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 (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. Our preference is to invest in businesses that share Emmis’ belief in the importance of gender and ethnic diversity.  ​

Target Company Characteristics

  • $10M – $100M of Revenue, Growing at a rate >5% per year
  • $5M – $20M of EBITDA
  • EBITDA margins exceeding 15%
  • Strong market positions with room for growth via geographic or marketing expansion, or industry consolidation
  • Strong preference toward organizations that prioritize gender and ethnic diversity

Types of Transactions

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

Emmis Industry Experience & Interests

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

Types of Investments

  • Majority, preferred and common equity
  • We lead investments of $10M to $125M
  • We do not invest in early stage companies without significant EBITDA

Our Portfolio

Lencore– Lencore Acoustics is a worldwide leader in sound masking, paging and audio solutions for professional environments, including offices, healthcare, government, education, and commercial applications. Lencore boasts the most complete set of technology and equipment to provide privacy and comfort with its proven ability to increase productivity. Learn more about our unmatched quality, value and service with our team of acoustical experts at

Emmis Radio– From the biggest Hip Hop brand in the world, Hot 97 in New York City to Indiana’s news leader, WIBC in Indianapolis, Emmis has a long history of operating some of the most successful radio brands around the globe. Currently, Emmis’ agile portfolio of radio brands includes 6 FM and 2 AM stations in New York and Indianapolis, along with statewide Network Indiana, and an additional FM station in New York operated by ESPN.    

Emmis PublishingIndianapolis Monthly continues to be a stalwart in the capital city and surrounding areas of Indiana with its award-winning monthly print edition and continually updated digital presence at  From its highly renowned food & drinks section to news & opinion and the infamous “Best of Indy,” Indianapolis Monthly continues to keep the pulse and set lifestyle trends for central Indiana. 

Emmis Marketing– Emmis Marketing is a results – focused marketing agency with expertise in digital strategy and creative as well as media buying and campaign execution. Our obsession with results and brand storytelling paired with years of marketing experience and best in class reporting sets us apart. Learn how Emmis Marketing can deliver results for you at Emmis.Marketing.

Sound That Brands– Sound That Brands is a content creation studio focused on building high-quality branded podcasts. Simply stated, “We tell great stories that connect people and brands.” From a national beloved grocery chain to the biggest names in entertainment, Sound That Brands has authored some of the most compelling and most-listened-to podcasts series in the entire industry, well beyond that bounds of “branded” content. Learn how your brand can “be the content, not the interruption” at

Digonex– Digonex is a dynamic pricing technology company. Our dynamic pricing solutions equip businesses to optimize pricing by detecting and responding to changes in demand. Our mission is to empower you to grow revenue without sacrificing your customers’ loyalty and without giving up control of your pricing strategy. Digonex works with a large portfolio of diverse clients in the attractions, live entertainment, performing arts, and sports industries. 

TuneIn– Emmis is an investor in TuneIn. TuneIn is an audio streaming platform providing live sports, music, news, podcasts, and internet radio from around the world.  Listen to the audio you love on any device at

Calamari Productions– Emmis is an investor in Calamari Productions. Calamari Productions specializes in TV series, independent films and digital content distribution. Calamari has created award-winning documentary series and video content for television outlets and networks such as ABC, NBC, MSNBC, A&E, MTV, Hulu, PBS, and Channel 4 (UK), to universities, state governments and advocacy organizations around the globe.


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


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

Chris Rickenbach

Chris Rickenbach

Vice President of Finance, Assistant Treasurer

With Emmis Since 2000


Dave Beasing

CEO of Sound that Brands

With Emmis Since 2019

Taja Graham

Taja Graham

Indianapolis Radio Market President

With Emmis Since 2003

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