SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)(1)
EMMIS BROADCASTING CORPORATION
(Name of Issuer)
Class A Common Stock, $0.01 par value
(Title of Class of Securities)
291525103
(CUSIP Number)
- ------------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
______________________________ ________________________________
| | | |
|CUSIP No.291525103 | 13G | Page 2 of 9 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSONS |
| | S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS |
| | Morgan Stanley Group Inc. |
| | 13-2838811 |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | -0- |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | 416,656 |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | -0- |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | 416,656 |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | 416,656 |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | 4.97% |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | CO |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________ ________________________________
| | | |
|CUSIP No.291525103 | 13G | Page 3 of 9 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSONS |
| | S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS |
| | Morgan Stanley LEF I, Inc. |
| | |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | 0 |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | 0 |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | 0 |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | 0 |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | 0 |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | CO |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________ ________________________________
| | | |
|CUSIP No.291525103 | 13G | Page 4 of 9 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSONS |
| | S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS |
| | Morgan Stanley Leveraged Equity Fund, L.P. |
| | |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | 0 |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | 0 |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | 0 |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | 0 |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | 0% |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | PN |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 1(a). Name of Issuer.
Emmis Broadcasting Corporation
Item 1(b). Address of Issuer's Principal Executive Offices.
950 North Meridan Street
Suite 1200
Indianapolis, IN 46204
Item 2(a). Name of Person Filing.
Morgan Stanley Group Inc. ("Morgan Stanley")
Morgan Stanley LEF I, Inc.
("MSLEF I")
Morgan Stanley Leveraged Equity Fund, L.P.
("Fund")
Item 2(b). Address of Principal Business Office or, if
None, Residence.
The address of the principal business and principal office of
MSLEF I and Fund is 1221 Avenue of the Americas, New York, New
York 10020. The address of the principal business and
principal office of Morgan Stanley is 1585 Broadway, New York,
New York 10036.
Item 2(c). Citizenship.
The citizenship of each of Fund, MSLEF I and Morgan Stanley is
Delaware.
Item 2(d). Title of Class of Securities.
This Statement relates to the Company's Class A Common Stock,
$.01 par value per share.
Item 2(e). CUSIP Number.
291525103
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a: N/A
_
(a) |_| Broker or dealer registered under Section 15
of the Act,
_
(b) |_| Bank as defined in Section 3(a)(6) of the
Act,
_
(c) |_| Insurance Company as defined in Section
3(a)(19) of the Act,
_
(d) |_| Investment Company registered under Section
8 of the Investment Company Act,
_
(e) |_| Investment Adviser registered under Section
203 of the Investment Advisers Act of 1940,
_
(f) |_| Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee
Retirement Income Security Act of 1974 or
Endowment Fund; see Section 240.13d-1(b)(1)(ii)(F),
_
(g) |_| Parent Holding Company, in accordance with
Section 240.13d-1(b)(1)(ii)(G) (Note: See Item 7),
_
(h) |_| Group, in accordance with Section 240.13d-
1(b)(1)(ii)(H).
Item 4. Ownership. (a) Amount Beneficially Owned: Fund may be deemed
to own beneficially 0 shares of Common Stock as of December 31,
1996. MSLEF I may be deemed to own beneficially 0 shares of
Common Stock as of December 31, 1996. Morgan Stanley & Co.
Incorporated ("MS & Co.") may be deemed to own beneficially
36,012 shares of Common Stock as of December 31, 1996. As
described below, Morgan Stanley may be deemed to own
beneficially 416,656 shares of Common Stock as of December
31, 1996.
Morgan Stanley, as the sole shareholder of MS & Co., has the
power to control the actions of MS & Co. Accordingly, Morgan
Stanley may be deemed to own beneficially the 36,012 shares of
Common Stock owned by MS & Co., as well as the 380,644 shares
owned by Morgan Stanley.
(b) Percent of Class:(2)
Morgan Stanley 4.97%
MSLEF I 0.00%
Fund 0.00%
- ------------
(2) Based on the 8,376,991 shares of Common Stock reported to be
outstanding in the report on Form 10-Q filed for the quarter ended
November 30, 1996 by Issuer.
(c) Deemed Voting Power and Disposition Power:
(i) (ii) (iii) (iv)
Deemed Deemed Deemed Deemed
to have to have to have to have
Sole Power Shared Power Sole Power Shared Power
to Vote to Vote to Dispose to Dispose
or to or to or to or to
Direct Direct Direct the Direct the
the Vote the Vote Disposition Disposition
Morgan Stanley 380,644 36,012 380,644 36,012
MSLEF I 0 0 0 0
Fund 0 0 0 0
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [X].
Item 6. Ownership of More than Five Percent on Behalf of
Another Person.
N/A
Item 7. Identification and Classification of the
Subsidiary Which Acquired the Security Being
Reported on by the Parent Holding Company.
See Item 4
Item 8. Identification and Classification of Members of
the Group.
N/A
Item 9. Notice of Dissolution of Group.
N/A
Item 10. Certification.
N/A
SIGNATURE
After reasonable inquiry and to the best of the knowledge and
belief of each of the undersigned, each of the undersigned certifies that the
information set forth in this statement is true, complete and correct.
Date: February 14, 1997
Morgan Stanley Leveraged Equity Fund, L.P.
By: /s/ Peter R. Vogelsang
----------------------
Name: Peter R. Vogelsang
Title: Secretary
Morgan Stanley LEF I, Inc.
By: /s/ Peter R. Vogelsang
----------------------
Name: Peter R. Vogelsang
Title: Secretary
Morgan Stanley Group Inc.
By: /s/ Peter R. Vogelsang
----------------------
Name: Peter R. Vogelsang
Title: Secretary
Attention: Intentional misstatements or omissions of fact constitute Federal
Criminal violations (See 18 U.S.C. 10001)
