Emmis Retains Legal And Financial Counsel In Response To Smulyan's Buyout Proposal

The special committee of EMMIS COMMUNICATIONS' board of directors has retained DAVIS POLK & WARDWELL as its legal counsel, BARNES & THORNBURG as its INDIANA legal counsel and MORGAN STANLEY & CO. and LAZARD FRÈRES & CO. as its financial advisors in connection with Chairman and CEO JEFF SMULYAN's previously reported (NET NEWS 5/8) proposal to buy all outstanding public shares of the company for $15.25 per share in cash. No timetable has been set by EMMIS or the special committee to respond to the proposal, and the company offers no assurance that any agreement will be executed or that the proposed transaction or any other transaction will be approved or completed in the wake of the above developments.

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