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Emmis Communications

(EMMS) - Get Emmis Communications Corp. - Class A 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.

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

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