Emmis Announces Dividend on Convertible Preferred Stock

Emmis Announces Dividend on Convertible Preferred Stock

Indianapolis…Emmis Communications Corporation (NASDAQ: EMMS) today announced that its Board of Directors declared a dividend for its 6.25% convertible preferred stock (NASDAQ: EMMSP), with a record date of Jan. 1, 2005, and a payable date of Jan. 15, 2005.

The per share dividend for the quarter is $.78125. One share of Emmis preferred stock is convertible to 1.28 shares of Emmis Class A Common Stock.

Emmis Communications – Great Media, Great People, Great Service ®

Emmis Communications is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis has announced but not yet completed a swap of three Phoenix radio stations for one Chicago radio station. Pro forma for that transaction, Emmis will own 23 FM and 2 AM domestic radio stations serving the nation’s largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin, Indianapolis and Terre Haute, IN. In addition, Emmis owns a radio network, international radio stations, 16 television stations, regional and specialty magazines, and ancillary businesses in broadcast sales and book publishing.

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