[opendtv] News: Emmis Sales Top Expectations

http://www.broadcastingcable.com/article/CA6250387.html?display=Breaking+News&referral=SUPP

Emmis Sales Top Expectations

By John M. Higgins -- Broadcasting & Cable, 8/22/2005 6:30:00 PM


In a move that should cheer the station market, prices on the 
properties being liquidated by Emmis Broadcasting are coming in 
higher than analysts expected.

The $681 million sale price for nine Emmis stations totals around 14 
times trailing cash flow (the previous 12 months), higher than the 
11-12 times Wall Street had expected.

Given the full valuation on these smaller stations, we expect even 
more upside on the forthcoming announcement for Emmis' top stations 
in Orlando, Portland and New Orleans," says Merrill Lynch 
broadcasting analyst Larranie Mancini. Emmis has a total of 16 
stations and has them all on the block.

Not surprisingly, Emmis CEO Jeff Smulyan told B&C he was pleased with 
the prices, adding that investors shouldn't read anything into the 
structure of the current deals, which involved only small-market 
stations in places like Mobile.

"There was interest in everything; it's a function of timing, lawyers 
and other factors," he said. He expects to reach deals for the 
remaining stations over the next few months.
 
 
----------------------------------------------------------------------
You can UNSUBSCRIBE from the OpenDTV list in two ways:

- Using the UNSUBSCRIBE command in your user configuration settings at 
FreeLists.org 

- By sending a message to: opendtv-request@xxxxxxxxxxxxx with the word 
unsubscribe in the subject line.

Other related posts: