Investment Contact

If you have any questions or need clarification about any investment opportunities please contact:

SVP, Strategy & Corporate Development

Investment Overview

Emmis is an equity investor in the middle market seeking opportunities to apply our sales and marketing expertise, award-winning collaborative culture, and corporate infrastructure to enhance select companies.  We target businesses with strong revenue and cashflow performance seeking majority recapitalization where our capabilities can assist in accelerating growth.

Our History

Our Strategy

Emmis is a publicly-held company (NASDAQ: EMMS) founded in 1979 by our Chairman and CEO Jeff Smulyan.  Our highly entrepreneurial organization has a long history of innovation and business building with the successful ownership and operation of diversified assets, including large- and small-scale media operations in radio, television, and publishing, technology companies, professional sports organizations, and marketing and sales-focused businesses. 

Our Value to Target Companies​

Emmis is a people-first, culture-forward company.  We believe in the value of our talented teams and vesting operating control and responsibility with management teams closest to end customers. We are not passive investors, we are passionate partners, devoted to working with portfolio companies to deliver our skills, assets and relationships to accelerate growth and create value.  Emmis has full public-company capabilities to provide technology, corporate finance, tax, accounts payable, strategic planning, corporate development, legal, and human resources.  These services can provide expertise and cost synergies unique to partnering with an operator like Emmis.

Target Company Characteristics

  • $25M – $100M of Revenue, Growing at a rate >5% per year
  • $10M – $20M of EBITDA
  • EBITDA margins exceeding 25%
  • Strong market positions with room for growth via geographic or marketing expansion, or industry consolidation

Types of Transactions

  • Majority recapitalization, change of control transactions, expansion and growth initiatives
  • Mergers and acquisitions, industry consolidation opportunities
  • Sponsor-led, Management-led, or unsponsored transactions

Emmis Industry Experience & Interests

  • Media and Entertainment
  • Marketing and Sales
  • Sports
  • Consumer and Business Products and Services
  • Technology

Types of Investments

  • Majority, preferred and common equity
  • We lead investments of $35M to $125M
  • We do not invest in early stage companies without significant EBITDA

Our Portfolio


Patrick Walsh

Patrick Walsh

President and Chief Operating Officer

With Emmis Since 2006

Rayn Hornaday

Ryan Hornaday

Executive Vice President, CFO and Treasurer

With Emmis Since 1999

Scott Enrigh

Scott Enright

Executive Vice President, General Counsel and Secretary

With Emmis Since 1998

Rick Cummings Photo

Rick Cummings

President, Radio Programming

With Emmis Since 1981

Greg Loewen

Greg Loewen

President, Publishing Division/ Chief Strategy Officer

With Emmis Since 2007

Charlie Morgan Photo

Charlie Morgan

SVP, New York Market Manager

With Emmis Since 2009


Chase Rupe

SVP, Strategy and Corporate Development

With Emmis Since 2006

Traci Thomson Photo

Traci Thomson

Senior Vice President of Human Resources

With Emmis Since 2004

Elizabeth Ellis

Elizabeth Ellis

Vice President and Associate General Counsel

With Emmis Since 2015

Keith Philips Photo

Keith Phillips

Publisher at Indianapolis Monthly

With Emmis Since 1991

Bob Richards Photo

Bob Richards

VP, Indianapolis Radio Market Manager

With Emmis Since 2009

Chris Rickenbach

Chris Rickenbach

Vice President of Finance, Assistant Treasurer

With Emmis Since 2000

Scroll to Top