More Radio Deconsolidation
Clear Channel Communications earned the splashy headlines with news of its strategic realignment, but it’s not the only media company moving toward deconsolidation of assets.
Emmis Communications Corp. announced it plans to sell its 16 television stations, which analysts value at $1 billion.
In addition, it will buy back more than 20 million shares of stock, according to The Wall Street Journal. The move mirrors that of Clear Channel, which is in the process of buying back $1 billion of its shares.
Emmis owns 25 radio stations – a far cry from Clear Channel’s 1,200-plus – but their locations in the biggest markets makes Emmis one of the nation’s largest radio groups by revenue.
Viacom, owner of No. 2 Infinity Radio, recently announced it, too, is rearranging assets and may spin off its radio and television holdings.