Emmis Broadcasting's planned separation of its TV stations from its core
radio unit is on the shelf until at least next summer.
CEO Jeff Smulyan said he had hoped to start the separation soon, either
spinning the TV unit off to shareholders or merging it into another publicly
traded company that Emmis designees would manage.
Smulyan said at UBS Warburg LLC's media investor conference in New York that
waiting until next summer will avoid certain tax penalties for "selling" assets
that had been acquired in tax-free exchanges over the past few years.
He added that Emmis doesn't get full value because of the mix of radio
and TV stations. "There are a lot of investors who just don't like TV, a lot of
investors who own TV just don't like radio," Smulyan said.
TV accounts for about 40 percent of Emmis' revenues, while radio accounts for some