In Memo To Emmis Staff, Jeff Smulyan Rewards Full And Part-Time Employees With Bonuses
August 30, 2012 at 6:12 AM (PT)
EMMIS COMMUNICATIONS employees are receiving bonuses in their next paycheck. CEO JEFF SMULYAN emailed the company faithful, informing them all full-timers will be receiving a $1,000 bonus and all part-timers $250. In the memo, SMULYAN cited the money was "for their loyalty and dedication."
EMMIS recently sold Spanish Hits KXOS (EXITOS 93.9)/LOS ANGELES to GRUPO RADIO CENTRO for $85.5 million (NET NEWS 8/23). The company has also recently retired over $1.5 million in debt. SMULYAN noted in the e-mail that, "EMMIS is now a smaller, leaner company that can compete with its peers. We have emerged as on of the least leveraged companies in media."
Addressing the question "Is there a chance we will sell EMMIS, or conversely, go private?" SMULYAN wrote, "Those who know me know that I care deeply about this company, and I can't imagine doing anything else. While the new EMMIS may take some different approaches, the values of this company will remain. As for going private, while I never will say never, I believe we can keep EMMIS as a public company that can continue to outperform its peers in its current industries and can find innovative new ventures that will help propel us to a new level."