5-10-2012
Emmis CEO Jeff Smulyan reported net revenue was down 11% for the quarter that ended February 29th. When backing out the stations sold to Merlin Media, net revenue was down 3%. Smulyan said this ends a very challenging but remarkably transformative year. When our transactions are complete, we will be one of two or three of the least leveraged companies in broadcasting."
Smulyan must have said "we love the radio business" at least five times throughout the Thursday morning conference call adding "we are capable of doing much larger things. I think you'll see us growing now. We're going to look at our options. We want to do things. We love the radio business and we think we're good at it."
Smulyan is still trying to right the Emmis ship as he battles a stock price sputtering near or under $1.00 and a court battle with preferred shareholders. His next court date in the fight with preferred shareholders is June 1st. Smulyan said this morning that Los Angeles and Indianapolis are performing the best for the company and Emmis will its future around its two strongest brands, HOT 97 in New York and POWER 106 in L.A.
Emmis also announced it has taken a stake in the company http://www.courseload.com/
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