Emmis Communications is a holding company. Through its subsidiaries, Co. is a media company, principally focused on radio broadcasting. Co. owns Frequency Modulation (FM) and Amplitude Modulation radio stations in New York, Indianapolis, and Austin. One of the FM radio stations that Co. owns in New York is operated pursuant to a Local Marketing Agreement whereby a third party provides the programming for the station and sells all advertising within that programming. In addition to its radio properties, Co. also publishes Indianapolis Monthly and operates Digonex Technologies, Inc., a pricing business.