Jeff Smulyan Talks About Alden's Pullout From Emmis Buyout
September 23, 2010 at 4:18 AM (PT)
In a NEW YORK TIMES article about ALDEN GLOBAL CAPITAL's possible bid to buy the PHILADELPHIA INQUIRER and PHILADELPHIA DAILY NEWS, EMMIS Chairman and CEO JEFF SMULYAN takes a couple of shots at ALDEN principal RANDY SMITH in the wake of ALDEN walking away from the deal to buy out EMMIS.
SMULYAN tells the TIMES of SMITH and his partners, "They had a vision for media -- not a fully formed vision, but they said they had a big interest in the industry."
But after SMITH agreed to the EMMIS deal, SMULYAN said, "They just disappeared" after his company JS ACQUISITION spent tens of millions of dollars in fees, including a special $10 million fee to ALDEN for cutting a deal with holdout preferred stock holders. "It's like RANDY SMITH woke up one day and said, 'We don't like this sector; kill the deal.'"
The report says ALDEN has yet to respond to SMULYAN's suit.