When asked why he's taking his company, Emmis Communications private, here's how Founder, Chairman/CEO Jeff Smulyan responded: "Because I would rather be private than public if it's humanly possible. It's hard to be a public broadcasting entity these days. Wall Street doesn't love us. They don't love radio, they certainly don't love newspapers and magazines." Smulyan got his wish with the announcement that Emmis has signed a definitive merger agreement under which his new company JS Acquisitions, will take the company private. Smulyan who expanded Emmis Communications into the broadcast TV business in 1998 only to disband it all just a few years later, recently predicted that radio is about to experience a renaissance...
Smulyan explained his renaissance prediction by saying that "People are going to realize that the terrestrial distribution mechanism is an incredibly efficient distribution system. The thing we have in radio that we don't have in TV is, we have that one-to-everyone link that's efficient. There's no filters, there's no third party, there's no satellite, there's no cable." One of Smulyan's goals is to get FM receivers in all mobile devices, "It's pretty much becoming ubiquitous around the world. There have probably been a billion cell phones sold around the world with radios in them. We're making great progress here, having gotten great interest from the FCC and Congress about the issue." ...
Smulyan's attempt to take Emmis private won't go unchallenged. When making his plans known in April, at least half a dozen law firms were planning to investigate the impact on shareholders, and two suits have been filed, claiming the share price (the cash tender is $2.40 a share for common stock and an exchange offer of notes due 2017 for preferred stock) is too low. Shares at closing yesterday were $2.14 per share...
10 Timeline Memories:
1.1868] Acquittal: President Andrew Johnson is acquitted (by 1 vote) of all charges in his impeachment trial...
2.1896] How now Dow Jones?: The Dow is published for the 1st time with the average price of the 11 initial stocks at $40.94, a bloody fortune in 1896...
3.1959] Wake me up before you throw-throw: The word "Frisbee" becomes a registered trademark of Wham-O...
4.1959] No one's perfect: Harvey Haddix of the Pirates pitches 12 perfect innings but loses in the 13th on the 1st hit he gives up - a Joe Adcock home run...
5.1972] Can you pass the SALT?: SALT 1 is signed by the U.S. and USSR putting a freeze on the testing and deployment of land and sub based ICBMs and ballistic missiles for 5 years...
6.1977] Who needs Spiderman: George H. Willig is arrested after he scales the South Tower of the WTC in 3 1/2 hours (or about the time it takes to get crosstown)... 7.1978] You can bet on it: The first legal casino in the eastern U.S. opens in Atlantic City...
8.1994] And somewhere Elvis is kvelling: Michael Jackson and Lisa Marie Presley secretly wed in the Dominican Republic. They divorce 19 months later. I wish they would've kept it a secret from us...
9.1998] Now you tell us: The Supreme Court rules that Ellis Island, historic gateway for millions of immigrants, is mainly in New Jersey, not New York...
10.2004] Guilty as charged: Terry Nichols is found guilty of 161 state murder charges for helping carry out the Oklahoma City bombing. He receives 161 consecutive life sentences. Not enough for that crime...
Music Memories:
•1959] #1 on this date: "The Battle of New Orleans" - Johnny Horton...1970] "Everything is Beautiful" - Ray Stevens...1980] "Funkytown" - Lipps, Inc...
•1965] On Shindig!: The Rolling Stones, Jackie DeShannon, Sonny & Cher and Jimmy Rodgers...
•1973] Released on this date: "Smoke On The Water" - Deep Purple...
"Happy Birthday...happy birthday":
Lenny Kravitz (46), Bobcat Goldthwait (48), 'Miami Vice's' Philip Michael Thomas (61), Hank Williams Jr. (61), Stevie Nicks (62), Levon Helm (70), Brent Musburger (71) and James Arness (87)...
Timeline Countdown: 5 days until Memorial Day, 10 days until the Belmont Stakes, 25 days until Father's Day & 26 days until summer...
