EMMIS BOARD ANNOUNCES DIVIDEND ON CONVERTIBLE PREFERRED STOCK & DATE OF ANNUAL SHAREHOLDERS MEETING

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 April 1, 2001, and a payable date of April 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.

The Board also announced that the EMMIS annual meeting of shareholders will be Tuesday, June 26, 2001 at 10 a.m. at the company’s Indianapolis headquarters.