EMMIS Communications Buys 1 Million Shares of BuyItNow.com L.L.C.; Growing Internet Retailer Adds EMMIS as Strategic Partner.INDIANAPOLIS--(BUSINESS WIRE)--Nov. 16, 1999-- EMMIS Communications Emmis Communications (NASDAQ: EMMS) is a media conglomerate based in Indianapolis, Indiana. The company owns radio and television stations and magazines in the United States, Belgium, Hungary and Slovakia. (Nasdaq:EMMS EMMS Electronic Media Management System (IBM) EMMS Electronic Music Management System EMMS Express Mail Military Service (US Postal Service) EMMS Electronic Mail and Message System ) Tuesday announced that it has purchased 1 million shares in BuyItNow.com L.L.C., a leading Internet retailer, for $5 million cash. The announcement signals EMMIS' first formal entry into ownership on the World Wide Web. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. EMMIS Chairman and Chief Executive Officer Jeff Smulyan, the investment complements and diversifies EMMIS' interests. "BuyItNow.com combines the best of emerging technology and consumer buying trends, wrapped in a tradition of strong customer service," Smulyan said. Smulyan also noted that the investment could open doors for EMMIS' future Internet ventures. "As we move toward the launch of the radio industry's own Internet portal, today's announcement points to the far-reaching possibilities for marketing and promotions, commerce and content," he concluded. Eric Weiss, chief executive officer of BuyItNow.com, said: "We are delighted that EMMIS has joined the growing group of leading, blue-chip media companies which have become strategic investors in BuyItNow.com. Along with Clear Channel, NBCi and e4L Inc., EMMIS' support for BuyItNow.com validates our business model to become a leading global Internet retailer." Stephen Lehman, chairman of BuyItNow.com, added: "Our new relationship with EMMIS marks another significant step toward ramping up BuyItNow.com's infrastructure and building it into a major e-tailing company. As a part of this effort, BuyItNow.com plans to consider making shares available through an initial public offering at a later date, provided market conditions remain favorable." BuyItNow.com is a world-leading Internet retailer featuring one of the largest selections of brand-name products and unique specialty items. The BuyItNow.com "WebPlaza(TM)" currently features 14 specialty stores housed at www.buyitnow.com. Much more than an online mall that simply links consumers to various retail sites, BuyItNow.com stores are owned and operated by the company. All stores are linked through real-time fulfillment and a unified shopping cart. Each store maintains its own URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. and a dedicated merchandising team. The site is particularly acclaimed for its customer-friendly online experience, which features live "e-reps(TM)" who are available in real time via the site or through a toll-free number at 888/55-BuyIt. BuyItNow.com major corporate partners include NBCi, the seventh- most-visited site on the Web; Clear Channel Communications Not to be confused with clear channel radio stations, which are AM radio stations with certain technical parameters. Clear Channel Communications (NYSE: CCU) is a media conglomerate company based in the United States. (NYSE NYSE See: New York Stock Exchange :CCU CCU abbr. 1. coronary care unit 2. critical care unit CCU critical care unit. CCU Critical care unit, see there ), the world's largest outdoor advertiser and radio-station owner; and e4L (NYSE:ETV ETV abbr. educational television ETV n abbr (US) (= Educational Television) → televisión escolar ETV n abbr (US) (= Educational Television ), the world's largest publicly held direct-response television company. EMMIS Communications (Nasdaq:EMMS) is a diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. EMMIS' 13 FM and three AM radio stations serve the United States' largest markets of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Los Angeles and Chicago as well as St. Louis, Indianapolis and Terre Haute, Ind. The company also holds a majority interest in the No. 1 radio network in Hungary, Slager Radio, and Buenos Aires' FM News and Radio 10. In addition, EMMIS owns two radio networks, seven television stations, award-winning regional and specialty magazines and ancillary businesses in broadcast sales and publishing. Certain statements in this news release constitute "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Reference is made to the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other public documents filed with the Securities and Exchange Commission for additional information concerning such risks and uncertainties. |
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