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 April 1, 2006, and a payable date of April 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® (www.emmis.com) Emmis is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis owns 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 May 2005, Emmis announced its intent to seek strategic alternatives for its 16 television stations, and the Company has sold 13 of them. In September the Company announced it had signed an agreement to sell St. Louis radio station WRDA-FM. Emmis owns a radio network, regional and specialty magazines and international radio stations.

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