Emmis Communications Corp

AT&T Corp.'s Liberty Media Group, a cable-television programming company run by John Malone, agreed to buy a 14% stake in Emmis Communications Corp. for $150 million, its first radio broadcasting investment. Liberty Media would buy 2.7 million shares of Indianapolis-based Emmis' Class A stock at about $55.56 each, about 1.7% less than Friday's closing price. The purchase would make Liberty Media the No.

From the airy new 10th-floor offices of Los Angeles magazine, the cracked and subdivided city below looks almost coherent and comprehensible. On a clear winter's day it's easy to imagine you could gather the entire metropolis in your hands and turn it like a Rubik's cube, until all the wary, far-flung parts connected.

Walt Disney Co. sold Los Angeles magazine on Monday to Emmis Communications, an Indianapolis media company that owns local radio station KPWR-FM and publishes city and regional magazines nationwide. No price was disclosed, but sources said Emmis is paying more than $25 million for the publication, which has a monthly circulation of more than 190,000. In a conference call with analysts on Monday, Disney Chief Financial Officer Thomas Staggs said the magazine "wasn't necessarily a strategic asset."

Walt Disney Co. sold Los Angeles magazine on Monday to Emmis Communications, an Indianapolis media company that owns local radio station KPWR-FM and publishes city and regional magazines nationwide. No price was disclosed, but sources said Emmis is paying more than $25 million for the publication, which has a monthly circulation of more than 190,000. In a conference call with analysts on Monday, Disney Chief Financial Officer Thomas Staggs said the magazine "wasn't necessarily a strategic asset."

From the airy new 10th-floor offices of Los Angeles magazine, the cracked and subdivided city below looks almost coherent and comprehensible. On a clear winter's day it's easy to imagine you could gather the entire metropolis in your hands and turn it like a Rubik's cube, until all the wary, far-flung parts connected.

Cowboy crooners know that more country music is sold in Los Angeles than anywhere else, a distinction on display Thursday night when singers Faith Hill and Tim McGraw opened the first of three sold-out shows at the Staples Center. But Los Angeles listeners would have trouble finding Hill, McGraw or any other twangy troubadours on the radio dial: On Thursday, the city lost its last country music broadcaster when KZLA-FM (93.

Broadcaster Emmis Communications Corp. of Indianapolis agreed to sell four television stations for $259 million and said it would invest $100 million in its chief executive's bid for the Washington Nationals baseball team. Buyout firm Blackstone Group and SJL Broadcast Group will acquire Emmis' stations in Portland, Ore.; Honolulu; and Wichita and Topeka, Kan., Emmis said.

Emmis Communications Corp., a radio and TV broadcaster, hired investment banks Morgan Stanley and Lazard Freres & Co. to advise the company on an offer by Emmis Chief Executive Jeffrey Smulyan to take it private. Smulyan on May 8 offered to pay $15.25 a share, or $567 million. Indianapolis-based Emmis owns radio stations in New York, Chicago and Los Angeles, plus Los Angeles magazine.

The chief executive of Emmis Communications Corp. said he had withdrawn a 3-month-old offer to take the Indianapolis-based radio and television broadcaster private because he could not reach an agreement with the board of directors. The company's shares, which soared after CEO Jeffrey Smulyan publicized his roughly $567-million offer in May, fell to $13 in extended trading, down 10% from their close of $14.52. Smulyan formed Emmis in 1980 and took it public 14 years later.

A week after losing a bid to buy the Washington Nationals baseball team, the chief executive of Emmis Communications Corp. said Monday that he would try to purchase his company in a deal valued at $567 million. If the buyout succeeds, Jeffrey H. Smulyan will take the Indianapolis-based media group into the private sector even as it struggles to regain profit from sluggish advertising sales. Smulyan, who already owns nearly 17% of the company, made a nonbinding offer of $15.

AT&T Corp.'s Liberty Media Group, a cable-television programming company run by John Malone, agreed to buy a 14% stake in Emmis Communications Corp. for $150 million, its first radio broadcasting investment. Liberty Media would buy 2.7 million shares of Indianapolis-based Emmis' Class A stock at about $55.56 each, about 1.7% less than Friday's closing price. The purchase would make Liberty Media the No.

A Midwest communications company has agreed to pay $300,000 in indecency fines in a settlement with the Federal Communications Commission. As part of the settlement, Indianapolis-based Emmis Communications Corp. agreed that segments of a morning radio show, "Mancow Morning Madness," that described sex in crude and graphic terms were indecent and that it would clean up its programs.