Breaking: Alden Capital walks on Emmis deal


It appeared that Jeff Smulyan had come to terms with the preferred shareholders group on a revised deal to take Emmis Communications private, but how his financial backer, Alden Global Capital, has had second thoughts on financing the deal as negotiated. Smulyan’s JS Acquisition now says a deal is “unlikely,” although the shareholders meeting and tender offers have been extended again to Thursday, September 2nd.