Sprint has announced a preliminary arrangement with representatives of the American radio industry that will enable Sprint customers to listen to local FM radio stations like WGNS (FM 100.5, FM 101.9) on select Android and Windows smartphones during the next three years. FM radio could be delivered through the NextRadio tuner application or other radio apps or services. Keep in mind, this is not the normal radio app, this is an actual over the air FM tuner in your phone... just like your car radio.
This announcement marks the first time a U.S. wireless carrier would offer the ability to access local FM radio on a broad array of its devices. Consumers today can listen to radio on smartphones by streaming over the Internet. As part of this plan, Sprint customers could use their smartphones and the NextRadio tuner to listen to local FM radio stations.
With the NextRadio tuner – expected to be available later in 2013 – Sprint customers would enjoy a wide range of interactive listener features not available today and would have the availability of local FM radio at their fingertips to access all forms of broadcast information.
Gordon Smith, president of the National Association of Broadcasters, said, “This opportunity combines the strengths of the Sprint network with the impact of America’s radio stations. It is the type of business-to-business partnership that recognizes the unique strengths of the wireless networks and the radio industry and provides services that are so important to the American people.”
Jeff Smulyan, CEO of Emmis Communications, who acted as principal negotiator for the radio industry, added, “Today is a remarkable day for our industry. I am gratified by the unity I have seen in our industry. It seems every broadcaster I know has supported this effort, and I am grateful to the tireless efforts of industry leaders, from the largest companies to the owners of the smallest station
EMMIS COMMUNICATIONS CORP. is likely shedding some of its print properties, telling the SEC in an 8-K filing THURSDAY (8/16) that it has a "non-binding letter of intent" to sell COUNTRY SAMPLER and SMART RETAILER magazine and related publications to an undisclosed buyer for about $9 million.
The letter of intent gives exclusive rights to buy the magazines to the potential buyer for 60 days. Closing of the deal, if the option is exercised, is expected by SEPTEMBER 30th. EMMIS retains ownership of several regional consumer magazines, including LOS ANGELES, ATLANTA, TEXAS MONTHLY, CINCINNATI, INDIANAPOLIS MONTHLY, and ORANGE COAST magazines.
Loss for a quarter vs overall profit for the year...
Not to mention that Emmis is now back in compliance with NASDAQ, still has the Grupo deal on the table and the recent NY ESPN deal...none of which was reflected in 4Q results.
According to this article, the preferred group is in part suing over $10 million in owed dividends. If that is all, why not just agree to pay it out with some of the cash from the upcoming sale of the LA station, in return for giving up their shares. Having reobtained so many preferred shares at a huge discount, and not having to pay the owed dividends on the them, finally ending the drama would be worth it.
"Cause and social marketing expenditures have exploded across the country growing from $816 million in 2002 to $1.7 billion in 2011," Jeff Smulyan, President and CEO of Emmis Communications said. "This growth is indicative of the heightened need for marketers to effectively communicate messages of societal importance."
A clip of Smulyan talking about unlocking FM chips already in the majority of phones.
As someone stated on another thread, Emmis would only have to state the intention of performing a reverse split, dependent on a vote at the next shareholders meeting, then act to deal with the debt refinancing or squaring up with the preferred problem. If the price then got back in compliance in the mean time, there wouldn't be any reason to carry out the split.
-Sirius was given the extension because the FCC gave them such a hassle over merging with XM, it held the shares down for a long time. They were under $1 for a very long time, so the rules are flexible when the SEC wants them to be.
Emms has 7 calendar days to file an appeal after receipt of the delisting determination letter, which would have been sent after the 27th closed. They will be given a 15 day extension and a hearing date. At the hearing, as long as Emmis presents a reasonable plan to deal with the price issue, a 180 day extension can be granted.
Sec allows 4 day gap between events pertinent to share holders and release of a public statement.
From Nasdaq: 1st is Deficiency notice, then if company still does not meet listing requirements by end of the 180 days, a Determination Letter will be sent. The company has 7 calendar days after receipt of the determination letter to appeal the delisting. If the company can show a meaningful plan to deal with the non-compliance issue, it will generally be granted another 180 day extension to do so.
"Determination Letter. If the company is not in compliance within the time period prescribed in the deficiency notice, Nasdaq sends a "determination letter" informing the company that Nasdaq has determined that the company does not meet the standards for continued listing. The company then has seven days to appeal the determination. Under Nasdaq rules, the company must publicly announce within seven calendar days that it has received a determination letter and the basis for the delisting."
If Emmis intends to file an appeal, given that it must be filed 7 days prior to the delisting date, would that not be today? or is it 7 days in general, making it the 20th?
Not much time left for maneuvering their way out of this problem. Pretty sure Smulyan's intentions will be apparent very soon. Short of a some BIG news or reverse split, what could make a difference.
Starting new discussions is pretty much the idea. The wall and comments are open for all article posts, and users are free to post relavent news.