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 July 2, 2002, and a payable date of July 15, 2002.

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.