Emmis Begins Time Brokerage Agreement with Bonneville’s WLUP-FM in Chicago

Emmis adds a second station in #3 revenue market

Indianapolis…Emmis Communications Corporation (Nasdaq: EMMS) today announced that the company has begun its time brokerage agreement with Bonneville International Corporation for WLUP-FM in Chicago. In a deal announced in October, Emmis entered into an agreement with Bonneville to swap three Phoenix radio stations – KTAR-AM, KMVP-AM and KKLT-FM – in exchange for WLUP-FM (The Loop) in Chicago and $70 million in cash, which Emmis is using to pay down debt. Emmis has owned WKQX-FM (Q101) in Chicago since 1988.

Marv Nyren, formerly Emmis Radio Regional Vice President/Market Manager of Emmis-Phoenix, has begun his duties as Regional Vice President/Market Manager of Emmis-Chicago.

The closing of the transaction is subject to several conditions, including approval from the Federal Communications Commission, and is expected to occur in early 2005. After the close of the transaction, Emmis will own 25 radio stations in eight markets.

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

Emmis Communications is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis has announced but not yet completed a swap of three Phoenix radio stations for one Chicago radio station. Pro forma for that transaction, Emmis will own 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 addition, Emmis owns a radio network, international radio stations, 16 television 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 statement. 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; changes in the costs of programming; changes in interest rates; inability to close pending acquisitions or to grow through suitable acquisitions, including the desired radio; future terrorist attacks or other large-scale disasters; and other factors mentioned in documents filed by Emmis with the Securities and Exchange Commission, including the current report on Form 8-K/A, July 15, 2002. Emmis does not undertake any obligation to publicly update or revise any forward-looking statements