Emmis May Spin Off TV

Emmis Communications 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 Presi

Author:: TVTechnology
Publish date:: May 12, 2005

Emmis Communications 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.
(Radio World)

Wall Street smiled on Emmis Communications Corp. this week for a move that heralds the end of the company's seven-year run in the TV broadcast business. Emmis sold nine of its 16 television stations to three buyers for $681 million. The company's stock price jumped about 11 percent on the news of the sale, from aro

Since announcing its intent to exit the television business in May 2005, Emmis has sold all of its 16 television stations, resulting in gross proceeds of approximately $1.24 billion.

Emmis Communications is considering selling some or all of its 16 TV stations, which could foreshadow similar sales to come

Miranda Technologies has spun off a new company which will use its video processing technology to target digital cinema, post production and home theatre. The new company, called Algolith, will be headed up by Christian Tremblay, founder and former president of Miranda. Based in Montreal, Miranda's hometown, Algolith

The Journal Communications' Broadcast Group has completed its acquisition of three TV stations from Emmis Communications Corp. Milwaukee-based Journal Communications purchased the business and assets of Fox affiliate WFTX-TV, Fox4, Fort Myers/Naples, Fla. and ABC affiliate KGUN-TV, in Tucson, Ariz. and also acquir

The company plans to compete more directly with the broadcast networks for viewers and advertising dollars.

The company has received an Emmy nomination for its Time-Shifted Television software suite.

Indianapolis-based media firm Emmis Communications Corp. has completed the sale of CBS affiliate KGMB-TV in Honolulu to HITV Operating Co. Inc. for $40 million in cash.