2002 Fastest Growing Companies: Emmis Communications Corp.

Though the company isn't making acquisitions at its former pace, it was acquisitions that kept Emmis Communications Corp.'s near the top of IBJ's list of the area's fastest-growing public companies in the past few years. This year, it slides to the seventh spot, down from fifth place last year. From

"Like all media companies, Emmis is facing a challenging media environment and a tough advertising marketplace," chairman and CEO Jeff Smulyan acknowledged. "Our growth will rely heavily on the rebounding ad market, which will help the company grow organically and also boost the currency so it can grow through acquisition. TV offers a great deal of upside and is already showing phenomenal growth."

According to Smulyan, who heads up the company that has radio broadcasting, television broadcasting and magazine publishing operations across the country, the keys to growth he with a company's people. "It's entrepreneurial spirit, employee focus and innovation," he said.

He sees considerable changes down the road for the media industry.

"The radio/TV/communications sector is about to undergo a period of regulatory changes, head-to-head format competition and an examination of the relationships between radio stations, record labels and independent promoters," said Smulyan.