--(www.USEquityNews.com)-- 05/06/2008 - Broadcasting industry alert provided by U.S. Equity News. Emmis Communications Corp. (NASDAQ: EMMS) is selling Fox affiliate WVUE-TV in New Orleans to a Louisiana company for $41 million, the radio and publishing company said Monday. Emmis has now sold all of the 16 television stations it owned, completing its planned exit from that business. Emmis said it expects to book $35.5 million in net proceeds from the sale to Louisiana Media Company LLC, which is owned by Tom Benson. Benson owns the New Orleans Saints professional football team.
Cumulus Media Inc. (NASDAQ: CMLS) recently reported financial results for the three months ended March 31, 2008. Net revenues for the first quarter increased from $72.4 million to $72.9 million, an increase of 0.7% versus the first quarter of 2007, primarily due to increased local advertising partially offset by a decline in national advertising. Cash revenues for the first quarter increased from $68.8 million to $69.7 million, an increase of 1.3% versus the first quarter of 2007, for the reasons discussed above. Barter revenues for the first quarter decreased 10.9%, from $3.6 million, versus the first quarter of 2007.
Prince the musical auteur is becoming an author. "21 Nights," a "photographic essay" that offers "a rare glimpse into the life, lyrics, and mystique" of the maker of such hits as "1999" and "Purple Rain," will be published worldwide come fall, according to Atria Books, an imprint of Simon & Schuster (NYSE: CBS). The book, his first, is based on Prince's 21 sold-out concerts in as many nights at London's O2 Arena in 2007.
247MGI, Inc. (OTCBB: TOFS) ("247MGI") will soon be adding video to its Broadcast services; the Company has been working on integrating video into Smallcap Rapp(TM). The purpose of adding video to Smallcap Rapp(TM) is to allow companies to use visual effects to help tell their story and showcase their products. While on the air we will be able to show pictures, video clips, charts, graphs or any type of graphic a company desires. During the show we will be able to fly in lower third graphics highlighting keys points during the Broadcast. Click here to view a sample video which shows a glimpse of what viewers will see and hear in the near future. With the launch of the Player and video 247MGI will begin offering On Air Conferencing for companies that currently use telephones.
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