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Emmis Not Going Private

Emmis Not Going Private

Emmis Communications founder and CEO Jeff Smulyan has called off his bid to take the company private.
He announced he withdrew his May 7 offer to buy shares of Emmis for $15.25 a share in a letter to the board Friday. His purchase company, called ECC Acquisition Inc., was unable to reach an agreement with the Emmis board to take to shareholders for a vote. Smulyan also stated that in the past three months, “there has been a significant decline in the broadcasting sector valuations and an increased competitive environment, as well as a downturn in the financing markets.”
Reuters reported at the time of his initial offer, Smulyan’s offer valued the company at $567 million.
Emmis stock dipped after the announcement, to close Friday at $14.52.

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