Emmis urged to go private

By Lisa Kerner

Charlotte, N.C., Oct. 25 - Emmis Communications Corp. investors led by Arnhold and S. Bleichroeder Advisers, LLC asked the company's independent directors to form a special committee and consider a going-private transaction with controlling shareholder Jeffrey Smulyan.

The investors sent a letter to Susan Bayh and Peter Lund, a copy of which was included in a statement released on Thursday. Bleichroeder Advisers has a 5.7% stake in the Indianapolis media company.

"We strongly support the idea of a buy-out, funded in part by asset sales, that delivers a substantial premium to the current trading price of approximately $5 per share," the letter stated.

The shareholders said that because Smulyan has voting control over a majority of board members, a going-private transaction with him "is the only practicable alternative for the Emmis shareholders."

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