Emmis Communications Corp (EMMSP)

Emmis Communications Corporation is a media company, mainly focused on radio broadcasting. The Company operates the 8th largest publicly traded radio portfolio in the United States based on total listeners. The Company owns and operates owns 18 FM and two AM radio stations in New York, Los Angeles, St. Louis, Austin, Indianapolis and Terre Haute, IN. One of its FM radio stations in Los Angeles and one of its FM radio stations in New York are operated pursuant to Local Marketing Agreements (LMA's) whereby third parties provide the programming for the stations and sell all advertising within that programming. In addition to its domestic radio properties, it operates an international radio business and publishes several city and regional magazines. Internationally, it owns and operates national radio networks in Slovakia and Bulgaria. Its publishing operations consist of Texas Monthly, Los Angeles, Atlanta, Indianapolis Monthly, Cincinnati, Orange Coast, and Country Sampler and related magazines. It is also engaged in various businesses ancillary to its broadcasting business, such as website design and development, digital sales consulting and operating a news information radio network in Indiana. Radio broadcasting stations compete with the other broadcasting stations in their respective market areas, as well as with other advertising media such as newspapers, cable, magazines, outdoor advertising, transit advertising, the Internet and direct marketing. Radio broadcasting in the United States is subject to the jurisdiction of the FCC under the Communications Act of 1934 (the 'Communications Act'), as amended in part by the Telecommunications Act of 1996 (the '1996 Act').