The CEO of Emmis Communications Corp., which owns six Austin radio stations and Texas Monthly magazine, is leading a group of investors who are offering to buy the company.
The group, led by Jeff Smulyan, has offered $2.40 a share for Indianapolis-based Emmis, whose holdings include radio stations in several states and overseas, as well as local and regional magazines. The offer values the company at about $90 million. Smulyan’s company, JS Acquisition, and Alden Global Capital are teaming up on the offer.
Emmis’ revenue was down 23 percent, to $188.6 million, in the nine months that ended Nov. 30, according to securities filings.
The company owns 23 radio stations in the U.S., including in New York and Los Angeles, plus five more in Eastern Europe. Its Austin stations include KGSR-FM and KLBJ-FM and AM. Texas Monthly, which Emmis bought in 1998, is one of the company’s seven magazines. Smulyan would continue to run the company after a sale. Emmis shares closed Monday at $2.38, up 3.5 percent. They have doubled this year.