Emmis Announces Sale of St. Louis’ “Red” to Radio One

Indianapolis….Emmis Communications Corporation (Nasdaq: EMMS) today announced it has signed a definitive agreement with Radio One (Nasdaq: ROIAK and ROIA) to sell the assets of WRDA-FM (Red, 104.1 FM) for $20 million.

“Red was a novel format that our staff in St. Louis executed well,” Rick Cummings, President of Emmis Radio, said. “But after 18 months, the results have not been robust. The station is not a core asset in St. Louis where Emmis has a three-station rock wall as well as a News/Talk FM. Radio One has been looking for some time for another property in St. Louis, and this was the ideal time for Emmis and Radio One to put the deal together.”

WRDA flipped formats (to new standards) and call letters in January of 2004 from WMLL, Hits of the ’80s and ’90s.

In St. Louis, Emmis will continue to own KFTK-FM (97.1, talk), KIHT-FM (96.3, classic hits), KPNT-FM (105.7, alternative rock) and legendary KSHE-FM (94.7, album-oriented rock).

Emmis will continue to air Red’s programming via the web, www.red1041.com. Emmis is also planning to air Red’s programming on its St. Louis FM Talk station, KFTK-FM, on the weekends. The timing and details of such a move are still being finalized.

The closing is subject to customary conditions, prorations and adjustments, including approval from the Federal Communications Commission and other regulatory agencies. Emmis expects the transaction to close before the end of the year. However, under a local marketing agreement, Radio One will being providing programming for the station on October 1, 2005.

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 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. Emmis has recently announced its intent to seek strategic alternatives for its 16 television stations, which will result in the sale of all or a portion of its television assets. In addition, Emmis owns a radio network, international radio stations, regional and specialty magazines and ancillary businesses in broadcast sales and book publishing.

Certain statements included above which are not statements of historical fact, including financial data for quarters or other periods that are not yet completed and statements identified with the words “continues,” “expect,” “will,” or “would,” are intended to be, and are, identified as “forward-looking statements,” as defined in the Securities and Exchange Act of 1934, as amended, and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Emmis to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions; fluctuations in the demand for advertising; increased competition in the broadcasting industry including the implementation of competing formats in large markets; the attraction and retention of quality talent and other programming; public and governmental reaction to Emmis programming decisions; changes in the costs of programming; changes in interest rates; inability to grow through suitable acquisitions, including the desired radio; inability or delay in closing announced acquisitions or dispositions; terrorist attacks or other large-scale disasters; wars and other events creating economic uncertainty; and other factors mentioned in documents filed by Emmis with the Securities and Exchange Commission. Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.