Media & Entertainment - Operations and Strategy
| Broadcaster could lose profitable European unit |  |
October 30, 2009 9:43 AM ET
By Dave Hendrick
|  Related Companies | Related Documents | Related Issues in Focus |
Trouble appears to be brewing for one of Emmis Communications Corp. European subsidiaries. The broadcaster on Oct. 30 said the Hungarian National Radio and Television Board awarded to another bidder the national radio license now held by Slager Radio Co. PLtd., a unit Emmis holds a majority stake in. Emmis plans to contest the action, claiming the award violated both Hungarian media law and a European Commission Treaty, but said Slager will have to cease broadcasting effective Nov. 19 if the new award stands. The Hungarian unit has been a relative bright spot for Emmis in recent years, contributing $23.9 million in revenue and $5.1 million in attributable net income for the year ended Feb. 28, according to data contained in a Form 8-K. Separately, Emmis said it regained compliance with NASDAQ listing requirements, as its stock price had recently been more than $1.00 for at least 10 consecutive trading days. | 
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