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.
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