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Emmis Communications Corp. Message Board

  • longtimefollower longtimefollower Nov 14, 2011 3:29 AM Flag

    We have our catalyst, it seems.

    Early Feb. deadline for Zell deal to expire means, I'd imagine, they plan to move rapidly to buy up any preferred that is willing to sell in the vicinity of $15 or so. Finally, preferred holders can get the liquidity many of them seek! I can't wait to see the improved balance sheet that results from doing this deal.

    Has anyone figured out what this thing is worth, on an EBITDA multiple of, say, 8x, assuming they retire, say, 50% of the pfd., at, say, 30-40 cents on the dollar, and turn over the LA station at the $110M that it is scheduled to eventually sell for, and eventually monetize the Randy Michaels "residual" assets at simply what they are carrying them on the books for?

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