Emmis Communications Corporation is a diversified media company, focused on radio broadcasting. The Company owns 18 frequency modulation (FM) and 3 amplitude modulation (AM) radio stations in New York, Los Angeles, St. Louis, Austin, Indianapolis, and Terre Haute, Indiana, and operates two additional stations in New York (one FM and one AM) pursuant to a local marketing agreement (LMA) whereby the Company provides the programming for these stations and sells all advertising within that programming. In addition, one of the FM radio stations that the Company owns in New York is operated pursuant to an LMA by a third party. The Company also publishes several city and regional magazines. Its publishing operations consist of Texas Monthly, Los Angeles, Atlanta, Indianapolis Monthly, Cincinnati and Orange Coast.