It’s a much smaller company now that Power 106 in Los Angeles is no longer part of the Emmis stable. The company reported revenue of $41.8 million for June, July, and August. On a same-station basis that’s an increase of 2% over 2016.
New York, Austin, and St. Louis were strong for Emmis, with New York City increasing revenue by 7%. Emmis CEO Jeff Smulyan attributed the New York increase to record-setting ticket sales for Hot 97’s Summer Jam and very strong ratings at the station. It has been the #1-rated station in the 18-34 demo for each of the last three months.
September finished up 3%, however the company expects the quarter to be down in the low single digits.
The sale of KPWR closed on August 1, 2017. Net proceeds of $73.6 million were used to reduce credit facility term loans outstanding by nearly one-half.