EMMIS COMMUNICATIONS AMENDS TENDER CONSIDERATION OF PREVIOUSLY ANNOUNCED TENDER OFFER FOR ITS 12 1/2% SENIOR DISCOUNT NOTES

Indianapolis…Emmis Communications Corporation (NASDAQ: EMMS) announced today that it has amended the tender consideration for its previously announced offer to purchase any and all of its outstanding Senior Discount Notes due 2011.

The total consideration to be paid to holders that tender their notes and deliver their consents prior to the consent payment deadline will be equal to $1,007.50 per $1,000 principal amount at maturity of the notes, which price includes a consent payment of $15.00 per $1,000 principal amount at maturity of the notes. Holders that tender their notes and deliver their consents after the consent payment deadline and prior to the expiration time will receive $992.50 per $1,000 principal amount at maturity of the notes.

The consent payment deadline will continue to be 5 p.m., New York City Time, on April 26, 2004, unless extended. The tender offer will expire at 12:00 a.m., midnight, New York City Time, on May 11, 2004, unless extended.

The terms and conditions of the tender offer are set forth in an Offer to Purchase and Consent Solicitation Statement dated April 14, 2004. Goldman, Sachs & Co., Deutsche Bank Securities, Inc., Banc of America Securities LLC and Credit Suisse First Boston are the Dealer Managers and Solicitation Agents for the tender offer and consent solicitation. Questions concerning the tender offer or consent solicitation may be directed to Goldman, Sachs & Co. toll-free at (800) 828-3182 or at (212) 357-3019. The Information Agent is Georgeson Shareholder Communications Inc. Copies of documents may be obtained from Georgeson Shareholder Communications Inc. toll-free at (866) 399-8748 or at (212) 440-9800.

This news release is neither an offer to purchase nor a solicitation of an offer to sell the notes. The offer is being made only by reference to the Offer to Purchase and Consent Solicitation Statement and related applicable Consent and Letter of Transmittal dated April 14, 2004.

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

Emmis is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis’ twenty-three FM and four AM domestic radio stations serve the nation’s largest markets of New York, Los Angeles and Chicago as well as Austin, Phoenix, St. Louis, Indianapolis and Terre Haute, IN. In addition, Emmis owns two radio networks, three international radio stations, sixteen television stations, award-winning regional and specialty magazines, and ancillary business in broadcast sales and publishing.

Certain statements included above which are not statements of historical facts, 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 or 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, ability of Emmis to complete the financing necessary to complete the tender offers, 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. Emmis does not undertake any obligation to publicly update or revise any forward-looking statements.

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