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Emmis Communications reported revenue for its fiscal first quarter ending May 31 grew 2% to $60.3 million from $59.7 million. Operating income swung from a loss of $6.3 million to a positive $3.8 million. The broadcaster posted a net earnings of $11.9 million (32 cents per share) as compared with a loss of $3.9 million (10 cents) in the year-ago period.

As previously reported, Emmis founder/CEO Jeff Smulyan is offering to take the company private, offering $2.40 per share tender for all of the company's common stock as well as an offer to exchange existing shares of 6.25% convertible preferred stock for 12% notes that are due 2017. (07-15-10)

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