Emmis Communications: Soars after deal with Standard General to form new co

Emmis

01/07/2019 17:22

** Radio station operator's shares  EMMS.O  jump as much as
42% to their four-year high of $6.75
    ** Emmis announces deal to form a new public co with
investment firm Standard General  urn:newsml:reuters.com:*:nPn3dN1P2a
    ** Emmis to get $91.5 mln in cash, a $5 mln note receivable,
and 23.72% of common equity of the new company
    ** The newly formed Mediaco Holding to purchase two of
EMMS's New York radio properties WBLS-FM and WQHT-FM (HOT 97)
    ** Mediaco will be listed on NASDAQ, EMMS will remain a
separate public company
    ** Including sessions gains, EMMS has risen 81.5% this year
after a fall of ~10% in 2018

 (Reporting by Sayanti Chakraborty in Bengaluru)
 ((RM: sayanti.chakraborty.thomsonreuters.com@reuters.net))