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, 2006, and a payable date of Jan. 15, 2006.

The per share dividend for the quarter is $.78125. One share of Emmis preferred stock is convertible to 1.661 shares of Emmis Class A Common Stock using the conversion price of $30.10 a share.

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

Emmis is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis owns 22 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. Emmis owns a radio network, international radio stations, regional and specialty magazines and ancillary businesses in broadcast sales and book publishing.

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