On the 10th attempt to hold a preferred shareholder meeting to make the offer, those shareholders of Emmis Communications rejected an offer by CEO Jeffrey Smulyan to take the media corporation private at $2.40 a share (less than half the $1.41 a share the company closed at yesterday):
http://online.wsj.com/article/BT-CO-20100909-707914.html The Indianapolis-based company (from which Smulyan and Letterman are good friends) got out of the TV business some years ago, but owns radio stations in seven cities and three Eastern European countries, eight city magazines including Texas Monthly and Los Angeles and an interactive division. Its radio division, powered by hip-hoppers Power 106 in LA and Hot 97 in New York, has been hurting in its three biggest markets--since flipping from "smooth jazz" "CD 101.9," WRXP in New York has flailed at a cross between AAA, classic rock and modern rock (depending on what day it is) and is rumored to being eyed by Disney to move their WEPN ESPN Radio from AM, New York's "Kiss 98.7" has just seen comic D.L. Hughley leave their morning drive show under a cloud, Chicago stations modern rock Q101 and hard classic rock the Loop have been been irreparably hurt by the departures of morning personalities Mancow Muller and Jonathan Brandmeier, respectively, and the flip of LA country KZLA to the spectacularly unsuccessful "Movin'" rhythmic AC format (with Rick Dees returning to LA radio in morning drive) was a huge bomb (the station is now LMAd to Mexico's Groupo Centro and is Spanish-language, while SoCal radio maverick Saul Levine's flip of KKGO from classical to "Go Country" has given him his biggest station in years, along with starting an Internet "Go Country" stream aimed at New York.) -- TV or Not TV .... The Smartest (TV) People! You received this message because you are subscribed to the Google Groups "TV or Not TV" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/tvornottv?hl=en
