defa14a
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
SCHEDULE 14A
Proxy Statement Pursuant to
Section 14(a) of the Securities
Exchange Act of 1934 (Amendment
No. )
Filed by the
Registrant þ
Filed by a Party other than the
Registrant o
Check the appropriate box:
o Preliminary
Proxy Statement
o Confidential,
for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
o Definitive
Proxy Statement
þ Definitive
Additional Materials
o Soliciting
Material Pursuant to
§240.14a-12
EMMIS COMMUNICATIONS CORPORATION
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)
Payment of Filing Fee (Check the appropriate box):
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No fee required.
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Fee computed on table below per Exchange Act
Rules 14a-6(i)(1)
and 0-11.
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Title of each class of securities to which transaction applies:
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Aggregate number of securities to which transaction applies:
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Per unit price or other underlying value of transaction computed
pursuant to Exchange Act
Rule 0-11
(set forth the amount on which the filing fee is calculated and
state how it was determined):
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Proposed maximum aggregate value of transaction:
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Fee paid previously with preliminary materials.
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Check box if any part of the fee is offset as provided by
Exchange Act
Rule 0-11(a)(2)
and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its
filing.
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(1)
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Amount Previously Paid:
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Form, Schedule or Registration Statement No.:
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For Immediate Release
Tuesday, July 6, 2010
Contact: Patrick M. Walsh
Ryan A. Hornaday
317-266-0100
Emmis Communications Commences Preferred Stock Exchange Offer
and Calls Special Shareholder Meeting
Indianapolis, IN (NASDAQ: EMMS) July 6, 2010 Emmis Communications Corporation (Emmis), an
Indiana corporation, announced that it has commenced an offer to exchange (the Exchange Offer)
any and all shares of Emmis outstanding 6.25% Series A Cumulative Convertible Preferred Stock (the
Existing Preferred Stock) for 12% PIK Senior Subordinated Notes due 2017 (the New Notes) at a
rate of $30.00 principal amount of New Notes for each $50.00 of liquidation preference (excluding
accrued and unpaid dividends) of Existing Preferred Stock. Emmis also announced a special
shareholders meeting to be held on Tuesday, August 3, 2010, at 6:30 p.m., local time, at One
Emmis Plaza, 40 Monument Circle, Indianapolis, Indiana 46204, for the purpose of voting on
amendments (the Proposed Amendments) to the terms of the Existing Preferred Stock.
The Exchange Offer is scheduled to expire at 5:00 p.m., New York City time on Tuesday, August 3,
2010, unless extended in accordance with its terms, and is subject to the conditions set forth in a
Proxy Statement/Offer to Exchange dated July 6, 2010. Copies of the Proxy Statement/Offer to
Exchange and the related letter of transmittal are being mailed to holders of Existing Preferred
Stock and are available without charge at www.sec.gov or from BNY Mellon Shareowner
Services in the manner described below under the heading Important Information.
In addition, Emmis has been informed that JS Acquisition, Inc., an Indiana corporation (JS
Acquisition) owned by Jeffrey H. Smulyan, the Chairman, Chief Executive Officer and President of
Emmis, is extending until 5:00 p.m., New York City time, on Tuesday, August 3, 2010, its offer (the
JS Acquisition Tender Offer) to purchase all of Emmis outstanding shares of Class A common stock
for $2.40 per share in cash in order to coordinate the timing of the deadlines of the JS
Acquisition Tender Offer and the Exchange Offer.
The completion of the Exchange Offer will be subject to certain conditions including, the approval
of the Proposed Amendments and the minimum number of shares of Class A common stock, which as of June
16, 2010 would equal 32.8% of the outstanding shares of Class A common stock, having been validly
tendered and not withdrawn in the JS Acquisition Tender Offer. Exchanging holders of Existing
Preferred Stock will not be entitled to receive any
dividends with respect to their exchanged shares, including unpaid dividends accumulated to date.
The Proposed Amendments will not become effective unless two thirds of the shares of Existing
Preferred Stock are voted in favor of the Proposed Amendments and more shares of Emmis common stock
are voted in favor of the Proposed Amendments than against. In addition, the Proposed Amendments
will not become effective unless all conditions precedent to the completion of the Exchange Offer
(other than the adoption and effectiveness of the Proposed Amendments) have been satisfied or
waived.
The Exchange Offer is not being made to holders of shares in any jurisdiction in which the making
or acceptance thereof would not be in compliance with the securities, blue sky or other laws of
such jurisdiction.
About Emmis
Emmis Communications Corporation is a diversified media company, principally focused on radio
broadcasting. Emmis operates the 8th largest publicly traded radio portfolio in the
United States based on total listeners. As of February 28, 2010, Emmis owns and operate seven FM
radio stations serving the nations top three markets New York, Los Angeles and Chicago,
although one of Emmis FM radio stations in Los Angeles is operated pursuant to a Local Marketing
Agreement whereby a third party provides the programming for the station and sells all advertising
within that programming. Additionally, Emmis owns and operates fourteen FM and two AM radio
stations with strong positions in St. Louis, Austin (Emmis has a 50.1% controlling interest in
Emmis radio stations located there), Indianapolis and Terre Haute, IN.
In addition to Emmis domestic radio properties, Emmis operates an international radio business and
publishes several city and regional magazines. Internationally, Emmis owns and operates national
radio networks in Slovakia and Bulgaria. Emmis publishing operations consists of Texas Monthly,
Los Angeles, Atlanta, Indianapolis Monthly, Cincinnati, Orange Coast, and Country Sampler and
related magazines. Emmis also engages in various businesses ancillary to Emmis broadcasting
business, such as website design and development, broadcast tower leasing and operating a news
information radio network in Indiana.
Emmis news releases and other information are available on the companys website at www.emmis.com.
IMPORTANT INFORMATION
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO PURCHASE
OR EXCHANGE OR THE SOLICITATION OF AN OFFER TO SELL OR EXCHANGE CLASS A COMMON STOCK, PREFERRED
STOCK, STOCK OPTIONS, RESTRICTED STOCK, DEBT OR OTHER SECURITIES OF EMMIS.
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JS ACQUISITION HAS COMMENCED AN OFFER TO PURCHASE SHARES OF CLASS A COMMON STOCK OF EMMIS (THE
TENDER OFFER) PURSUANT TO THE OFFER TO PURCHASE AND RELATED LETTER OF TRANSMITTAL, DATED JUNE 2,
2010 (TOGETHER WITH AMENDMENTS AND SUPPLEMENTS THERETO, THE TENDER OFFER DOCUMENTS) THAT WAS
FILED UNDER COVER OF A COMBINED SCHEDULE TO/13E-3 TRANSACTION STATEMENT WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION (THE SEC). THE TENDER OFFER DOCUMENTS HAVE BEEN DISTRIBUTED TO
EMMIS SHAREHOLDERS. THIS PRESS RELEASE IS NOT A SUBSTITUTE FOR THE TENDER OFFER DOCUMENTS.
IN CONNECTION WITH THE TENDER OFFER, EMMIS HAS COMMENCED AN OFFER TO ISSUE NEW 12% PIK SENIOR
SUBORDINATED NOTES DUE 2017 IN EXCHANGE FOR EMMIS 6.25% SERIES A CUMULATIVE CONVERTIBLE PREFERRED
STOCK (THE EXCHANGE OFFER). ALSO, IN CONNECTION WITH THE EXCHANGE OFFER AND THE TENDER OFFER,
EMMIS IS SOLICITING PROXIES (THE PROXY SOLICITATION) FROM ITS COMMON AND PREFERRED SHAREHOLDERS
TO VOTE IN FAVOR OF CERTAIN PROPOSED AMENDMENTS TO EMMIS ARTICLES OF INCORPORATION. THE EXCHANGE
OFFER AND PROXY SOLICITATION HAVE BOTH COMMENCED PURSUANT TO A DEFINITIVE OFFER TO EXCHANGE,
DEFINITIVE PROXY STATEMENT AND THEIR RESPECTIVE LETTERS OF TRANSMITTAL AND OTHER RELATED MATERIALS,
DATED JULY 6, 2010 (TOGETHER WITH AMENDMENTS AND SUPPLEMENTS THERETO, THE EXCHANGE OFFER
DOCUMENTS, AND COLLECTIVELY WITH THE TENDER OFFER DOCUMENTS, THE DISCLOSURE DOCUMENTS) THAT WERE
FILED UNDER COVER OF A COMBINED SCHEDULE TO/ SCHEDULE 13E-3 TRANSACTION STATEMENT WITH THE SEC. THE
EXCHANGE OFFER DOCUMENTS HAVE BEEN DISTRIBUTED TO EMMIS SHAREHOLDERS, AND THIS PRESS RELEASE IS
NOT A SUBSTITUTE FOR THE EXCHANGE OFFER DOCUMENTS.
SHAREHOLDERS AND INVESTORS SHOULD READ CAREFULLY THE DISCLOSURE DOCUMENTS BECAUSE THEY CONTAIN
IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO THE TENDER OFFER, THE
EXCHANGE OFFER AND THE PROXY SOLICITATION (THE TRANSACTIONS). INVESTORS MAY OBTAIN FREE COPIES OF
THE DISCLOSURE DOCUMENTS, INCLUDING THE LETTERS OF TRANSMITTAL, AT THE SECS WEB SITE AT
WWW.SEC.GOV. IN ADDITION, COPIES OF THE DISCLOSURE DOCUMENTS, INCLUDING THE LETTERS OF TRANSMITTAL,
MAY BE OBTAINED FOR FREE BY DIRECTING SUCH REQUESTS TO BNY SHAREOWNER SERVICES, THE INFORMATION
AGENT FOR THE TRANSACTIONS, AT 1-866-301-0524. SHAREHOLDERS ARE URGED TO CAREFULLY READ THESE
MATERIALS PRIOR TO MAKING ANY DECISION WITH RESPECT TO THE TRANSACTIONS.
EMMIS AND ITS DIRECTORS AND OFFICERS AND OTHER MEMBERS OF MANAGEMENT AND EMPLOYEES MAY BE DEEMED TO
BE PARTICIPANTS IN THE SOLICITATION OF PROXIES. INFORMATION REGARDING EMMIS DIRECTORS AND
EXECUTIVE OFFICERS IS DETAILED IN ITS PROXY STATEMENTS AND ANNUAL
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REPORTS ON FORM 10-K. SUCH INFORMATION IS ALSO CONTAINED IN THE EXCHANGE OFFER DOCUMENTS.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release includes information that could constitute forward-looking statements made
pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, among others, statements about Emmis beliefs, plans,
objectives, goals, expectations, estimates and intentions that are subject to significant risks and
uncertainties and are subject to change based on various factors, many of which are beyond our
control. The words may, could, should, would, believe, anticipate, estimate,
expect, intend, plan, target, goal, and similar expressions are intended to identify
forward-looking statements. All forward-looking statements, by their nature, are subject to risks
and uncertainties. Although Emmis believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, Emmis actual results could differ materially
from those described in the forward-looking statements.
Emmis ability to achieve its objectives could be adversely affected by the factors discussed in
its Annual Report on Form 10-K, as amended, for the fiscal year ended February 28, 2010 and
Definitive Proxy Statement/Offer to Exchange filed with the SEC on July 6, 2010, as well as, among
others: (1) the occurrence of any event, change or other circumstances that could give rise to the
inability to complete the proposed transactions described above due to the failure to satisfy the
conditions required to complete the proposed transactions, (2) the outcome of any legal proceedings
that have been and may be instituted against Emmis and others following announcement of the
proposed transactions, (3) the ability to recognize the benefits of the proposed transactions, (4)
the amount of the costs, fees, expenses and charges related to the proposed transactions, (5)
general industry conditions such as the competitive environment, (6) regulatory matters and risks,
(7) legislative developments, (8) changes in tax and other laws and the effect of changes in
general economic conditions, (9) the risk that a condition to closing of the proposed transactions
may not be satisfied, and (10) other risks to consummation of the proposed transactions, including
the risk that the proposed transactions will not be consummated within the expected time period.
Many of the factors that will determine the outcome of the subject matter of this press release are
beyond Emmis ability to control or predict. Emmis undertakes no obligation to revise or update any
forward-looking statements, or to make any other forward-looking statements, whether as a result of
new information, future events or otherwise, except as otherwise required by law. Additional
information regarding these risk factors and uncertainties is detailed from time to time in Emmis
filings with the SEC, including but not limited to its Annual Report on Form 10-K, as amended, for
the fiscal year ended February 28, 2010 and Definitive Proxy Statement/Offer to Exchange filed with
the SEC on July 6, 2010. These filings are also available for viewing on Emmis website. To access
this information on Emmis website, please visit www.emmis.com and click on Investors, SEC
Filings.
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