Emmis Communications Corp., which owns several Los Angeles media properties, would go private under a plan announced Monday by Chief Executive Jeff Smulyan.

Indianapolis-based Emmis publishes Los Angeles and Tu Ciudad magazines and owns KPWR-FM (“Power 106”) and country music station KZLA-FM in the Los Angeles market.

Under the plan, ECC Acquisition, an Indiana corporation owned by Smulyan, would purchase the outstanding stock of Emmis for $15.25 per share. The stock closed on Friday, May 5, at $13.59. Emmis stock after the announcement soared $2.82, or 21 percent, to close at $16.25.

The acquisition would occur as a merger between Emmis and ECC. At the same time, the company would restructure debt. Also, the “purchaser intends to invite certain other members of Emmis’ management to join the purchaser in the proposed transaction,” according to a statement from Emmis.

The Emmis board has formed a special committee to consider the deal, according to a news release, and neither Mr. Smulyan nor other inside directors will be involved in evaluating the proposal. The transaction requires a recommendation by the committee and approval by the board and shareholders.