History
In 1980 Emmis Broadcasting founder Jeffrey Smulyan purchased his first radio station, WSVL-FM Shelbyville, IN. In July 1981, Smulyan moved that radio station's tower and transmitter closer to Indianapolis, changed from country music to adult contemporary and renamed it WENS. The station's quick success led him to purchase other radio stations throughout the country.
Around 1984 the company bought Magic 106 in Los Angeles, California. Then L.A. Lakers player "Magic" Johnson was an early spokesperson for the station. In early 1986, Emmis changed Magic 106 to Power 106 KPWR. Also in 1986 the company's expansion grew as they purchased WAPP-FM (renamed WQHT) and WHN (now WEPN) in New York as well as WAVA-FM in Washington D.C. from the Doubleday Broadcasting Company. Both KPWR and WQHT would pioneer the rhythmic format and go on to be the two flagship radio properties of Emmis.
Emmis acquired five NBC radio stations in 1988 but sold two to avoid a duopoly.
Emmis purchased the Seattle Mariners in 1989 but sold them in 1992.
In 1994 the company purchased WIBC and WKLR in Indianapolis from the Horizon Broadcast Corporation and WRKS in New York City from the Summit Communications Group. WKLR was changed from an oldies format to a classic hits format with the call letters of WNAP in September 1994.
Emmis became a public company in 1994. The expansion continued as the company purchased numerous television and radio stations in the late 1990s.
Emmis Broadcasting changed its name to Emmis Communications and moved into its current headquarters on Monument Circle in Indianapolis in 1998.
In 2003 Emmis appointed its first black VP/General Manager, Barry Mayo. He oversaw 98.7 Kiss FM, Hot 97 and WQCD (CD 101.9), all in New York City. After 3 years in which the station moved behind Power 105.1 as the second-tier rap station in New York, Mayo announced his departure from this post in January 2006.
In 2005, Emmis changed the format of their first radio station from its long-term adult contemporary format to country. The call letters were changed from WENS to WLHK. Emmis was also named one of FORTUNE magazine's 100 Best Companies to Work For.
In 2006 Emmis flipped KZLA/Los Angeles to Adult Rhythmic Contemporary as "KMVN, Movin' 93.9." The move gives Emmis a companion station to complement KPWR. However, on April 15, 2009, KMVN switched to Spanish-language programming, KXOS, under a seven-year Local Marketing Agreement with Grupo Radio Centro of Mexico City.
On June 9, 2009, Emmis announced it has formed a strategic alliance with StreamTheWorld, the radio industry's streaming technology and services company, to put all Emmis radio stations on a new streaming platform.
On January 12, 2011, the share price of Emmis stock surged 42% as insiders speculated that the company could be close to selling off several of its radio stations. In their January, 2011 filing with the Securities and Exchange Commission, the company reported that it had the necessary cash to survive through February, 2011. "Absent asset sales, which the company is actively pursuing," Emmis attorneys stated in the regulatory filing, "the company believes it is unlikely it will be able to maintain compliance with the financial covenants after Sept. 1, 2011."
Read more about this topic: Emmis Communications
Famous quotes containing the word history:
“Anything in history or nature that can be described as changing steadily can be seen as heading toward catastrophe.”
—Susan Sontag (b. 1933)
“The history of a soldier’s wound beguiles the pain of it.”
—Laurence Sterne (1713–1768)
“In nature, all is useful, all is beautiful. It is therefore beautiful, because it is alive, moving, reproductive; it is therefore useful, because it is symmetrical and fair. Beauty will not come at the call of a legislature, nor will it repeat in England or America its history in Greece. It will come, as always, unannounced, and spring up between the feet of brave and earnest men.”
—Ralph Waldo Emerson (1803–1882)