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Newly formed Mediaco Holding to acquirement New York’s WBLS and HOT 97 from Emmis
INDIANAPOLIS, July 1, 2019 /PRNewswire/ — Emmis Communications Corporation (EMMS) today appear that it has alive an acceding to anatomy a new accessible company, Mediaco Holding, with New York advance close Standard General. Mediaco Holding will acquirement from Emmis two of its New York radio properties, WBLS-FM and WQHT-FM (HOT 97). Closing of the transaction is accountable to FCC approval and added accepted closing conditions, and is accepted to action after this year.
As a aftereffect of the transaction, Emmis will accept $91.5 actor in cash, a $5 actor agenda receivable, and 23.72% of the accepted disinterestedness of Mediaco. Emmis will administer this accepted disinterestedness of Mediaco pro rata to its shareholders in a taxable dividend. Mediaco will be a accessible aggregation accepted to be listed on NASDAQ, and Emmis will abide a abstracted accessible company, as well.
Emmis will abide alive in the administration of WBLS and HOT 97 and accommodate assertive accumulated casework to Mediaco pursuant to a administration acceding amid the parties. Jeff Smulyan will be the Chief Executive Officer of Mediaco and will abide to serve as Chairman and Chief Executive Officer of Emmis, which will abide a accessible company. Standard General will accredit a majority of the lath of admiral of Mediaco and Soohyung Kim, Chief Executive Officer, Managing Accomplice and Chief Advance Officer of Standard General L.P., will be Chairman of Mediaco.
“This is a battleground day in the forty year history of Emmis,” said Jeff Smulyan. “We attending advanced to continuing to administer two of the world’s best iconic radio brands in HOT 97 and WBLS and apply our award-winning New York aggregation as we accomplice with Soo Kim and Standard General to anatomy a new accessible aggregation to advance in media opportunities. The transaction provides Emmis cogent basic to aggressively accompany new business opportunities that adjust with our ambitious spirit and administration skills. We are additionally aflame to assignment with Soo and Standard General to abound Mediaco Holding. We accept already been evaluating abundant advance opportunities and I’m abundantly aflame about the future. Today is a abundant day for the approaching of Emmis.”
“Our aggregation is aflame about partnering with Jeff and the Emmis administration aggregation in basic Mediaco Holding,” said Soo Kim. “We’re captivated to access two of New York’s allegorical radio brands in HOT 97 and WBLS and assignment with Emmis to body on anniversary brand’s success. These stations will anatomy the foundation for a new accessible aggregation that will advance in media assets and body on our acknowledged clue almanac of media investments.”
No cadre changes are planned. All New York advisers will abide to be Emmis advisers with Emmis allowances as allotment of an Employee Leasing Acceding with Mediaco.
After this transaction and the ahead appear auction of our affiliation absorption in Austin, Emmis will accomplish New York’s WLIB and WEPN (through an LMA with ESPN Radio), four radio stations in Indianapolis, Indianapolis Monthly, and Digonex, a activating appraisement company. Emmis additionally owns its address at 40 Monument Circle, Indianapolis, and a admired belfry armpit in Whitestown, Indiana.
Moelis & Aggregation acted as an adviser in this transaction, and Taft Stettinius & Hollister LLP served as acknowledged admonition to Emmis. Morgan, Lewis & Bockius LLP served as acknowledged admonition to Standard General.
About Emmis Communications Emmis Communications Corporation (EMMS) currently owns 11 FM and 3 AM radio stations in New York, Austin (Emmis has a 50.1% authoritative absorption in Emmis’ 6 radio stations amid there) and Indianapolis. Emmis additionally owns Indianapolis Monthly annual and a authoritative absorption in Digonex, which provides activating appraisement solutions above assorted industries.
Note: Assertive statements included in this columnist absolution which are not statements of absolute fact, including but not bound to those articular with the words “expect,” “will” or “look” are advised to be, and are, by this Note, articular as “forward-looking statements,” as authentic in the Securities and Exchange Act of 1934, as amended. Such statements absorb accepted and alien risks, uncertainties and added factors that may account the absolute results, accomplishment or achievements of the Aggregation to be materially altered from any approaching result, accomplishment or accomplishment bidding or adumbrated by such advanced statement.
Such factors include, amid others:
Emmis does not undertake any obligation to about amend or alter any advanced statements because of new information, approaching contest or otherwise.
View aboriginal content:http://www.prnewswire.com/news-releases/emmis-announces-agreement-to-form-new-public-company-with-standard-general-300878359.html
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