Emmis broaden scope

Revs up 24% as co. changes name to stress diversity

Emmis Broadcasting Corp. has changed its name to Emmis Communications Corp. in a move CEO Jeff Smulyan said “better reflects the diversification of our businesses.”

Emmis also took the occasion of Tuesday’s annual shareholders meeting to announce that revenues for the quarter ended May 31 rose 24% to $35.4 million, while net income declined 37.2% to $2.1 million.

Smulyan explained that the Indianapolis-based company, which currently owns 13 radio stations, considered its agreement to buy six TV stations in March just the beginning of a multimedia push.

Specifically, Smulyan said that Emmis would build on its holdings in television and in magazine publishing, as well as expand on its radio base, both here and abroad.

As earlier reported, Emmis’ TV agreements call for it to pay $307 million for four stations from USA Networks Inc.’s SF Broadcasting unit, and $90 million for two stations from Wabash Valley Broadcasting Inc.

To help pay for these acquisitions, Emmis raised $168 million last month by issuing 4 million common shares.

Despite reporting lower earnings, Emmis saw its stock rise 31¢ Tuesday to close at $48.44