Emmis Announces Agreement to Form New Public Company with Standard General
EMMIS COMMUNS CORP A (EMMS)
US:NASDAQ Investor Relations:
emmis.com/investors
Company Research
Source: PR Newswire
INDIANAPOLIS, July 1, 2019 /PRNewswire/ -- Emmis Communications Corporation (Nasdaq: EMMS) today announced that it has signed an agreement to form a new public company, Mediaco Holding, with New York investment firm Standard General. Mediaco Holding will purchase from Emmis two of its New York radio properties, WBLS-FM and WQHT-FM (HOT 97). Closing of the transaction is subject to FCC approval and other customary closing conditions, and is expected to occur later this year.As a result of the transaction, Emmis will receive $91.5 million in cash, a $5 million note receivable, and 23.72% of the common equity of Mediaco. Emmis will distribute this common equity of Mediaco pro rata to its shareholders in a taxable dividend. Mediaco will be a public company expected to be listed on NASDAQ, and Emmis will remain a separate public company, as well.Emmis will remain active in the management of WBLS and HOT 97 and provide certain corporate services to Mediaco pursuant to a management agree
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