UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ___)*
EMMIS COMMUNICATIONS CORPORATION
--------------------------------
(Name of Issuer)
Common Stock, $.01 par value per share
------------------------------------------
(Title of Class of Securities)
291525103
------------------
(CUSIP Number)
Mark D. Lerner
Chesapeake Partners Management Co., Inc.
2800 Quarry Lake Drive, Suite 300
Baltimore, MD 21209
(410) 602 0195
---------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 10, 2007
----------------------
(Date of Event which Requires Filing of this Statement)
If the filing Persons has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this statement because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
* 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 required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities 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).
SCHEDULE 13D
CUSIP No.: 291525103 Page 2 of 11 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
CHESAPEAKE PARTNERS MANAGEMENT CO., INC
.................................................................................
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Source of Funds (See Instructions)
WC
.................................................................................
5. Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
[ ]
.................................................................................
6. Citizenship or Place of Organization
MARYLAND
.................................................................................
Number of 7. Sole Voting Power None
Shares ..............................................................
Beneficially 8. Shared Voting Power 2,247,065
Owned by Each ..............................................................
Reporting 9. Sole Dispositive Power None
Person With ..............................................................
10. Shared Dispositive Power 2,247,065
.................................................................................
11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,247,065
.................................................................................
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
[ ]
.................................................................................
13. Percent of Class Represented by Amount in Row (11)
7.4% based on 30,539,745 shares outstanding as of October 4, 2007.
.................................................................................
14. Type of Reporting Person:
CO
SCHEDULE 13D
CUSIP No.: 291525103 Page 3 of 11 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
MARK D. LERNER
.................................................................................
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Source of Funds (See Instructions)
WC
.................................................................................
5. Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
[ ]
.................................................................................
6. Citizenship or Place of Organization
United States of America
.................................................................................
Number of 7. Sole Voting Power None
Shares ..............................................................
Beneficially 8. Shared Voting Power 2,247,065
Owned by Each ..............................................................
Reporting 9. Sole Dispositive Power None
Person With ..............................................................
10. Shared Dispositive Power 2,247,065
.................................................................................
11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,247,065
.................................................................................
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
[ ]
.................................................................................
13. Percent of Class Represented by Amount in Row (11)
7.4% based on 30,539,745 shares outstanding as of October 4, 2007.
.................................................................................
14. Type of Reporting Person:
HC; IA
SCHEDULE 13D
CUSIP No.: 291525103 Page 4 of 11 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
TRACI J. LERNER
.................................................................................
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Source of Funds (See Instructions)
WC
.................................................................................
5. Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
[ ]
.................................................................................
6. Citizenship or Place of Organization
United States of America
.................................................................................
Number of 7. Sole Voting Power None
Shares ..............................................................
Beneficially 8. Shared Voting Power 2,247,065
Owned by Each ..............................................................
Reporting 9. Sole Dispositive Power None
Person With ..............................................................
10. Shared Dispositive Power 2,247,065
.................................................................................
11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,247,065
.................................................................................
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
[ ]
.................................................................................
13. Percent of Class Represented by Amount in Row (11)
7.4% based on 30,539,745 shares outstanding as of October 4, 2007.
.................................................................................
14. Type of Reporting Person:
HC; IA
Page 5 of 11 Pages
This Statement on Schedule 13D relates to shares of Class A common
stock, par value $.01 per share (the "Shares"), of Emmis Communications
Corporation, an Indiana corporation (the "Company"):
Item 1. Security and Issuer
The class of equity securities to which this statement on Schedule
13D relates to is the Shares. The address of the principal executive office of
the Company is One Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis,
Indiana 46204.
Item 2. Identity and Background
(a), (b) and (c) This statement is being filed by Chesapeake Partners
Management Co., Inc. ("CPMC"), Mark D. Lerner ("Mr. Lerner") and Traci J.
Lerner ("Ms. Lerner" and collectively with CPMC and Mr. Lerner, the "Reporting
Persons"). The address of the principal business and principal office of the
Reporting Persons is 2800 Quarry Lake Drive, Suite 300, Baltimore, MD 21209.
This Statement relates to the Shares (as defined herein) held for the
accounts of each of Chesapeake Partners Limited Partnership, a Maryland
limited partnership ("CPLP"); and Chesapeake Partners International Ltd., a
Cayman Islands exempted company ("CPINTL"). CPMC serves as investment manager
to each of CPLP and CPINTL. CPMC also serves as the General Partner of CPLP.
Mr. Lerner and Ms. Lerner are officers of CPMC. In such capacities, each of
CPMC, Mr. Lerner and Ms. Lerner may be deemed to have voting and dispositive
power over the Shares held for each of CPLP and CPINTL.
(d) None of the Reporting Persons have, during the last five years,
been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) None of the Reporting Persons have, during the last five years,
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction which resulted in a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violations with respect to
such laws.
(f) Mr. Lerner and Ms. Lerner are citizens of the United States of
America.
Item 3. Source and Amount of Funds or Other Consideration
All Shares acquired by the Reporting Persons were purchased for the
account of CPLP and CPINTL. The aggregate purchase price for the Shares that
the Reporting Persons may be deemed to beneficially own is approximately
$19,184,345. The source of funds for these acquisitions have come from the
working capital of these accounts.
The securities held for CPLP and CPINTL may be held through margin
accounts maintained with brokers, which extend margin credit as and when
required to open or carry positions in their margin accounts, subject to
applicable federal margin regulations, stock exchange rules and such firms'
credit policies. The positions which may be held in the margin accounts are
pledged as collateral security for the repayment of debit balances in the
respective accounts.
Item 4. Purpose of Transaction
Page 6 of 11 Pages
The Reporting Persons acquired the Shares for investment purposes,
and such purchases have been made in the Reporting Persons' ordinary course of
business. The Reporting Persons expect to review from time to time their
investment in the Company and may, depending on the market and other
conditions: (i) purchase additional Shares, options or related derivatives in
the open market, in privately negotiated transactions or otherwise and (ii)
sell all or a portion of the Shares, options or related derivatives now
beneficially owned or hereafter acquired by them.
Also, consistent with their investment intent, the Reporting Persons
may engage in communications with, without limitation, one or more
shareholders of the Company, one or more officers of the Company and/or one or
more members of the board of directors of the Company regarding the Company,
including but not limited to its operations, governance and control.
Except as set forth above, none of the Reporting Persons has any
plans or proposals which relate to, or could result in, any of the matters
referred to in paragraphs (a) through (j), inclusive, of the instructions to
Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time
to time, review or reconsider their position and/or change their purpose
and/or formulate plans or proposals with respect thereto.
Item 5. Interest in Securities of the Issuer
(a) and (b) Based on the Company's Quarterly Report on Form 10-Q,
filed October, 9, 2007, as of October 4, 2007, there were 30,539,745 Shares
outstanding. Each of the Reporting Persons may be deemed to beneficially own
the aggregate number of Shares set forth in the table below:
Percentage of Class
Reporting Persons Number of Shares Outstanding
----------------- ---------------- -------------------
CPMC 2,247,065 7.4%
Mr. Lerner 2,247,065 7.4%
Ms. Lerner 2,247,065 7.4%
This amount consists of (A) 1,171,664 Shares held for the account of
CPLP, and (B) 1,075,401 Shares held for the account of CPINTL. The Reporting
Persons have sole power to vote, direct the vote, dispose of or direct the
disposition of the Shares that they beneficially own.
(c) Except for the transactions listed on Annex A hereto, all of
which were effected in the over-the-counter market in routine brokerage
transactions, there have been no transactions with respect to the Shares since
August 18, 2007 (60 days prior to the date hereof) by any of the Reporting
Persons.
(d) No person other than the Reporting Persons is known to have the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the Shares.
(e) Not applicable.
The filing of this Schedule 13D shall not be construed as an
admission that the Reporting Persons are, for purposes of Section 13(d) or
13(g) of the Act, the beneficial owner of any securities covered by this
Schedule 13D.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to the Securities of the Issuer.
Page 7 of 11 Pages
Pursuant to Rule 13d-1(k) promulgated under the Exchange Act, the
Reporting Persons have entered into a Joint Filing Agreement attached hereto
as Exhibit A, with respect to the joint filing of the Schedule 13D and any
amendment or amendments thereto.
The Reporting Persons may from time to time enter into and unwind
cash settled equity swaps, exchange traded "over-the-counter" puts and calls,
warrants, forward purchase or sale transactions, future transactions, cap
transactions, floor transactions, collar transactions, or other options or
derivative or risk management transactions with respect to the Shares. The
return on such contracts may be wholly or partially dependent on the market
value of the Shares, the relative value of the Shares in comparison to one or
more other financial instruments, indexes, securities, baskets or groups of
securities in which Shares may be included, currencies, commodities, bonds,
equity securities, loans, interest rates, catastrophe events, weather-related
events, credit-related events or conditions or any index or other similar
transaction (including any option with respect to any of these transactions)
or any combination of these transactions with one or more counterparties.
From time to time, each of the Reporting Persons may lend portfolio
securities to brokers, banks and other financial institutions. These loans
typically obligate the borrower to return the securities, or an equal amount
of securities of the same class, to the lender and typically provide the
borrower is entitled to exercise voting rights and to retain dividends during
the term of the loan.
From time to time, to the extent permitted by applicable law, each of
the Reporting Persons may borrow securities, including Shares, for the purpose
of effecting, and may effect, short sale transactions, and may purchase
securities for the purpose of closing out short sale positions in such
securities.
Item 7. Material to be filed as Exhibits.
The Exhibit Index is incorporated herein by reference.
Page 8 of 11 Pages
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: October 22, 2007 CHESAPEAKE PARTNERS MANAGEMENT CO., INC.
By:
------------------------
Name: Mark D. Lerner
Title: Vice President
Date: October 22, 2007 MARK D. LERNER
----------------------------
Date: October 22, 2007 TRACI J. LERNER
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Page 9 of 11 Pages
ANNEX A
RECENT TRANSACTIONS IN THE SECURITIES OF
EMMIS COMMUNICATIONS CORPORATION
A. Transactions for the account of Chesapeake Partners Limited Partnership in
the past 60 days:
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Date of Transaction Nature of Transaction Number of Shares Price per Share
--------------------------------------------------------------------------------------
9/26/2007 PURCHASE 12,500 4.93
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10/5/2007 PURCHASE 14,400 5.40
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10/8/2007 PURCHASE 12,500 5.31
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10/9/2007 PURCHASE 9,600 5.11
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10/10/2007 PURCHASE 64,400 5.25
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10/10/2007 PURCHASE 5,000 5.16
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10/12/2007 PURCHASE 16,900 5.53
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10/15/2007 PURCHASE 27,000 5.50
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10/16/2007 PURCHASE 94,300 5.56
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10/16/2007 PURCHASE 47,000 5.50
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10/17/2007 PURCHASE 12,500 5.26
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10/17/2007 PURCHASE 100,000 5.42
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B. Transactions for the account of Chesapeake Partners International Ltd. in
the past 60 days:
--------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
--------------------------------------------------------------------------------------
9/26/2007 PURCHASE 12,500 4.93
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10/5/2007 PURCHASE 14,410 5.40
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10/8/2007 PURCHASE 12,500 5.31
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10/9/2007 PURCHASE 9,679 5.11
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10/10/2007 PURCHASE 64,366 5.25
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10/10/2007 PURCHASE 5,000 5.16
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10/12/2007 PURCHASE 16,850 5.53
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10/15/2007 PURCHASE 27,031 5.50
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10/16/2007 PURCHASE 94,200 5.56
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10/16/2007 PURCHASE 47,000 5.50
--------------------------------------------------------------------------------------
10/17/2007 PURCHASE 12,500 5.26
--------------------------------------------------------------------------------------
10/17/2007 PURCHASE 100,000 5.42
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Page 10 of 11 Pages
EXHIBIT INDEX
Ex. Page No.
A Joint Filing Agreement, dated October 22, 2007 by and among
Chesapeake Partners Management Co., Inc., Mark D. Lerner
and Traci J. Lerner ............................................ 11
Page 11 of 11 Pages
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13D with
respect to the Common Stock of Emmis Communication Corporation dated as of
October 22, 2007 is, and any amendments thereto (including amendments on
Schedule 13G) signed by each of the undersigned shall be, filed on behalf of
each of us pursuant to and in accordance with the provisions of Rule 13d-1(k)
under the Securities Exchange Act of 1934, as amended.
Date: October 22, 2007 CHESAPEAKE PARTNERS MANAGEMENT CO., INC.
By:
-------------------------------
Name: Mark D. Lerner
Title: Vice President
Date: October 22, 2007 MARK D. LERNER
----------------------------
Date: October 22, 2007 TRACI J. LERNER
----------------------------