Emmis Corporation, previously known as Emmis Communications, will go private after a shareholder meeting today.
Shareholders voted overwhelmingly to approve changing the company’s articles of incorporation.
The transition will not be a fast one, as the company will reacquire its stock at growing prices over a three-year period. Shares will be redeemed at price points growing from $6 per share in 2023, $6.50 in 2024, and $7.25 in 2025.
Company founder Jeff Smulyan owns all of the group’s Class B common stock. He has also agreed to not block the liquidation of his stock if all of the Class A stock hasn’t been acquired by August 2026.
“I am grateful to the Emmis shareholders for their tremendous support of our proposal to amend our articles of incorporation, which will give us the opportunity to return significant capital, invest in our current businesses, and seek new ventures,” Smulyan said in a statement.
