JS Acquisition, Inc. Announces Termination of Tender Offer to Purchase Common Stock of Emmis Communications

JS Acquisition, Inc. today announced that its offer to purchase all of Emmis' EMMS outstanding shares of Class A Common Stock for $2.40 per share in cash has terminated. The tender offer was conditioned on, among other things, obtaining, prior to the tender offer's expiration, the required vote for certain amendments to the terms of Emmis' 6.25% Series A Cumulative Convertible Preferred Stock to be voted on at a special meeting of Emmis shareholders. Also, Emmis announced today that its offer to issue 12% PIK Senior Subordinated Notes due 2017 in exchange for Preferred Stock at a rate of $30.00 principal amount of New Notes for each $50.00 of liquidation preference of Preferred Stock has also terminated.