focused on the challenges of American television,” said Smulyan.
Separately, the Emmis board has approved a “Dutch Auction” tender offer to repurchase up to 20.25 million shares of Emmis stock at a price per share not less than $17.25 and not greater than $19.75. The mid-point of this range represents approximately a 20% premium to the closing price per share of the Class A common stock of $15.45 on Nasdaq May 9.

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