EMMIS COMMUNICATIONS ANNOUNCES 3RD QUARTER EARNINGS DATE

INDUSTRY ACCOLADES AND DIVIDEND ON CONVERTIBLE PREFERRED STOCK

Indianapolis – Emmis Communications Corporation (NASDAQ: EMMS) today announced that they will discuss 3rd quarter earnings during a conference call at 9 a.m. Eastern on Tuesday, Jan. 8, 2002. Emmis Chairman/Chief Executive Officer Jeff Smulyan and Executive Vice President/Chief Financial Officer Walter Berger will host the call. To access this conference call, please dial 1.888.877.0131 (international # is 1.712.271.0710) with a replay available until Tuesday, Jan. 15 by dialing 1.800.283.1577.

In other company news, Emmis Television was recently ranked #1 in News Excellence among all TV groups from 1998-2001 by the Washington DC-based Project for Excellence in Journalism. “We are very proud of this distinction and we promise to continue to upgrade this already high standard,” Emmis President and CEO Jeff Smulyan said. Visit www.journalism.org for more information on the study.

The company also announced a payment of $.78125 per share of 6.25% Series A Cumulative Convertible Preferred Stock (NASDAQ: EMMSP) to be made to each holder of record on Jan. 2, 2002. The payment in respect of a dividend will be made on Jan. 15, 2002. One share of EMMIS preferred stock is convertible to 1.28 shares of EMMIS Class A Common Stock.