Tuesday, October 11, 2005

More Smulyan Blather

Jeff Smulyan continues trying to sell the concept of using Emmis' money to fund his toy purchases.

Q: You mentioned baseball - what do you say to investors who may be skeptical of a potential $100 million Emmis investment in the Washington Nationals?
A: While initially this was a possibility I was pursuing alone, it became clear that it made sense for Emmis to be involved. We looked at it, and we saw the total nature of the investment. Obviously the team is quite profitable, and on a cash-flow basis, the investment would be at a lower multiple than the TV assets we’re in the process of selling. But we also believe there are some other opportunities that come with it - cable TV rights, [HA!] stadium-area development, participation in Major League Baseball’s internet venture - that are very attractive. People should also know that under the limited partnership we’re organizing with D.C. investors, Emmis would not be liable for any debt from a purchase.

Not much new, but it's always interesting to see what the chosen one has to say.