CEO fails to buy publisher Emmis

TEXAS MONTHLY owner Emmis Communications (LOS ANGELES, ATLANTA) will remain a public company for now.  Company CEO, Jeff Smulyan, had attempted to buy the firm and take it private, but the deal fell through when the money walked out.

Hedge fund Alden Global Capital had originally agreed to finance the acquisition but during negotiations made an unexpected about-turn.

“Emmis…and Jeff Smulyan will explore various legal remedies related to damages caused by Alden’s actions,” Emmis said in a statement emailed to foliomag.com. Emmis stocks lost more than a quarter of their value after the announcement.

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