Emmis Announces Agreement to Form New Public Company with Standard General
Summary
INDIANAPOLIS, July 1, 2019 /PRNewswire/ -- Emmis Communications Corporation (Nasdaq: EMMS) today announced that it has signed an agreement to form a new public company, Mediaco Holding, with New York investment firm Standard General. "We look forward to continuing to manage two of the worlds most iconic radio brands in HOT 97 and WBLS and employ our award-winning New York team as we partner with Soo Kim and Standard General to form a new public company to invest in media opportunities. The transaction provides Emmis significant capital to aggressively pursue new business opportunities that align with our entrepreneurial spirit and management skills. Moelis & Company acted as an advisor in this transaction, and Taft Stettinius & Hollister LLP served as legal counsel to Emmis. Emmis also owns Indianapolis Monthly magazine and a controlling interest in Digonex, which provides dynamic pricing solutions across multiple industries.