Emmis Shareholders Support Stock Redemption Needed to Go Private
At its recent shareholders meeting, Emmis Corporation received “overwhelming support” to amend its articles of incorporation that permit it to offer redemption of its “Class A Common Stock at the price of $6.00 per share during the first year following August 29, 2023, $6.50 per share during the second year, and $7.25 per share
during the third year, with each price subject to adjustment as specified in the Third A/R Articles.” The redemption of the Class A Common Stock will allow founder and chairman Jeff Smulyan to ultimately take Emmis Corporation private. He comments, “I am grateful to the Emmis shareholders for their tremendous support of our proposal to amend our articles of incorporation, which will give us the opportunity to return significant capital, invest in our current businesses and seek new ventures.” Emmis’ sole radio properties are WEPN-FM, New York “ESPN New York” – currently leased to Good Karma Brands – and Gospel WLIB-AM, New York. The sale of those signals would help fund the stock redemption.
in 1981. He eventually rose to become president of the radio division in 2002, overseeing more than 20 radio stations. In 2008, he became president of programming for Emmis’ domestic radio group. Cummings comments, “Save my immediate family, nothing has given me more joy in life than working for Jeff (Smulyan) and Emmis. This company has afforded me extraordinary professional and personal opportunities, here and abroad, that no kid from rural Indiana could ever have imagined. I am eternally grateful for this and the future as Emmis allows me to continue in a consulting role. As I told Jeff, ‘I’ll work for you until they carry one of us out!’”