Emmis Communications (NASDAQ: EMMS) is a media conglomerate based in Indianapolis, Indiana. The company owns radio stations and magazines in the United States, Hungary, Slovakia and Bulgaria.
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In 1980 Emmis Broadcasting founder Jeffrey Smulyan purchased his first radio station, WSVL-FM Shelbyville, IN. In July 1981, Smulyan moved that radio station's tower and transmitter closer to Indianapolis, changed from country music to adult contemporary and renamed it WENS. The station's quick success led him to purchase other radio stations throughout the country.
Around 1984 the company bought Magic 106 in Los Angeles, California. Then L.A. Lakers player "Magic" Johnson was an early spokesperson for the station. In early 1986, Emmis changed Magic 106 to Power 106 KPWR. Also in 1986 the company's expansion grew as they purchased WAPP-FM (renamed WQHT) and WHN (now WEPN) in New York as well as WAVA-FM in Washington D.C. from the Doubleday Broadcasting Company.
Emmis took full advantage of the money-minded 1980's as it acquired five NBC radio stations in 1988 but sold two to avoid a duopoly.
Emmis purchased the Seattle Mariners in 1989 but sold them in 1992.
In 1994 the company purchased WIBC and WKLR in Indianapolis from the Horizon Broadcast Corporation and WRKS in New York City from the Summit Communications Group. WKLR was changed from an oldies format to a classic hits format with the call letters of WNAP in September 1994.
Emmis became a public company in 1994. The expansion continued as the company purchased numerous television and radio stations in the late 1990s.
Emmis Broadcasting changed its name to Emmis Communications and moved into its Monument Circle Indianapolis Headquarters in 1998.
In 2003 Emmis appointed its first black VP/General Manager, Barry Mayo. He oversaw 98.7 Kiss FM, Hot 97 and WQCD (CD 101.9), all in New York City. After 3 years in which the station moved behind Power 105.1 as the second-tier rap station in New York, Mayo announced his departure from this post in January 2006.
In 2005, Emmis changed the format of their first radio station from its long-term adult contemporary format to country. The call letters were changed from WENS to WLHK. Emmis was also named one of FORTUNE magazine's 100 Best Companies to Work For.
In 2006 Emmis flipped KZLA/Los Angeles to Adult Rhythmic Contemporary as "KMVN, Movin' 93.9." The move gives Emmis a companion station to complement KPWR. However, on April 15, 2009, KMVN switched to Spanish-language programming, KXOS, under a seven-year Local Marketing Agreement with Grupo Radio Centro of Mexico City.[1]
On June 9, 2009, Emmis announced it has formed a strategic alliance with StreamTheWorld, the radio industry's streaming technology and services company, to put all Emmis radio stations on a new streaming platform.[2]
On January 12, 2011, the share price of Emmis stock surged 42% as insiders speculated that the company could be close to selling off several of its radio stations. In their January, 2011 filing with the Securities and Exchange Commission, the company reported that it had the necessary cash to survive through February, 2011. "Absent asset sales, which the company is actively pursuing," Emmis attorneys stated in the regulatory filing, "the company believes it is unlikely it will be able to maintain compliance with the financial covenants after Sept. 1, 2011."[3]
Most of the controversies involving Emmis Communications have involved its stations in the New York City market. Among them:
Emmis Communications Corp. has a distinguished history of success based on developing innovative ways to touch consumers. From inventing “more music, less talk” radio in the 1970s, to launching the first Hip-Hop station in the country, Emmis Communications has always stretched the boundaries of traditional media while embracing the potential of new media.
In the early 1990s, Emmis Communications recognized the Internet as the ideal way for radio stations to extend brand and audience reach. Over the years to follow, Emmis Communications developed a highly flexible platform for interactive websites that provided an independent, growth-oriented revenue source. This platform, named Basestation, brought immediate positive response from consumers as well as advertisers and it was quickly apparent that this new business proposition works. On April 28, 2008 Emmis Interactive was born.
Now an independent company, Emmis Interactive offers its proprietary Basestation platform as well as consulting services to radio stations, magazines and affinity brands worldwide. With Basestation, brands no longer need to wonder how to realize the potential of a profitable online enterprise. Emmis Interactive’s business strategy team offers the tools, training and industry insight needed to build and cultivate an online profit center. They help in all stages of development from management guidance, to educating sales teams on the interactive space, to the technology to extend brands online.
Emmis Interactive provides the foundation for website design, but it is not a one-size-fits-all proposition. If thought of in terms of building a house, Basestation is the foundation that allows site function, the superstructure is your homepage and each windowpane opens to a room with a specialized function such as user generated content, community tools, gaming, videos and contests. Emmis Interactive custom builds each brand’s house, but the client fills each room with your own individual content and style.
Emmis Interactive enjoys developing innovative ways to engage consumers and sharing these fresh opportunities with clients around the world. Whether demonstrating how to market demographics/psychographics utilizing their visitor intelligence tools or how to integrate talent into an online promotion, they empower each client to create their own unique profitable future.
Current clients include: Astral Media, Renda Broadcasting, Greater Media, Corus Entertainment, Emmis Radio, and Lincoln Financial Media
The company owns Rádio Expres in Slovakia, Radio FM Plus, Radio Fresh and Star FM in Bulgaria and Sláger Rádió in Hungary, however Emmis Communications' Hungarian national radio station, Sláger, was taken off the air on 18/11/2009 because of the expiration of their broadcasting license. The license were given to another radio station, but Emmis went to court and they won the trial on 14/7/2010. Further details to be announced.
It also owns the following:
Emmis has announced on September 9, 2008 that it has teamed up with digital radio network WorldBand Media and will be using the "HD-3" subchannels to produce programming for the South Asian communities in Chicago (on WLUP), Los Angeles (on KPWR), and New York (on WQHT). It will include a combination of both local and international content and should be available by mid-October 2008.[4]
Emmis announced in May 2005 announced its intent to sell some or all of the sixteen television stations they owned at the time. In August 2005 sale of nine television stations were announced, as well as four more in October, an additional station in May 2006, another station in February 2007, and its final station in May 2008. Emmis no longer owns any television stations.
April 18, 2006: http://www.tvweek.com/news.cms?newsId=9791
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