Emmis Announces Executive Promotions

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For Immediate Release

Contacts: Kate Snedeker, Emmis, 317.266.0100

Indianapolis…In a series of promotions, Emmis Communications Corporation (NASDAQ: EMMS) has elevated Patrick Walsh to President and Chief Operating Officer and Ryan Hornaday has been named Executive Vice President and Chief Financial Officer.

Jeff Smulyan, founder of the company, remains Chairman of the Board and Chief Executive Officer.

Walsh joined Emmis in 2006 as Chief Financial Officer and most recently served as Executive Vice President/Chief Financial Officer/Chief Operating Officer. Walsh also serves on the Emmis Board of Directors.

Hornaday, who joined Emmis in 1999 and most recently served as Senior Vice President of Finance and Treasurer, has been promoted to Executive Vice President/Chief Financial Officer/Treasurer.

“We have an outstanding team of senior leaders at Emmis. These moves are a natural evolution in our leadership process, allowing Ryan to take on additional responsibility for leading our finance team thereby enabling Pat to build on his impressive track record operating our business,” said Jeff Smulyan. “We’re blessed to have a great team that makes such a difference in our performance and ability to innovate on behalf of Emmis and our industries.”

“Ryan is one of the most talented finance executives I’ve encountered in my career and I’m thrilled to see him take on the CFO role,” Walsh said. “In my new role, I look forward to working with my colleagues at Emmis and throughout the radio industry to find innovative ways to deliver growth in the coming years.”

“Throughout my sixteen years at Emmis, I have been impressed by the entrepreneurial spirit that permeates all levels of this organization,” said Hornaday. “I am excited about the opportunity to join the executive ranks at Emmis and help deliver long-term value for our shareholders and employees.”

Before joining Emmis, Walsh was CFO at iBiquity Digital, the developer and licenser of HD Radio, served as a management consultant for McKinsey & Company, and served in a variety of finance roles at General Motors and Deloitte LLP. Walsh currently serves on the Board of Directors of Emmis Communications, National Association of Broadcasters where he serves on the Executive Committee as Major Group Representative, Radio Advertising Bureau, Radio Music License Committee, Indianapolis 500 Festival, Center for Leadership Development and he also sits on the Alumni Board of Governors at the Ross School of Business at the University of Michigan. He earned a BBA degree from the University of Michigan and an MBA from Harvard Business School.  Walsh is a past winner of the Indianapolis Business Journal CFO of the Year and two-time finalist for Washington-DC area technology CFO of the Year.

Prior to joining Emmis in 1999, Hornaday spent three years in the audit practice of Arthur Andersen LLP in Indianapolis. He is a board member of Choices, a not-for-profit organization that provides cross system coordination services for youth and their families.  He is also a member of the Finance Committee for The Children’s Museum of Indianapolis, the world’s largest children’s museum. Hornaday graduated summa cum laude from Ball State University with a Bachelor of Science degree in accounting.

Emmis also announced that Christopher Rickenbach has been promoted to Vice President of Finance/Assistant Treasurer.

The promotions are effective August 1, 2015.

Emmis Communications – Great Media, Great People, Great Service®

About Emmis Communications
Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis operates one of the ten largest radio portfolios in the United States based on total listeners. Emmis owns 19 FM and 4 AM radio stations in New York, Los Angeles, St. Louis, Austin (Emmis has a 50.1% controlling interest in Emmis’ radio stations located there), Indianapolis and Terre Haute, IN. 

Note: Certain statements included in this press release which are not statements of historical fact, including but not limited to those identified with the words “expect,” “will” or “look” are intended to be, and are, by this Note, identified as “forward-looking statements,” as defined in the Securities and Exchange Act of 1934, as amended. Such 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 result, performance or achievement expressed or implied by such forward-looking statement. Such factors include, among others:

  • general economic and business conditions;
  • fluctuations in the demand for advertising and demand for different types of advertising media;
  • our ability to service our outstanding debt;
  • competition from new or different media and technologies;
  • loss of key personnel;
  • increased competition in our markets and the broadcasting industry, including our competitors changing the format of a station they operate to more directly compete with a station we operate in the same market; 
  • our ability to attract and secure programming, on-air talent, writers and photographers; 
  • inability to obtain (or to obtain timely) necessary approvals for purchase or sale transactions or to complete the transactions for other reasons generally beyond our control; 
  • increases in the costs of programming, including on-air talent; 
  • new or changing regulations of the Federal Communications Commission or other governmental agencies; 
  • changes in radio audience measurement methodologies; 
  • war, terrorist acts or political instability; and 
  • other factors mentioned in documents filed by the Company with the Securities and Exchange Commission.

Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.



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