Emmis adds preferreds to repurchase program, may fund with credit facility borrowings

By Devika Patel

Knoxville, Tenn., May 22 - Emmis Communications Corp. announced it will include preferred stock as part of its $50 million common stock buyback, which was authorized in August.

Transactions may occur from time to time, either on the open market or privately.

Purchases are expected to be financed through cash flows from operations and borrowings under Emmis' existing credit facility.

The stock repurchase is subject to prevailing market conditions and other considerations.

Based in Indianapolis, Emmis is a radio broadcasting company.

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