Start with a big fortune!
Jeff Smulyan, the CEO of Emmis Communications, fancies himself to be the pied Piper of radio. He was the guy who tried to force Apple to turn on the hidden chip that would allow your iPhone to listen to over the air radio (and report usage back to Emmis!). Nextradio died in 2017.
Emmis bought 50.1% of an 8 station cluster of stations in Austin, TX for $105 million in 2003. He is unloading them for $24 million, which will pay down debt. The buyer is the minority share owner who was a minority owner before Emmis bought control. You might recognize the call sign of KLBJ…
His remaining handful of stations are big urban stations targeted at Urban audiences, and stations in his home town of Indianapolis. He previously unloaded stations in L.A. and St. Louis.
The company is publicly traded, so if you’re interested in buying a stock certificate to hang on your wall, now would be the time to buy. (Not literally true)