Emmis Communications

What Emmis Communications does

Emmis Communications, now operating as Emmis Corporation (OTC: EMMS), is an Indianapolis-headquartered diversified media and technology holding company founded in 1980. The company originated as a radio broadcasting operator and over four decades has executed a multi-stage transformation, divesting more than $2 billion of cumulative media assets while accumulating operating businesses and minority investments. Its remaining portfolio comprises urban-format radio stations in New York City (notably HOT 97 and Power 105.1) and a residual Indianapolis cluster pending divestiture to Urban One, complemented by the La Exitosa Spanish-language bilingual format launched in January 2025.

The company's non-broadcast holdings include Lencore Acoustics (commercial sound-masking and paging systems acquired March 2020), Digonex (dynamic pricing SaaS for sports, entertainment, and retail clients), Sound That Brands (podcasting), and a minority stake in Anzu, an in-game advertising platform in which Emmis led a $48 million Series B in June 2023. Underlying technology assets include TagStation (broadcast metadata delivery), NextRadio (FM-chip smartphone integration), and Dial Report (radio audience analytics), which together form a software layer over the radio broadcast business. The company rebranded as Emmis Corporation in August 2023 to reflect its evolution beyond pure-play broadcasting.

Revenue mechanics combine traditional radio advertising sales (local and national, including direct response and concert/tour sponsorships), enterprise hardware and installation revenue from Lencore, subscription-based dynamic pricing fees from Digonex, podcasting production revenue, and minority-investment returns from holdings such as Anzu. The corporate strategy is to monetize legacy broadcast assets through targeted divestitures while channeling proceeds into higher-growth verticals (in-game advertising, enterprise acoustics, pricing software) and into capital-markets vehicles such as the Monument Circle Acquisition Corp I SPAC sponsored in 2021.

Name

Emmis Communications

Legal name

Emmis Corporation

Website

https://emmis.com

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

51–100 employees

Short description

Emmis Corporation (OTC: EMMS) is an Indianapolis-based diversified media and technology holding company that operates urban-format radio stations in New York City, sound-masking products via Lencore, dynamic pricing SaaS via Digonex, and minority investments including in-game advertising platform Anzu.

Ownership category

akta.pro rank

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Radio Broadcasting Advertising: Revenue generated from advertising sold on owned and operated radio stations in New York and Indianapolis markets.
2. Lencore Acoustics Products and Services: Sound masking, paging, and audio solutions for healthcare, government, and office environments worldwide.
3. Digonex Dynamic Pricing Solutions: Dynamic pricing technology providing solutions to national brands across multiple industries including attractions, live entertainment, performing arts, and sports.
4. Anzu Investment Returns: Returns from Series B investment in Anzu, an Israeli video game ad-tech startup providing intrinsic in-game advertising.
5. Sound That Brands Podcasting: Los Angeles-based podcasting studio specializing in branded audio content for national advertisers.
6. Publishing (Indianapolis Monthly): Magazine publishing revenue from Indianapolis Monthly, though the publication was sold to Cincinnati Media in December 2022.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Emmis Communications is a diversified media and investment company that owns and operates radio stations in New York and Indianapolis, wholly owns Lencore Acoustics (sound masking, paging, and audio solutions for healthcare, government, and office environments), controls Digonex (dynamic pricing technology for attractions, sports, and entertainment), and holds investment stakes in Anzu (in-game advertising) and Calamari Productions (documentary content distribution). The company generates revenue from radio advertising, audio hardware sales, dynamic pricing subscriptions, podcasting services, and investment returns.

Product overview

Emmis Communications is a diversified operating company with a portfolio of distinct products and investments across multiple sectors. The company operates radio stations in New York and Indianapolis, owns Lencore Acoustics (a leader in commercial sound masking and audio solutions), controls Digonex (dynamic pricing technology for live entertainment and attractions), and has investments in Anzu (in-game advertising technology), Calamari Productions (documentary content), and Sound That Brands (branded podcasting). The company also developed technology platforms including TagStation (broadcast metadata management), NextRadio (FM smartphone integration), and Dial Report (radio analytics).

Differentiator

Problem solved

Functional benefit

Brands

• Lencore Acoustics: Worldwide leader in sound masking, paging and audio solutions for professional environments
• Digonex
• La Exitosa
• Anzu
• Calamari Productions
• Sound That Brands

Products and services

• Lencore Acoustics Worldwide leader in sound masking, paging, and audio solutions for healthcare, government, and office environments. Provides privacy and comfort through technology designed to increase productivity.
• Digonex Dynamic pricing technology that detects and responds to changes in demand. Works with clients in attractions, live entertainment, performing arts, and sports industries to optimize pricing while maintaining customer loyalty.
• Emmis Radio Broadcasting Radio station license and broadcast operations including stations in New York and Indianapolis markets, with programming and advertising sales as core activities.
• Anzu (portfolio investment) Intrinsic in-game advertising solution for mobile, PC, console, and metaverse platforms. Provides non-disruptive programmatic advertising with patented 3D ad tracking and viewability measurement integrated with Oracle Moat and IAS.
• Calamari Productions (portfolio investment)

Quantifiable outcome

• Emmis has transformed by selling over $2 billion in media assets
• +2 more outcomes

Named customers4 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered major, core and minor.

• Urban OnemajorOthersEmmis agreed to sell its Indianapolis radio cluster (B105, HANK FM, The Fan, WIBC, and Network Indiana) to Urban One, pending FCC approval. Urban One has deep media experience as an Indianapolis radio and television operator.
• YMF MediamajorOthersEmmis acquired WBLS-FM and WLIB-AM from YMF Media for $131 million in cash. Deon Levingston, CEO of YMF Media, became GM of Emmis' New York cluster at LMA commencement.
• Funkmaster Flex (Flexco)coreStrategic or Co-development PartnerJoint venture with Flexco (owned by Funkmaster Flex) to build owned and operated digital platforms for Emmis' biggest personalities. Emmis holds 40% ownership in Flexco. Digital assets include InFlexWeTrust.com and DJ Funk Flex Mobile app reaching 5 million monthly users.
• Moelis & CompanyminorOthersServed as exclusive financial advisor to YMF Media in connection with the WBLS/WLIB acquisition transaction.
• Cushman & WakefieldminorOthersCommercial real estate firm selected to market Emmis' corporate headquarters at 40 Monument Circle for sale.
• Equiniti Trust CompanyminorOthersServes as Emmis' Transfer Agent, maintaining records of stock and bond owners, cancelling and issuing certificates, and resolving issues from lost, destroyed, or stolen certificates.

Scale indicators9 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Cumulus Media: Cumulus is the second-largest U.S. radio broadcaster and a direct peer to Emmis's remaining station portfolio, similarly burdened by radio's secular decline and operating in a comparable size tier following its own Chapter 11 restructuring.
• Audacy: Audacy operates a major U.S. radio station portfolio (formerly Entercom/CBS Radio) and competes directly with Emmis in major markets, including overlapping presence in New York; the company has similarly pivoted toward digital audio streaming.
• Salem Communications: Salem (now Salem Media Group) operates a portfolio of radio stations with a Christian/conservative format focus, comparable to Emmis in size and as a small-cap public broadcaster; both companies have pursued non-radio diversification strategies.
• Saga Communications: Saga is a small-cap U.S. radio broadcaster (Class A on NASDAQ) with a regional station footprint and a similar business model to Emmis, frequently cited as a comparable for investors evaluating small-market radio operators.
• Townsquare Media: Townsquare operates a smaller-market-focused U.S. radio portfolio with ~320 stations and is comparable to Emmis as a small-cap public radio broadcaster pursuing digital and live event revenue diversification.
• Urban One: Urban One is the largest African-American-owned radio broadcaster and the pending acquirer of Emmis's Indianapolis cluster; it is directly comparable as a similarly-sized radio operator targeting minority audiences, with overlapping portfolio of urban and gospel formats.
• Vendini: Vendini provides ticketing, dynamic pricing, and venue management software to live entertainment, sports, and attractions—the same verticals as Emmis's Digonex subsidiary, making it a direct functional peer for that asset.
• Biamp (Cambridge Sound Management): Biamp, which acquired Cambridge Sound Management, is the most direct competitor to Emmis's Lencore Acoustics subsidiary in commercial sound masking and paging systems for office, healthcare, and government environments.

Broad incumbents

• iHeartMedia: The largest U.S. radio broadcaster with 860+ stations, iHeartMedia is a direct comp to Emmis's radio operations and competes for the same national ad budgets, with substantially greater scale and a national digital audio platform (iHeartRadio).

Emerging players

• Bidstack: Bidstack is a direct in-game advertising competitor to Anzu (Emmis's portfolio investment) and serves the same gaming publishers and brand advertisers, providing a comp on Anzu's market opportunity and competitive positioning.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/EmmisComm
• Facebookfacebook.com/EmmisCommunications
• LinkedInlinkedin.com/company/emmis-communications

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Emmis Communications