EMMIS CLOSES STOCK OFFERING OF CLASS A COMMON SHARES

Indianapolis – Emmis Communications Corporation (NASDAQ: EMMS) today announced that it closed its offering of 4.6 million Class A common shares. The company raised $120.2 million in net aggregate proceeds, which it intends to use to repay outstanding indebtedness under its credit facility and possibly to redeem or repurchase some of its outstanding 121/2% senior discount notes due 2011.

This offering was consistent with Emmis’ previously announced efforts to lower its debt levels. In recent months, the company has reduced operating costs and sold certain non-strategic assets. This offering, along with the closing of the previously announced sale of its Denver radio stations, will effectively complete the de-leveraging process.

Deutsche Banc Alex. Brown acted as the sole book-running manager, and Credit Suisse First Boston was co-lead manager for the offering. The shares offered were registered on the company’s universal shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on June 25, 2001.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A prospectus relating to the offering can be obtained from Deutsche Banc Alex. Brown Information Center at 410-895-2080.