Emmis Communications

(EMMS) - Get Report

said a special panel of its board hired legal and financial advisers to consider CEO Jeff Smulyan's $15.25-a-share buyout bid.

In May, Smulyan offered to acquire the outstanding shares of Emmis. The Indianapolis-based company's special committee said it retained Davis Polk as its legal counsel, Barnes & Thornburg as its Indiana legal counsel and Morgan Stanley and Lazard Freres as financial advisers.

The company said no timetable has been set to respond to the buyout proposal.

This story was created through a joint venture between TheStreet.com and IRIS.