Bleichroeder Advisers sells shares of Emmis Communications

By Lisa Kerner

Charlotte, N.C., Jan. 9 - Investors led by Arnhold and S. Bleichroeder Advisers, LLC sold 676,000 shares of Emmis Communications Corp. stock between Jan. 3 and Jan. 9, reducing their stake in the company to 4.7% from 6.17%.

The shares were priced from $2.34 to $3.15 each, according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons beneficially own 1,434,000 shares of the Indianapolis media company's outstanding stock.

In November, Bleichroeder Advisers were committed to a transaction with the company's chairman, chief executive officer and controlling shareholder Jeffrey Smulyan and were considering potential actions that "may increase the likelihood of such a transaction taking place," a prior SEC filing stated.

As previously reported, Bleichroeder Advisers had asked Emmis' independent directors to form a special committee to consider a going-private transaction with Smulyan.

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