Brief: Emmis Announces Agreement To Form New Public Company With Standard General

Emmis

01/07/2019 15:15

July 1 (Reuters) - Emmis Communications Corp  EMMS.O :
    * EMMIS ANNOUNCES AGREEMENT TO FORM NEW PUBLIC COMPANY WITH
STANDARD GENERAL
    * EMMIS COMMUNICATIONS CORP - EMMIS WILL RECEIVE $91.5
MILLION IN
CASH, A $5 MILLION NOTE RECEIVABLE, AND 23.72% OF COMMON EQUITY
OF MEDIACO.
    * EMMIS COMMUNICATIONS CORP - NEWLY FORMED MEDIACO HOLDING
TO
PURCHASE NEW YORK'S WBLS AND HOT 97 FROM EMMIS
    * EMMIS COMMUNICATIONS CORP - MEDIACO WILL BE A PUBLIC
COMPANY
EXPECTED TO BE LISTED ON NASDAQ, AND EMMIS WILL REMAIN A
SEPARATE PUBLIC COMPANY, AS WELL.
    * EMMIS COMMUNICATIONS CORP - EMMIS WILL RECEIVE $91.5
MILLION IN
CASH, A $5 MILLION NOTE RECEIVABLE, AND 23.72% OF COMMON EQUITY
OF MEDIACO
    * EMMIS COMMUNICATIONS CORP - WILL DISTRIBUTE THIS COMMON
EQUITY
OF MEDIACO PRO RATA TO ITS SHAREHOLDERS IN A TAXABLE DIVIDEND
    * EMMIS COMMUNICATIONS CORP - EMMIS WILL DISTRIBUTE COMMON
EQUITY
OF MEDIACO PRO RATA TO ITS SHAREHOLDERS IN A TAXABLE DIVIDEND.
    * EMMIS COMMUNICATIONS CORP - JEFF SMULYAN WILL BE CHIEF
EXECUTIVE
OFFICER OF MEDIACO
    * EMMIS COMMUNICATIONS CORP - EMMIS WILL REMAIN ACTIVE IN
MANAGEMENT OF WBLS AND HOT 97
    * EMMIS COMMUNICATIONS CORP - JEFF SMULYAN WILL CONTINUE TO
SERVE
AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF EMMIS
    * EMMIS COMMUNICATIONS CORP - STANDARD GENERAL WILL APPOINT
A
MAJORITY OF BOARD OF DIRECTORS OF MEDIACO
    * EMMIS COMMUNICATIONS CORP - STANDARD GENERAL WILL APPOINT
A
MAJORITY OF BOARD OF DIRECTORS OF MEDIACO
    * EMMIS COMMUNICATIONS CORP - SOOHYUNG KIM, CEO, MANAGING
PARTNER
AND CHIEF INVESTMENT OFFICER OF STANDARD GENERAL L.P., WILL BE
CHAIRMAN OF MEDIACO
    * EMMIS COMMUNICATIONS - SOOHYUNG KIM WILL BE CHAIRMAN OF
MEDIACO.
    * EMMIS COMMUNICATIONS CORP - NO PERSONNEL CHANGES ARE
PLANNED
    * EMMIS COMMUNICATIONS- ALL NEW YORK EMPLOYEES WILL CONTINUE
TO BE
EMMIS EMPLOYEES WITH EMMIS BENEFITS AS PART OF EMPLOYEE LEASING
AGREEMENT WITH MEDIACO

Source text for Eikon:  ID:nPn3dN1P2a 
Further company coverage:  EMMS.O 

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