Jeffrey H. Smulyan formed the company in 1979 with the expressed goal of acquiring underperforming radio properties in major media markets and turning them into more competitive and profitable operations.
Emmis Broadcasting Corporation (EBC) purchased its first station, WSVL-FM, Shelbyville, Indiana, in 1981. The station debuted in Indianapolis as WENS-FM on July 4, 1981. The city’s only adult contemporary music format, it was an immediate success.
Over the ensuing seven years, EBC began acquiring other underperforming radio properties in markets significantly larger than Indianapolis. The first expansion purchase was in Minneapolis in 1982. By the summer of 1983, EBC embarked on an effort to buy stations in St. Louis and Los Angeles. This was the first of three multi-station purchases. The St. Louis station followed the rapid growth pattern of the original two stations. However, Los Angeles had only marginal growth. After extensive market research and a format change that targeted a young demographic audience in the Los Angeles market, the station leaped from 26th position in the ratings to the number one station in the market. It has been at or near the top of the audience ratings ever since.
This series of successful turnarounds opened up new financial sources for EBC’s expansion plans. By the close of 1988, it had additional operations in Washington, D.C., Boston, Chicago, San Francisco, Houston, and two stations in New York City. EBC also purchased magazine at this time. The total cost of the purchases over the seven years was $220 million. identified EBC as the most admired radio group in me industry in 1989.
In 1990, EBC began to sell properties that had matured to reduce debt and to prepare for the possibility that the Federal Communications Commission would allow multi-station ownership within a single market. By 1992, EBC had sold the stations in Houston, San Francisco, Minneapolis, Washington, D.C., and the AM operation in New York. The total revenue generated by the sales was $155 million. EBC planned to limit future radio expansion to the largest broadcast markets and other communications opportunities.
*Note: This entry is from the original print edition of the Encyclopedia of Indianapolis (1994). We are currently seeking an individual with knowledge of this topic to update this entry.
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