Emmis CEO Withdraws Offer for Broadcaster

The chief executive of Emmis Communications Corp. said he had withdrawn a 3-month-old offer to take the Indianapolis-based radio and television broadcaster private because he could not reach an agreement with the board of directors.

The company’s shares, which soared after CEO Jeffrey Smulyan publicized his roughly $567-million offer in May, fell to $13 in extended trading, down 10% from their close of $14.52.

Smulyan formed Emmis in 1980 and took it public 14 years later. His buyout proposal came at a challenging time for radio, one of the slowest-growing sectors of the media business.