1190 New York

Jeff Smulyan’s Emmis Privatization Offer Expires

After multiple extensions Jeff Smulyan is letting his $4.10 per share privatization offer for Emmis Communications expire. This was Smulyan’s third attempt to repurchase all outstanding shares of the company since 2006. In a letter to the company’s board of directors Smulyan wrote, “I am sorry we could not reach an agreement on the valuation. I look forward to continuing to work with you as we move Emmis forward as a public company.” When the offer was first made in August, the board also had authorized management to sell off non-core assets. The first two of those deals were announced this week with the $5.2 million divestiture of the company’s Terre Haute radio stations and $25 million sale of Texas Monthly magazine. The company still intends to sell Gospel ...[Read More]

Deon Levingston Out As Emmis NY Market Manager; Others Too?

Emmis New York Market Manager/GM Deon Levingston has exited the company following the expiration of his contract at the end of 2015. Levingston joined Emmis in February 2014 as part of the company’s purchase of WBLS and WLIB New York from YMF Media where he had served as VP and GM for the stations under YMF and Inner City Broadcasting’s ownership. He also served as President of YMF from October 2013 until joining Emmis. In addition to Levingston, we have heard that other employees across the company on the upper end of the pay scale will not have their contracts renewed as they come up for renewal. Like Cumulus, Emmis has been issued a delisting warning from NASDAQ for its stock not rising above a $1 per share for a month straight. Emmis has until June 7, 2016 to come into comp...[Read More]

Emmis Acquires WBLS & WLIB New York

Emmis Broadcasting has acquired YMF Media’s Urban AC 107.5 WBLS and Gospel 1190 WLIB New York for $131 Million. The duo, which will join Urban “Hot 97” 97.1 WQHT in Emmis’ New York cluster, were the final properties held by YMF Media after its absorbing of the former Inner City Broadcasting. Emmis also owns 98.7 WEPN-FM, which is operated by ESPN as part of a longterm lease agreement. Both WBLS and WLIB have operated out of the Emmis New York studios since the deal that gave YMF the intellectual property of “98.7 Kiss-FM” WRKS as part of the 98.7 lease. The purchase will be made in two installments. $55 Million due when the sale is approved by the FCC and $76 Million in February 2015. Emmis will pay a $1.275 Million per month LMA fee until the first purc...[Read More]

What’s Happening With YMF Media?

Two recent developments have us wondering if Yucaipa Investments and Magic Johnson are winding down their YMF Media holdings. YMF has sold their brokered Chinese 1400 KVTO Berkeley/San Francisco and brokered Vietnamese 1430 KVVN Santa Clara/San Jose to Pham Radio Communication for $6 Million. Earlier this week Tom Taylor reported in his daily Tom Taylor Now newsletter that Larry Wilson’s L&L Broadcasting has signed a letter of intent to acquire YMF’s Columbia, SC and Jackson, MS stations. YMF owns five stations in Columbia and six in Jackson. Those deals would leave YMF with just a pair of stations. Urban AC 107.5 WBLS and Gospel 1190 WLIB New York. YMF Media was formed in 2011 by Ron Burkle’s Yucaipa Companies and Magic Johnson’s Johnson Capital Investment to ...[Read More]