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 January 2, 2004, and a payable date of January 15, 2004.

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 sm

Emmis Communications is an Indianapolis based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis’ 23 FM and 4 AM domestic radio stations serve 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 two radio networks, three international radio stations, 16 television stations, award winning regional and specialty magazines, and ancillary businesses in broadcast sales and book publishing.

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