Smulyan: National Increased 10% In Q3

1-8-15

In markets Emmis CEO Jeff Smulyan says national revenue was down 2 percent, his company was up 10 percent. CFO Pat Walsh says that was due to "strengthening in a few big national categories such as wireless and financial. It was not policitcal." Overall, October was a big month for Emmis, with revenue (including WBLS and WLIB) up 10.5 percent.

November was up 5.3 percent and September increased 1.8 percent. Automotive was Emmis' biggest category for the quarter bringing in 12 percent of total revenue. Emmis also saw double-digit growth from health care, financial services, beverages, wireless, and home improvement. For Emmis' next quarter (December, January, and February) pacing is up mid-single digits.

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CRB To Give Smulyan Humanitarian Award

11-13-14
In February, the Country Radio Broadcasters will present Emmis CEO Jeff Smulyan with the 2015 Tom Rivers Humanitarian Award at the Country Radio Seminar. The award recognizes an individual in the Country radio industry who has displayed a "magnanimous spirit of caring and generosity in service to their community." The award is named in honor of CRB board member Tom Rivers, who died in 2004 at age 38 of bronchial asthma. Rivers was known for his work at WQYK in Tampa and WUSN in Chicago. He was also highly regarded for his public service. CRS Executive Director Bill Mayne said, "Jeff Smulyan epitomizes the definition of the Tom Rivers Humanitarian award. His commitment to broadcasting, service to community, and personal giving is recognized across our industry. It is our privilege to recognize his accomplishments in this arena."

Jeff Smulyan has supported numerous community organizations, including the Indianapolis Hebrew Congregation, the Bureau of Jewish Education (the Smulyan/Stolkin Education Center), Beth El Zedeck (Smulyan Lecture Series, whose speakers have included Bill Clinton and Al Gore), North Central High School, Academy Plus, Cathedral High School (the Smulyan Family Theatre), the Indianapolis Zoo (Samantha Smulyan Slash Zone), the International School, United Way, Big Brothers/Big Sisters, Planned Parenthood, the Broadcasters Foundation, his alma mater, USC, and a host of other important Indiana-based organizations. He is currently working with Ball State, the Indianapolis Zoo, Orchard School, and Big Brothers/Big Sisters on further gifts.

He has served as board president of Central Indiana Corporate Partnership, on the host committee of Indianapolis? Super Bowl bid, and led fundraising efforts at the Humane Society, Indianapolis Arts Council, Fairbanks Hospital, PlayBall Indiana, and the Leukemia & Lymphoma Society. Under Smulyan?s direction, Emmis has contributed millions through cash and in-kind donations, sponsorships, and other fundraising efforts. Indianapolis Monthly supports the Christamore House (annual book and author event; Heather Smulyan is also a member of the Christamore Guild), the St. Margaret Guild (annual Decorator Show House, in support of Eskanazi Hospital), the American Heart Association (in conjunction with Emmis-Indy Radio), and a host of others. Emmis-Indy Radio (WIBS, HANK FM, THE FAN, and B105.7) supports numerous community efforts, including the Salvation Army?s Radiothon, which is now in its 17th year.

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Smulyan: People Want Free Radio on Their Phones

8-1-14

More NextRadio research from Coleman Insights was released Thursday. It's a study paid for by The NAB, that included 801 online interviews with 18- to 49-year-old smartphone owners who viewed a 90-second video explaining NextRadio. 63% say they would listen to local FM radio more if they had NextRadio. 45% of the participants said they ?definitely would? use NextRadio if it was installed on their smartphones; another 43% said they ?probably would? use the app. And, another  80% said they ?probably would? or ?definitely would? download NextRadio if the app was not already installed on their smartphones. Emmis CEO Jeff Smulyan said, ?These findings line up nicely with the anecdotal evidence we?re seeing since NextRadio was launched. People want free, local FM radio on their smartphones and NextRadio gives them exactly what they want.?

Here are some additional findings from the Coleman Insights study. 88% had a positive reaction to NextRadio, including 56% who described their initial reaction as ?very positive? 73% of those with metered or pre-paid data plans acknowledge that such plans limited their consumption of audio entertainment on their smartphones. Low battery and data plan usage were evaluated as the most positive of NextRadio?s benefits. 92% ?strongly agree? or ?agree? with the statement, ?The NextRadio app is really cool?

A streaming video presentation and a written summary of the study?s findings are available at www.ColemanInsights.com/NextRadio. Furthermore, Coleman Insights and knowDigital will share additional findings from the study in private briefings with the consortium of radio broadcasters supporting NextRadio?s launch in the coming weeks and months.

(8/2/2014 8:22:25 AM)
i am definitely one of those people who would listen to FM radio more if i had it on my smart phone.
(8/1/2014 5:56:09 PM)
Give me a break. No mater what you try to do things are changing and the radio industry is in trouble. Outside of Radio Shack try to find any place that sells radios. You can't. Because there is no demand anymore. There is no FM Radio on smartphones because there is no demand for it. If people wanted it the manufacturers and relailers would give it to them. Radio has chosen to miss the boat by cutting back on its investment in content and going with long music sweeps followed by 10 minute stopesets or confrontational Baby Boomer talk radio. If you want to save the last shreds of what you have,stop programming for PPM and start programmijng for an audience. Oh here's a great idea. Lets implode the station and run a national sports radio network. If I owned a radio station I would sell to a consolidator for top dollar as soon as possible.
(8/1/2014 2:48:24 PM)
Ummmm... Josh? That's why you pay experts to find out what consumers think. Because there are too many people like you who make gross assumptions about "what everyone wants". Did you even read the research?

By the way, for a radio guy, you don't seem to want people to have more access to radio. Weird.

(8/1/2014 2:14:29 PM)
We've already been through this before, and it was determined long ago that that's a big, fat, stinky lie. Nobody wants radio on their phones and no matter how many times the industry tries to convince them that they do, they'll never go for it.
(8/1/2014 8:52:16 AM)
Rick,

All new HTC phones available on all major wireless carriers (including AT&T and Verizon) are FM enabled and ready for NextRadio download! To view a list of supported devices, visit www.nextradioapp.com.

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Smulyan A Giant Of Broadcasting

7-22-13

The Emmis Founder and CEO will be honored at the 11th annual Giants of Broadcasting event sponsored by the Library of American Broadcasting which celebrates "distinguished leadership or performance in television and radio." The event will be held October 16 in New York?s Gotham Hall. Additional 2013 honorees include Anne Sweeney, Alex Trebek, Barry Diller, Morley Safer, Dick Cavett, Robert L. Johnson, David E. Kelley, Richard E. Wiley, Richard Leibner, and Carole Cooper.

Tickets, reservations for tables, and individual tickets, may be arranged through Jessica Wolin, 212-685-4233, jessicawolin@gmail.com. For press, contact Ellyn Fisher, 212-984-1964, efisher@adcouncil.org

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Group Heads Line Up Behind Smulyan

2-5-2013

Radio Ink spoke to several Radio Group Heads Monday to get their feedback on whether or not $15 million per year was too much to pay Sprint to have FM chips installed and turned on in 30 million smart phones that will include Smulyan's NextRadio app. Hubbard Radio President and CEO Ginny Morris said she supports their plan and the industry owe's Smulyan a great deal of thanks. "Jeff Smulyan has worked tirelessly and with little help on getting us to this juncture." Here's more on what Morris, Galaxy CEO Ed Levine and Cromwell President and CEO Bud Walters think of the Sprint/NextRadio plan.

Morris says Radio has to recognize that people no longer wake up to an alarm clock. "Having a 'stereo' in your room is no longer 'the it thing' for most high school students and my guess is that most dorm rooms have docking stations instead of stereos. Couple those changing behaviors with the new competition in the dashboard and you have among other things -- far less visibility to local radio than we used to have --  I see this as 30 million more radios in the marketplace--that's a terrific start."

"We have so much more to offer than our ability to assist in an emergency.  If we all do our jobs right on the local level people will appreciate the simple ability to access us over directly on their phones and not through a data plan. We are local, we are relevant in the lives of our listeners, we entertain and inform. Yes, we are also a lifeline to people who are dealing with the aftermath of a crisis but those are not the only times we matter in the lives of the American consumer."

"I have reached out to several people about giving a verbal commitment to participate in the program by dedicating inventory and without exception everyone has stepped up to do 'at least' what was asked of them.  Big companies, small companies, big markets and small markets--the response has been overwhelmingly positive."

Galaxy Communications CEO Ed Levine also likes this deal. "The revenue split is innovative and the access to the phones in the Sprint customer base is huge. I would gladly sign up for the same deal along the same terms with AT&T and Verizon. This is about portability and distribution of our content. It's 2013, time to stop debating these critical issues of long term survival and simply get it done!

Cromwell broadcasting President and CEO Bud Walters says, "Over the last several weeks I have been in contact with small market licensees of more than 450 radio stations. All except two have pledged $10,000 per year per station for three years for this project.  There has been general excitement about the idea and the need. There are  certainly a lot more licensees who will be supportive."

The app is being developed by Emmis and should be ready in April or May according to Smulyan. He says the response so far "has been spectacular." And, to allow radio stations to start competing on the dashboard immediately, all stations will get a few free features, including their logo and a liner.

Every radio station in the country will be available on the NextRadio app. Local listeners will have access to local stations through these Sprint phones with the NextRadio app. It will be the interactive upgrades stations decide to add to the app that determine just how competitive stations are with the cutting edge technology companies of today. Upgrades such as album art, graphics, selling targeted ads (watch out Pandora) and ways to purchase songs as they play.

Emmis is holding a free informational webinar on the app. February 27th

(2/5/2013 7:04:00 AM)
So, Jeff ran his company into the ground for something that consumers don't care about - what a deal! Thirty million is a drop in the bucket, too. That safety issue was a was always a ruse. Of course, being an investor in iBiquity, Jeff's goal is ultimately to get that flawed HD Radio chip into cell phones, and have the iBiquity royalties passed onto consumers.

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Smulyan Convinces Sprint The FM Chip Is Cool

1-8-2013

The press release came from Sprint but the heavy lifting was done by Emmis CEO Jeff Smulyan. With a target date of May, Sprint customers will be able to listen to local radio stations without having to download an individual station app or use up valuable and expensive data.

Emmis and the NAB have been developing a tuner called NextRadio, which is expected to be available later this year. The tuner will be the "app" on the face of select Android and Windows smartphones that will allow consumers to listen to their favorite local radio stations. It will also enable the radio industry and Sprint to generate additional ad revenue. Here's Emmis CEO Jeff Smulyan with more details on the deal.

Vice President of Government Affairs for the International Association for the Wireless Industry ( CTIA) told Radio Ink, "This is an example of how markets and private sector collaboration work to provide choices for consumers. We hope that this agreement ends any discussion about the possibility of a government mandate on this issue."

Consumer Electronics Association President Gary Shapiro told Radio Ink, "This is fantastic! Just the way it should happen. Cutting a deal without the government being involved! Everyone is a winner!"

NAB President and CEO Gordon Smith, said, "This opportunity combines the strengths of the Sprint network with the impact of America?s radio stations. It is the type of business-to-business partnership that recognizes the unique strengths of the wireless networks and the radio industry and provides services that are so important to the American people.?

(1/9/2013 8:56:13 PM)
Can I listen to the commercial free BBC on it?

Didn't think so.

Thanks for adding extra cost to the phone for no real benefit.

(1/9/2013 3:31:05 PM)
First of all, CONGRATILATIONS for Mr. Smulyan for the tremendous effort he has put in advocating for the FM chip, as well as for everyone who suppprted his effort. In appreciation for SPRINT, I will continue using their services...
As for Gary Shappiro, so called President of the American Associatoon of Consumer Elecyronics, you're a woos, a coward---you've got NO B_LLS, because you've been the #1 OPPONENT of the FM chip, and now you're saying this is a fantastic day??? What a piece of sh_t
(1/9/2013 3:19:11 PM)
Radio Guy - Windows has 3% of market, and their original WP7 phones had FM radios. Unfortunately the new WP8 phones dropped it, and Sprint is VERY late coming to the table with WP8 commitment. I for one already dumped my Sprint account because they only carried the HTC arrive, a subpar WP7 phone at best. Hopefully this new initiative will roll out without issues. WP8 is a great operating system, adding FM back is a step in the right direction.
(1/9/2013 1:56:27 PM)
Mr. Smulyan's efforts over the past couple of years, to get the phone-makers to include/activate FM chips, have been documented in the radio trades. I think we all owe him a debt of thanks for all of his work to get our collective foot-in-the-door. It's a step in the right direction and an exciting one, at that.

Congratulations - and thanks - to Jeff Smulyan for your persistence. Kudos to Sprint for seeing the value.

- Rod Schwartz - Radio Sales Cafe(1/9/2013 12:38:51 PM)
Thank you Mr.Smulyan. Your efforts are appreciated.

I am current Sprint customer, and will continue since they support my industry.

I urge my fellow broadcasters to support products and vendors that support our industry.

Damon Collins
WLYB-FM

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Smulyan Not First Who Wanted Radio in a Smart Device

1-3-13

Turns out Qualcomm CEO Paul Jacobs (pictured) once tried to sell Apple on his idea of putting a radio in one of Apple's Newton products. Jacobs told Charlie Rose the idea was rejected because the technology was expensive at the time and would have added to much girth too an already large device. Emmis CEO Jeff Smulyan has been working tirelessly to get cellular manufacturers to put an FM radio chip in cell phones. The technology has evolved allowing for a lot less space being required than in the Newton days.

Read more from The Verge HERE

(1/4/2013 6:07:53 AM)
Cell phone companies, watch out for iBiquity's junk-technology!

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Smulyan Continues to Clear The Deck

10-5-2012

Emmis CEO Jeff Smulyan is continuing to eliminate side businesses so his company can focus on its core product...radio. And that will most likely be a topic of discussion on October 11th when Smulyan checks in with investors and analysts on his quarterly conference call for the 3rd quarter of 2012.

Emmis recently sold of its magazine business and now the Interactive business is gone, sold to Marketron. It's just the latest in a series of moves Smulyan hopes will get the company back on track, focused on radio and the stock price higher for investors.

Regarding the sale of Emmis Interactive, Smulyan said, "We developed some great products and we are very excited for Marketron and our team moving over to Marketron to take the platform to the next level. At Emmis, we will focus our remaining development efforts on Tagstation, enabling a next-generation radio experience for smartphone users with enabled FM chips." Emmis Interactive's Chicago-based executive team has been retained by Marketron. Deborah Esayian and Rey Mena will oversee the integration of Emmis Interactive's assets and operations.

(10/4/2012 10:07:47 PM)
Emmis and iBiquity will get a few sucker carriers. It's all about getting junk HD Radio chipsets sold, although they would be a joke in cell phones, especially.
- It's all about iNiquity's IPO!(10/4/2012 2:22:46 PM)
Read between the lines for the truth:

Smulyan dumps Emmis Interactive after years of red ink, keeps minimally funded "Smartphone App" project!

Would it kill Radio Ink to not simply reproduce Press Releases?

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Smulyan Says Phil Boyce is Wrong

9-21-12

On Thursday Radio Ink reported the former WABC/New York PD Phil Boyce said the industry didn't really need an FM chip in cell phones -- an app is enough. Emmis CEO Jeff Smulyan (pictured) has about made it his mission in life to get chips into mobile phones and get them activated (some phones have chips installed but never activated), and he made it a point to call out Boyce during the Radio Show's leadership breakfast on Thursday. He wanted to make sure everyone understands the difference between an app and a chip.

The point Smulyan wanted everyone in the room to take home was that in order for an app to work, it needs to use the consumer's data plan. And at some point there will be a data glut, and consumers will be paying a lot more. An FM chip doesn't required a data plan; as long as the phone powers on, listeners are able to hear their local stations. Smulyan, and the NAB, believe that is vital during an emergency, when cell towers often fail.

Smulyan also threw a new number on the table: He said that in 2012, the American public will spend 3 billion hours listening to radio. All that time -- some of it now using up digital data -- could be transferred to mobile phones. As we pointed out, Smulyan has made it his mission to get the chip in all mobile phones. He said, "Every other issue the industry faces is 5 percent as important as this one.

(9/21/2012 4:06:16 PM)
Pardon for the dual post (also posted in the original Boyce story) but I will add some things:

Understand that Phil is coming from a slightly different perspective: most if not all of his stations are AM and they are not invited to the chip party simply because it is impractical. He is right when he says that he doesn't need the chip, just an app. That's the only way an AM station is going to get on your phone. Your mileage may vary if you are an FM.

Next, what will happen in a dire emergency situation or widespread disaster? You will still need a radio to pick up the AM stations that will manage to get back on the air and have actual programming you will need. Granted the phone can serve as an FM radio with the chip and that certainly doesn't hurt where those stations will serve your needs. But since the phone might be otherwise useless the device of choice might well be a radio - which will have the choice of both FM and AM where the phone will not.

I think the chip argument has creedence only because phones are being made with the FM capability and not being enabled. Cause it to make economic sense for the carriers to enable it and it will happen.

Something else to consider: Disaster happens, cell service and power service is down. You can get radio on your phone; you can radio on a battery-powered radio. The battery in your phone runs down. Do you have a spare charged-up battery? Probably not and there's a limit to how much time that'll work. Do you have spare batteries for your battery-operated radio? Probably. And likely enough to get you through the disaster if you planned ahead. You're not going to do that with cell phone batteries (too expensive for one thing).

(9/21/2012 10:18:05 AM)
Alright then - for those who cling to the "safety" or public service angle: How 'bout just those stations that can demonstrate they already have a staff that can be instantaneously on the job and on the air in the event of some disaster are the ones who get a chip-enabled cell-phone frequency....? Or, would that favor the congloms just a tad too much?
(9/21/2012 10:06:54 AM)
What back ups? its already there you cant ignore (radio)& phones are supposed to be multi-functional, right!?
(9/21/2012 6:31:11 AM)
An FM/FM-HD chipset mandate will never happen. The cell phone providers already have CMAS/NOAA weather alerts, which target specific areas, and backup procedures in case cell phone towers go down.

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Smulyan: "FM Chip Will Add 30% More Listeners"

7-13-2012

His crusade to get an activated FM chip in every cell phone used in the United States continued yesterday, even on his company earnings conference call. Emmis CEO Jeff Smulyan says he's meeting with the FCC next Friday, along with the NAB, to discuss the chip. "This is the right thing to do. I'm proud to have lead this charge. We are not asking for a mandate and we are in negotiations with the wireless carriers to have the chips turned on." Smulyan says this is an important issue because consumers will eventually be charged more for data they use on their phones and having an FM chip activated makes listening to local radio free for those consumers. The meeting with the FCC next week is closed to the press.

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Smulyan: "I Love The Radio Business."

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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The New York City Deal Between Keller and Smulyan

4-26-2012

The speculation ended yesterday as ESPN made the announcement that the coveted FM dial position sought after for so long by the sports leader would come from Emmis Communications. This deal seems to work out well for both sides. Emmis can use the cash, and ESPN, which launched on 1050 AM in 2001 is positioned better to compete with the New York leader in sports WFAN. While ESPN certainly pioneered sports on television, WFAN started the sports on radio format during the days Imus was still doing mornings at the station. Emmis will receive $8.4 million from Disney for the first year of the LMA. That will rise 3.5 percent each year until the agreement runs out on August 31, 2024. ESPN Senior Vice President/Production, Business Divisions Traug Keller says Thursday was a great day. "A New York FM is beachfront property that doesn't come up too often."

READ OUR RECENT COVER STORY ON TRAUG KELLER HERE

Keller said,  "I've been working off and on with Jeff Smulyan for years on this and we also have a company who believes enough in radio to make this kind of investment.  It was just a terrific day all around for us, for our listeners, our fans and a wider swath of New York because now we are also going to be able to serve the Hispanic sports fan." Emmis CEO Jeff Smulyan told Radio Ink last night, "We are very pleased with this agreement.  While it is very, very difficult to part with WRKS, it was the right decision for our company. Traug and I are good friends and he is absolutely terrific to deal with."

WBLS AND KISS TO MERGE AS A RESULT OF THE ESPN DEAL

The move from 1050-AM to 98.7-FM was a deal worked out over time between Keller and Emmis Communications CEO Jeff Smulyan. It also opened up an opportunity for ESPN's spanish-language sports network ESPN Deportes which will take the AM slot later this year. 10% of the Hispanic population resides in New York City and Keller sees this as a huge opportunity for ESPN Deportes which will launch in New York during Hispanic Heritage month (September 15th - October 15th). Keller says that was a big win for the company. "You'll see us get involved in some local play-by-play here in New York. I'm very excited and very bullish about the Hispanic side of our business. One half of my body lives in that space every day. The Hispanic sports fan is a rabid sports fan. To have a 24/7 talk station in Spanish language in NY is going to be tremendous."

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Step One Complete For Smulyan

4-3-2012

As expected a proposal to create an employee benefit plan was approved at a special Emmis shareholder meeting in Indianapolis yesterday. Jeff Smulyan is trying to turn the company around and says six dissident preferred shareholders are standing in the way. Emmis owes millions to preferred shareholders in back dividends and the company is trying to get that wiped off the books which would help Emmis save money and continue on a turnaround path. Some Wall Streeters say a contract is a contract and that money is owed. A court may have to decide.

Emmis, like many radio companies, was hit hard when the economy went into a recession. Some didn't recover and had to file for bankruptcy. Emmis has been attempting to survive, even selling off several properties in Chicago. The company stock price is below $1.00 and it has been threatened with delisting. Emmis has even taken a preemptive step of asking a court to rule on whether what it's trying to do with preferred shareholders is even legal. The court has not ruled yet. A second shareholder meeting will be held at some point in the near future which would give Emmis the right to eliminate the back dividends. No date for that meeting has been announced yet. Smulyan has said he feels better now about the future of the company than he has in years. And, he said yesterday the company has dealt fairly with the holdouts, who've had offers to sell their shares at market price, recently falling in a range of $16 to $22. There are six holdout preferred investors. The two largest investor funds in that group bought their shares for between $13 and $17.76 a share.

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Smulyan Hungry For Answers

Emmis has teamed up with Accession Mezzanine Capital in filing a request for arbitration at the International Centre for Settlement of Investment Disputes against the Republic of Hungary. The companies operated the two national commercial radio stations in Hungary, Slager Radio and Danubius Radio, under licenses granted by the Hungarian broadcast regulator, ORTT.  On October 28, 2009 -- ORTT awarded these licenses to two Hungarian entities with close ties to the two largest Hungarian political parties.

Emmis launched Slager after being awarded the broadcasting license in 1997, while Danubius has been on air since July 1986. During their stewardships, both Emmis and AMC invested significant amounts in Hungary's economy, provided employment to their all-Hungarian staffs, brought world-best practices to the local industry, and operated in a completely transparent and politically non-partisan manner.  The Hungarian public responded quickly to the stations: Slager and Danubius were consistently the top-rated stations in Hungary, reaching over 4 million listeners per week (out of a population of 10 million).

In their ICSID filing, Emmis and AMC assert that the Republic of Hungary has violated its treaty obligations by expropriating private property without compensation and not extending fair and equitable treatment to non-Hungarian investors.  A copy of the Request for Arbitration as filed with ICSID can be found at www.emmis.com/press/home.aspx. 

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Smulyan Addresses His Troops

Thursday Emmis Communications reported earning for three months that ended August 31st. Results were flat compared to the same three months in 2010. Radio revenue for June, July and August of 2011 was slightly over $50 million. In 2010 radio revenue was $51,500. Emmis CEO Jeff Smulyan said "we are working against the background of a very tough economy but I'm upbeat." After the call, Smulyan sent out the following e-mail to his employees.

This morning we announced financial results for Emmis' second quarter (June-July-August). I wanted to share the details with you. The news is encouraging. August was the best month in nearly a year for our Radio Division - we were up a whopping 10% over the same month from last year. For the second quarter, Emmis' domestic revenues (excluding the Merlin properties) were up 4% over the same period from last year. Perhaps most impressively, our stations are beating their in-market competitors for advertising dollars: our stations have outperformed their markets in 9 of the last 12 months.

While Publishing revenues were down 4% during the quarter, things are on the upswing. The third quarter looks much stronger for our city/regional/specialty magazines division.

On Sept. 1, we closed the Merlin transaction, which sent our two Chicago radio stations and WRXP in New York to Merlin, and reduced the company's debt by 38%. Our financial condition is the best it has been in three years. For the first time in a long time - we are ready to play offense. 

Emmis continues to be the epicenter of innovation in the radio industry.  Whether it is the recently unveiled HD radio smartphone app, the Broadcaster's Traffic Consortium, our social impact marketing firm Incite, the launch of Hot97 and Power106 content as part of Facebook's music launch, or the formation of the Loud Digital Network, just to name a few, all of these were created within Emmis.  While we may not be the largest operator in our markets, we are undoubtedly the most innovative.

So why does the stock price not reflect this positive news?  I know that is a widespread source of frustration. I learned long ago that Wall Street doesn't always make sense.  If we continue to execute, we believe this challenge will cure itself.  We have at least until February 2012 to get the stock price above $1.

Despite the upbeat news, our markets remain choppy and the general economy remains shaky, so we must be diligent.  I know the road has been a long one, but together we will get to the other side of this mountain.  All you do everyday is helping us get there. For that, I thank you. 

Best,

Jeff 

(10/13/2011 3:02:28 PM)
Hey Jeff - how much did you really piss away on the HD Radio lead-balloon?

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Smulyan: "We Would Have Done The Talk Format if We Could."

As the sale of three stations to Emmis became official, Emmis CEO Jeff Smulyan told Radio Ink he wanted to flip to talk years ago. "It's always hard to be a seller. If you love this business, it's hard to sell. The fact we could keep a significant interest is helpful. We love the idea of this format. If our capital structure had been different we would have done that format a while ago. We believe in the format. We believe in Randy and Walter's ability to execute it, we have no doubt about it."

The sale of  WKQX-FM (Chicago), WLUP-FM (Chicago) and WRXP-FM (NY) from Emmis to Merlin Media (GTCR and Randy Michaels) is now official. Emmis gets about $120 million in cash from the sale of the stations, net of transaction expenses, and owns $28.7 million of preferred equity and 20.6% of the common equity interests in Merlin Media. The net cash proceeds were used to repay approximately 38% of the company's term loans under its senior credit facility.  Merlin has been in LMA mode since July 15, 2011. 

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Smulyan Wins Lifetime Achievement Award

June 28, 2011
Typically a lifetime achievement award is handed out at the end of someone's career. Jeff Smulyan would probably argue that a new phase at Emmis, under his leadership is about to begin. The Indiana Broadcasters Association will bestow upon Smulyan its lifetime achievement award at a dinner this October. President & CEO of the IBA Linda Compton says ?Jeff represents the very best that the Indiana Broadcast industry has to offer. ?We are delighted to recognize his unflagging passion for our industry through this lifetime achievement honor.? While not at the end of his career it was 31 years ago next month that Smulyan's Emmis broadcasting put WIBC on the air in Indianapolis.

The award, created in 2006, recognizes individuals for especially meritorious service, contributions to or achievements in the field of broadcasting in Indiana over the course of a career.  This is the Indiana Broadcasters Association highest honor and is presented to an Indiana broadcaster whose work is unusually beneficial and of superior value to their community and to the Association. The award ceremony will be held in conjunction with the Indiana Broadcasters Association and Indiana Broadcast Pioneers Hall of Fame event, to be held Thursday, October 6, 2011 at The Fountains, Carmel, Indiana.

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