Securities And Exchange Commission
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
Amendment No. 8
Emmis Communications
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
291525103
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(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|X| Rule 13d-1 ( b)
|_| Rule 13d-1 ( c)
|_| Rule 13d-1 ( d)
The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page. The information in the remainder of
this cover page shall not be deemed to be "filed" for the purpose of Section 18
of the Securities and Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
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Cusip No. 291525103 13G
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Westport Asset Management, Inc. - 06-1087640
Westport Advisers LLC - 06-1497709
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2. Check the appropriate box if a member of a group*
(a) |_|
(b) |X|
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3. SEC Use Only
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4. Citizenship or Place or Organization
Connecticut
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Number of 5. Sole Voting Power
Shares
Beneficially 1,344,720
Owned By --------------------------------------------------------
Each 6. Shared Voting Power
Reporting
Person 2,883,656
With --------------------------------------------------------
7. Sole Dispositive Power
1,344,720
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8. Shared Dispositive Power
3,389,556
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9. Aggregate Amount Beneficially Owned by each Reporting Person
4,734,276
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10. Check Box if the aggregate amount in row (9) excludes certain shares |X|
17,400
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11. Percent of Class Represented by Amount in Row 9
9.19%
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12. Type of Reporting Person*
IA
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Item 1 (a) Name of Issuer:
Emmis Communications
Item 1 (b): Address of Issuer's Principal Executive Offices:
One Emmis Plaza
40 Monument Circle, Suite 700
Indianapolis, IN 46204
Item 2 (a): Name of Person Filing:
Westport Asset Management, Inc.
Item 2 (b): Address of Principal Business Office:
253 Riverside Avenue
Westport, CT 06880
Item 2(c): Citizenship:
Connecticut
Item 2(d): Title of Class of Securities:
Common Stock
Item 2 (e): CUSIP Number:
291525103
Item 3. If this stated is filed pursuant to Rules
13d-1(b), or 13d-2(b), check whether the
person filing is a:
(a) ( ) Broker or Dealer registered under Section
15 of the Act
(b) ( ) Bank as defined in Section 3(b)(6) of the
Act
(c) ( ) Insurance Company as defined in Section
3(a) (19) of the Act
(d) ( ) Investment Company registered under
Section 8 of the Investment Company Act
(e) (X) Investment Adviser registered under Section
203 of the Investment Advisors Act of 1940
(f) ( ) Employee Benefit Plan, Pension Fund which
is subject to the Provisions of the Employee
Retire- ment Income Security Act of 1974 or
Endowment Fund; see ss.240.13d-1(b)(1)(ii)(F)
(g) (X) Parent Holding Company, in accordance with
ss.240.13d-1(b)(ii)(G) (Note: See Item 7)
(h) ( ) Group in accordance with ss.240.13d-1(b)(1)
(ii)(H)
Item 4. Ownership.
(a) Amount Beneficially owned: 4,734,276 shares
(b) Percent of Class: 9.19%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
1,344,720
(ii) shared power to vote or to direct the vote:
2,883,656
(iii) sole power to dispose or to direct the
disposition of: 1,344,720
(iv) shared power to dispose or to direct the
disposition of: 3,389,556
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that
as of the date hereof the reporting person has ceased to be the beneficial owner
of more than five percent of the class of securities, check the following |_|
Item 6. Ownership of More than Five Percent on Behalf of Another
Person:
Westport Asset Management, Inc. is deemed to be a beneficial owner for purposes
of Rule 13 (d) since it has shared power to make decisions whether to retain,
dispose of the securities of many unrelated clients. Westport Asset Management,
Inc. does not, however, have an economic interest in the securities of those
clients. The clients are actual owners of the securities and have the sole right
to receive and the power to direct the receipt of dividends from or proceeds
from the sale of such securities. The Reporting Person disclaims beneficial
ownership of such shares and disclaims the existence of any group.
Employee (s) of Westport Asset Management, Inc. and Westport Advisers LLC,
("Employees") own 17,400 shares. Employee (s) own these shares in their personal
securities accounts. Westport Asset Management, Inc. disclaims beneficial
ownership of these shares since these shares were purchased with each
employee(s)' personal funds and each employee has exclusive dispositive voting
power over the shares held in their respective accounts.
Westport Asset Management, Inc. owns 50% of Westport Advisors LLC, which is also
an investment adviser registered under Section 203 of the Investment Advisors
Act of 1940. With regard to the shares set forth under Item 4. (c ) (ii),
Westport Asset Management Inc. and Westport Advisers LLC are deemed to be
beneficial owners for purposes of Rule 13 (d) since they both have shared power
to make decisions whether to retain or dispose and vote the securities. Westport
Advisers LLC serves as investment manager of The Westport Funds, mutual funds
which hold such shares in the ordinary course of their business not with the
purpose nor with the effect of changing or influencing the control of the
issuer.
Item 7. Identification and Classification of the Subsidiary
Which acquired the Security Being Reported on By the
Parent Holding Company.
Westport Asset Management, Inc. makes this filing pursuant to Rule 13D-1 (b)
(ii) (G) since it owns 50% of Westport Advisers LLC. Westport Asset Management,
Inc. is an investment advisor and Westport Advisors LLC is an investment advisor
for a Series of Public Mutual Funds.
Item 8. Identification and Classification of Members of the
Group.
N/A
Item 9. Notice of Dissolution of Group.
N/A
Item 10. Certification
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose of and do not
have the effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in any
transaction having such purpose or effect.
Disclaimer
The undersigned expressly declares that the filing of
this Schedule 13G shall not be construed as an admission that such person is,
for the purpose of Section 13(d) or 13(g) of the Securities Act of 1934, the
beneficial owner of any securities covered by this statement.
Signature. After reasonable inquiry and to the best of
my knowledge and belief, I certify that the information
set forth in this statement is true, complete and
correct.
Date February 14, 2005
Westport Asset Management, Inc.
By /s/ Andrew J. Knuth
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Andrew J. Knuth, Chairman