Emmis Buys Back More Stock
August 8, 2007 at 3:42 PM (PT)
EMMIS COMMUNICATIONS' Board of Directors has signed off a Common Stock buyback of an aggregate value of $50 million. Purchases are expected to be financed through cash flows from operations and borrowings under EMMIS' existing credit facility.
The INDIANAPOLIS-based media group, led by JEFF SMULYAN, has made at least two attempts to take the company private. It is not yet known whether this buyback would make it easier for such a move to take place.