EMMIS BOARD ANNOUNCES ELECTION OF DIRECTORS AND 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 June 30, and a payable date of July 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.

In addition, today at the company’s annual shareholders meeting, two board members were re-elected, and one new member was elected. Jeff Smulyan, Chairman & CEO of EMMIS Communications, and Greg Nathanson, former EMMIS Television Division President, were re-elected to the EMMIS Board of Directors, while Walter Z. Berger, Executive Vice President and Chief Financial Officer of EMMIS, was elected to the Board for the first time.