EMMIS BOARD 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 Dec. 31, 2000, and a payable date of Jan. 15, 2001.

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.