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              [html]<thead><tr><td>cations</td><td>Forty years ago, Americans began taking down their TV anternas and severing broadcasters ’ direct link to television</td></tr></thead><tbody><tr><td>Patients</td><td>audiences. Since then, the cable companies — the middlemen</td></tr><tr><td>n 2003,</td><td>who replaced us — have created more than $ 300 billion of</td></tr><tr><td>coni</td><td>value for themselves. However, changes in technology have</td></tr><tr><td>Jarly</td><td>given broadcasters the ability to provide the American publ</td></tr><tr><td>athering kets</td><td>with the most popular TV channels, without the middlemen and at a more reasonable price.</td></tr><tr><td>Sus</td><td>2017</td></tr><tr><td>We are developing an innovative model that will leverage that technology to get broadcast companies back into that that technology to get broadcast companies back into that th</td><td>s. We</td></tr><tr><td>game. I believe it has the potential to revolutionize the</td><td>fined</td></tr><tr><td>television industry. I also believe it will add substantial value</td><td>and</td></tr><tr><td>to your investment.</td><td>Construction</td></tr><tr><td>itious</td><td>We unveiled this concept at the National Association of</td></tr><tr><td>marter</td><td>Broadcasters meeting in April. I am proud to say that 11 other television companies joined us at that meeting to</td></tr><tr><td>express their support for what we ’ re calling the Broadcasters ’</td><td>nost</td></tr><tr><td>Initiative, and more are signing on each week. Once again,</td><td>About 3000</td></tr><tr><td>Emmis has leveraged innovation to take a leading role in our</td><td>industries.</td></tr><tr><td>stations</td><td>a</td></tr><tr><td>We ’ II continue to use innovation to push us forward.</td><td>opportu -</td></tr><tr><td>Meanwhile, we ’ II also build and maintain the best teams, pro -</td><td>duce the best media content, outhustle and outsell our com -</td></tr><tr><td>petitors, seize the best opportunities and operate this company better than any other.</td><td>In other words, you can count on Emmis to continue to do</td></tr><tr><td>Parameters</td><td>what it has always done : Outperform.</td></tr><tr><td>ecause</td><td>Aged</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></tbody>
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