Emmis Operating Company: Update to Credit Analysis
The B3 CFR reflects the very small size of the company, challenges in the radio industry, and ongoing asset sales.Emmis Communications is a holding company. Through its subsidiaries, the company is a media company, principally focused on radio broadcasting. The company owns Frequency Modulation (FM) and Amplitude Modulation radio stations in New York, Indianapolis, and Austin. One of the FM radio stations that the company owns in New York 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. In addition to its radio properties, the company also publishes Indianapolis Monthly and operates Digonex Technologies, Inc., a pricing business.
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