Shareholders of Emmis Communications, the Indianapolis company which owns two (soon to be four) radio stations in the Terre Haute market (see below), voted Tuesday to eliminate $34 million in unpaid dividends owed to the company's preferred shareholders.
The vote came following Friday's decision by U.S. District Court Judge Sarah Evans Barker to throw out the preferred shareholders' request for an injunction against Emmis.
Corre Opportunities Fund and other shareholders say that the elimination of the unpaid dividends sets the stage for Emmis' chairman, Jeff Smulyan, to take the company private. Smulyan has repeatedly denied that he plans to do so.
MORE READING:
- Indianapolis Business Journal - "Emmis vote strips preferred shareholders of dividends"
- Radio Ink - "Emmis shareholders approve all seven amendments"
EDITOR'S NOTE: In the Terre Haute market, Emmis currently owns WTHI-99.9 FM and WWVR-105.5 FM, and is in the process of purchasing WSDM-92.7 FM and WSDX-1130 AM from Crossroads Investments. That purchase was announced in late August. The company, which also has a publishing arm, also owns radio stations in Indianapolis; Austin, Tex.; St. Louis; New York and Los Angeles.
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