Jeff Smulyan, the CEO of Emmis Communications Corp, is attempting, again, to acquire the media conglomerate and to once again take it private.
Smulyan has entered into a letter of intent to purchase the magazine publisher and radio broadcaster’s outstanding shares of Class A common stock. Smulyan is orchestrating this through his JS Acquisition firm and, if successful, the firm would own nearly “all of a new class of non-voting common stock,” according to Folio:.
The proposal, which is still pending stockholder approval and its ability to meet regulatory requirements, is being reviewed by attorney to determine whether Emmis Communications showed that it adequately attempted to shop the company around for the best possible price (as far as its shareholders are concerned) before entering into a letter intent with Smulyan.
Emmis Communications is based in Indianapolis, Indiana and owns radio stations and magazines in several U.S. states as well as in Hungary, Slovakia and Bulgaria.