Emmis Hires Lazard, Morgan Stanley

Emmis Communications Corp., a radio and TV broadcaster, hired investment banks Morgan Stanley and Lazard Freres & Co. to advise the company on an offer by Emmis Chief Executive Jeffrey Smulyan to take it private.

Smulyan on May 8 offered to pay $15.25 a share, or $567 million. Indianapolis-based Emmis owns radio stations in New York, Chicago and Los Angeles, plus Los Angeles magazine.