INDIANAPOLIS, March 11, 2020 /PRNewswire/ -- Emmis
Communications Corporation (Nasdaq: EMMS) today announced the
acquisition of the sound masking business of Lencore Acoustics
Corporation, the world leader in high-quality sound masking
solutions for offices and other commercial applications.
Based in Long Island (Woodbury), New
York, Lencore has 33 employees who will become Emmis
employees, including the sound masking business' leadership
team. The offices will remain in Long Island New York.
"Today's announcement is the product of a long process, looking
for the right place to infuse the Emmis hallmarks of sales and
marketing excellence," said Jeff
Smulyan, Chairman & CEO of Emmis. "Emmis' experience in
building best-in-class operations, coupled with its unique
people-first culture is the perfect fit to complement the talented
Lencore team, and will give them the resources and support
necessary to grow the business. We believe that the continued
move toward open-concept offices makes effective sound masking
solutions more and more important. We're excited about where
this business can go."
Sound masking technology introduces barely perceptible
background sound into a space to make environments more
comfortable, ensure speech privacy, and increase workplace
productivity. Lencore dominates large enterprise professional and
Fortune 500 markets. Lenore does business in nearly every
U.S. state, and Europe
(London).
"I couldn't be more pleased with today's announcement," said
Lencore President Jonathan S.
Leonard. "I have been involved in the sound masking industry
for more than 30 years with a single professional quest to build
the very best sound masking products with the very best people. I
believe that Jeff Smulyan and the
Emmis team will continue with this quest to build a robust business
and take Lencore to places I have dreamed. This is an exciting time
for the entire Lencore team and the sound masking industry."
The acquisition closed on Tuesday, March
10.
Emmis Communications Corporation (Nasdaq: EMMS) currently owns 4
FM and 2 AM radio stations in
New York and Indianapolis, as well as Indianapolis
Monthly magazine. Emmis also owns a controlling interest
in Digonex, which provides dynamic pricing solutions across
multiple industries, and Lencore, the world leader in
high-quality sound masking solutions for offices and other
commercial applications.
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;
- fluctuations in the market price of publicly traded or other
securities;
- new or changing regulations of the Federal Communications
Commission or other governmental agencies;
- enforcement of rules and regulations of governmental and
other entities to which the Company is subject;
- 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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SOURCE Emmis Communications