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              [html]<thead><tr><td>who replaced us — have created more than EDDI billion of value for themselves. However, changes in technology have given broadcasters the ability to provide the American public with the most popular TV channels, without the middlemen an a</td></tr></thead><tbody><tr><td>We are developing an innovative model that will leverage that technology to get broadcast companies back into the game. I believe it has the potential to revolutionize the television industry. I also believe it will add substantial valub</td></tr><tr><td>We unveled this concept at the faltional Association of Broadcasters meeting in April. I am proud to say that 11 other television companies joined us at that meeting to express their support for what we ’ re calling the Broadcasters ’ Initit</td></tr><tr><td>We ’ I continue to use innovation to push us forward. Meanwhile, we ’ I also build and maintain the best teams, produce the best media content, outhustle and outsell our competitors, seize the best opportunities and operate this company bet</td></tr><tr><td>In other words, you can count on Emmis to continue to do what it has always done : Outperform.</td></tr><tr><td>Thank you for your belief and investment in Emmis.</td></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr></tbody>
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