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Emmis Communications Corporation (EMMS)

Other OTC - Other OTC Delayed Price. Currency in USD
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1.75000.0000 (0.00%)
At close: 11:40AM EDT
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  • j
    jeremy
    accept tender offer? or wait for better days and a higher stock price?
  • P
    Pops
    If it goes OTC then that is fine but Smulyan is probably taking it private and he will be available to buy your illiquid shares. My guess is just another way he is trying to get your shares cheap.
  • G
    Green
    The Austin asset sale today is not the end. There are more sales to come. They see the handwriting on the wall for radio and want to move in another direction. All debt except for the non-recourse debt should now be paid off.
  • G
    Green
    EMMS went ex-dividend for MediaCo (ticker MDIAV) yesterday. Investors get about 1 share for every 8 they own of EMMS. This is the reason EMMS was down yesterday. I expect it to fall a bit further based on where MediaCo is trading which is when issued. My broker will not allow me to sell my MediaCo as it won't even show up in my account until 1/17. You of course can buy MediaCo if you want.
  • G
    Green
    The price rise the last two days is because Emmis has filed to form a SPAC to buy entertainment related assets. This SPAC would give them $40 million+ in value of the SPAC for next to nothing. Here is the filing https://www.sec.gov/Archives/edgar/data/1828325/000110465920138918/tm2033410-9_s1.htm
  • T
    Tim
    Dear Susan and Peter:

    As you know, I have been a longtime owner of Emmis stock, and "student" of the company. I regularly attend the annual meetings, and currently own roughly 150,000 shares, including my affiliates. I would strongly urge your rejection, from both a fiduciary and MORAL perspective, of Jeff's "go private" offer for the company, which is incredibly opportunistic, cynical, disloyal, self serving, and seeks to "take away" the value of the company, just as it has the potential of being "unlocked" for ALL shareholders. There is so much that reeks about this offer that I don't even know where to start. First of all, the premium is an INSULT, being a measly few percentage points above where the stock had been trading, in the days prior to the offer being made. There is SO MUCH that has been achieved with NextRadio, with that product on the cusp of its breakout period (with the potential to draw new investors attracted to the "sizzle" of its Pandora-like, Spotify-like, "new radio" aspects), that for Jeff to make this offer, just as the publicly machine is gearing up on radio stations across the country, is nothing short of a cynical attempt to put a CAP on the stock price, and deliberately deprive shareholders of the chance to have new investors flock in and drive shareholder value. Having personally been patient (captivated by Jeff's enthusiasm in the conference calls, and eagerly anticipating the NextRadio "rollout"), I can't tell you how angry I am with Jeff at cutting us off at the knees. The timing COULD NOT BE WORSE, and is a shocking and categorical betrayal. Meanwhile, even if you ascribe no value to NextRadio, the company, at Jeff's offer price, is trading at roughly a 20% free cash flow yield, which does NOT accord shareholders the value they deserve!

    What exactly does Jeff think he is doing, "trading against" the company's shareholders, by privately and prospectively "shopping" the company's assets, on his own, in order to advance his personal interest in taking the company private? That is a conflict of interest! Doesn't he have a responsibility to FIRST determine whether a sale of such assets, and the paying down of debt, buying back of stock, initiating a common dividend, or spinning off of NextRadio, for that matter, might in fact be a BETTER creator of value for Emmis's shareholders? Does he even CARE about that? Or is he just trying to shamelessly capture "it all" for himself? Considering how much trust I have placed in Jeff, and positive regard I have for his dynamism as a leader, I'm incredibly disappointed, heartsick, and infuriated with Jeff, and am convinced that he is acting selfishly and disingenuously, knowingly seeking to capture the value of the company all for himself at an INSULTINGLY low price, when he KNOWS that more value can easily be had for shareholders, by the company staying public, especially with the turnaround in the company's New York radio operations, and stabilization of L.A..

    I could go on and on about this proposed deal, but considering the offensively small premium, and the huge potential for NextRadio, I would urge you to reject the deal outright. It should not even be brought before the shareholders. Above all, I would strongly urge you NOT to agree to cover Jeff's expenses, in any pursuit of this transaction. Let him take the risk himself, and "pay the price" for making such a low ball offer. I would consider an agreement to cover his expenses to be a breach of fiduciary duty. Jeff does not DESERVE such a guarantee, for this slap in the face offer, and the timing of it. I remind you that in 2010, Jeff offered a 73% premium to the (then) current trading price of the stock.....and in 2006, the Special Committee acted independently, and told Jeff that his offer was inadequate. I urge you to keep this in mind, and again, considering the premium Jeff has offered, and the strong position the company is in, to simply reject the offer outright, and send a clear signal to Jeff that this act of naked opportunism will not be tolerated.

    Please understand that the shareholder base is counting on you to protect our rightful interests, and that leaving us with remedies such as court-based appraisal creates undue burdens and hassles. I would hope, and have faith that your awareness of your sworn and solemn duty to ALL of Emmis's shareholders will "shine forth," and that you will realize, on its face, that both price, and timing, and Jeff's privately "shopping" the company's assets "on his own" bespeak of a wanton betrayal of HIS shareholders.....and that such betrayal should not be condoned. On the contrary, I would urge the board to CENSURE Jeff, for the deeply troubling way he has operated here, and the contempt he has shown for the outside shareholders, and his duty to us, as a purported fiduciary.

    I appeal to you for your utmost of consideration.

    Timothy Stabosz

    1501 Michigan Avenue

    LaPorte, IN 46350

    (219) 363-7485
  • C
    Clifford
    Dear Jeff, I am a radio broadcaster and have owned stock in EMMS for years. I am one of your biggest fans. I have been buying EMMS stock on a regular basis, unfortunately your buy out offer is more than $ 2.00 per share less than my average cost per share. At $ 4.10 per share I will lose over $ 75,000 on EMMS. I always figured your offer of $ 2.40 per share before the 4 for 1 stock split was a good rule of thumb on the value of the stations. I hope you have not run the company in the ground for personal gain! I am very disappointed to say the least.
  • A
    Anonymous
    Ignore the spam. The reason for the spike today is an article in Seeking Alpha Pro that puts a sum of the parts value of the company at about $11. In addition to the radio stations they have numerous valuable non-earnings assets such as their headquarters building which is underused, land north of Indy, Next Radio and Digonex. Also the stub value of the radio leased to ESPN in NYC. They get that station back in 2024 and the discounted value of it is substantial. Meanwhile even excluding the nonearning assets, the company is trading at an EV/EBITDA value well below peers.
  • H
    Hairy
    We believe Lencore transaction was "undisclosed related party deal*". There´s no way Smullet would have paid $75M for such a mediocre company which had only $17M sales and 33 employees. Smullet needed way to steal most cash proceeds EMMS received from prior asset sales.

    They went dark right after deal so that he don´t need to explain what happened. Why he didn´t do buybacks nor pay special divs.

    * what we mean with "undisclosed related party deal". is simply that, EMMS paid seller reasonable price and that premium which could be 2/3 of that transaction value went to the Smullet (~$50M).

    End of the day, Smullet isn´t stupid, he´s just crooked.
  • G
    Green
    Emmis Sum-Of-The-Parts is $14.32 per this Seeking Alpha article. SOPT is the best way to look at a company monetizing most of its assets. https://seekingalpha.com/article/4273150-emmis-communications-monetizing-assets-sum-parts-calculation
    Emmis has been selling its radio stations over the past two years and has recently agreed to sell the majority of the remainder. Management plans to redeploy th
    Emmis has been selling its radio stations over the past two years and has recently agreed to sell the majority of the remainder. Management plans to redeploy th
    seekingalpha.com
  • G
    Green
    There will be a lot of profit takers. Don't let that be you. EMMS assets are worth well over $12 and they are monetizing them very rapidly. The ESPN station still hasn't been sold and its worth at least $75 million based on the $10 million coming in a year and a residual value after 2024. They also have valuable land up for sale. My guess is they keep the Indy stations. We also get shares in a new company which will operate the NY stations just sold. $5.67 is WAY short of value. Let the profit takers do their thing. They are leaving a lot of money on the table.
  • G
    Green
    The Mediaco spinoff alone is worth around $1.50 per share and is a small piece. That is essentially a large dividend to shareholders probably sometime this year.
  • B
    Boyplunger
    Extended one day after the cc. Obviously, the cc will be completely downbeat to let shareholders know that 4.10 is an absolute gift that should be embraced.
  • G
    Green
    Emmis popping today due to the 10-Q filing. It shows $111 million in cash, or about $100 million in cash net of recourse debt. $100 million!
  • x
    xennox
    They basically scam common shareholders. They could have also tried to pump the puppy by generating public interest but instead they decided to take it eventually private for cents on the dollar. It will most certainly be traded on the OTC BB but expect prices much lower than now - and be completely left in the dark. They don't even want to publish their 10Q's and 10 k's anymore if I read it correct. Very shady, untrustworthy top management and board of directors if you ask me.
  • Y
    Yahoo Finance Insights
    EMMS is up 4.95% to 2.97
  • Y
    Yahoo Finance Insights
    EMMS is up 5.72% to 3.51
  • Y
    Yahoo Finance Insights
    EMMS is up 6.64% to 4.98
  • Y
    Yahoo Finance Insights
    EMMS is up 7.25% to 5.47
  • Y
    Yahoo Finance Insights
    EMMS is up 5.45% to 3.34
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