Emmis' radio net revenues for the first fiscal quarter were $26.4 million, which is flat as compared to the prior year. Pro forma for radio station divestures, Emmis' first quarter radio revenues as reported to Miller Kaplan, which excludes barter revenues and syndication revenues, were up 3%, which matched the 3% growth in Emmis' markets.
Subsequent to the first quarter's end, Emmis announced an agreement to sell its controlling interest in a partnership that owns and operates six Austin radio stations and two FM translators to Sinclair Telecable, Inc. Additionally, Emmis announced an agreement to form a new public company, Mediaco (MCCC), with New York investment firm Standard General. Mediaco will purchase WBLS-FM and WQHT-FM (HOT 97) from the company, but Emmis will continue to manage operations of the stations.
 |
| Jeff Smulyan |
"In the past 14 years, we've paid off more than $1.3 billion of debt while making the conscious decision to take our entrepreneurial skills and transition Emmis into new areas of growth. We believe that this fiscal year will reveal a new Emmis, and I couldn't be more excited," Jeff Smulyan, CEO & Chairman of the Board of Emmis said.
"Looking ahead, Emmis' radio net revenues for its second fiscal quarter are currently pacing up double digits, largely thanks to a record-breaking HOT 97 Summer Jam concert in New York. Due to hard work and superior execution by our New York team, coupled with a terrific artist lineup, ticket revenue was the strongest in the 26-year history of Summer Jam. We are also seeing a nice strengthening in advertising sales overall, which points to an outstanding quarter ahead," Smulyan added.
No comments:
Post a Comment