CEO Smulyan files form 4 with plans to sell common stock.
Per a 10b5-1 plan, he may sell up to 250K or so shares of common stock...and already sold 4800.
BUT...he specifically states in the filing that the sales enable him to realize certain tax benefits in calendar year 2013. My GUESS is that he may be carrying some high cost basis stock, in which selling now allows him to realize irresistibly large capital losses....and offset taxable income (and therefore taxes) he would have to pay for the year 2013. (In this context, I presume he will effect all of the sales of the 250K of common stock, before the end of this calendar year.)
Upshot: If this filing results in a major decline for the stock, I will be buying.