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Emmis Communications Corp. Message Board

  • longtimefollower longtimefollower Jan 15, 2012 4:31 PM Flag

    Grupo Radio/Emmis agreement on LA station.

    Read Article 12, section 3 (page 27) for details on the right of either GRC or Emmis to assign. (It basically says that either side may assign its rights, with the written consent of the other party.)

    http://www.sec.gov/Archives/edgar/data/783005/000095013709002762/c50467exv10w2.htm

    The put/call arrangement, incidentally, says GRC can "call away" the station at $110 million, at any time. (So, I would imagine, if they knew of a purchaser willing to pay MORE for the station than $110 M, and they wanted to "get out of it," they could "exercise and flip." The "put" aspect of the agreement is such that, if, at the end of the LMA and put/call period, GRC does NOT want to continue operating the station, and does NOT want to buy it, EMMS can elect to compel it to. (But if Emmis wants the station back, for some reason, it can elect to take it back, and not exercise its put rights.)

 
EMMS
2.34-0.13(-5.26%)Sep 19 4:00 PMEDT

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