EMMIS COMMUNICATIONS ANNOUNCES 4TH QUARTER EARNINGS DATE

DIVIDEND ON CONVERTIBLE PREFERRED STOCK

Indianapolis – Emmis Communications Corporation (NASDAQ: EMMS) today announced that they will release 4th quarter earnings during a conference call at 9 a.m. Eastern on Tuesday, April 16, 2002. Emmis Chairman/Chief Executive Officer Jeff Smulyan and Executive Vice President/Chief Financial Officer Walter Berger will host the call. To access the conference call, please dial 1.888.877.0131 (international # is 1.312.470.0009) with a replay available until Tuesday, April 23 by dialing 1.888.567.0382, passcode 45128.

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 April 1, 2002. The payment in respect of a dividend will be made on April 15, 2002. One share of Emmis preferred stock is convertible to 1.28 shares of Emmis Class A Common Stock.

Emmis Communications is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis’ 20 FM and 3 AM domestic radio stations serve the nation’s largest markets of New York, Los Angeles and Chicago as well as Denver, Phoenix, St. Louis, Indianapolis and Terre Haute, IN. In addition, Emmis owns two radio networks, three international radio stations, 15 television stations, award-winning regional and specialty magazines and ancillary businesses in broadcast sales and publishing.

Certain statements included above which are not statements of historical fact, 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 and 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.

To facilitate entry, we recommend that you place your call five minutes before start time.

DATE/TIME: Tuesday, April 16, 2002

Eastern: 9 a.m.

Central: 8 a.m.

Mountain: 7 a.m.

Pacific: 6 a.m.

CALL NAME/PASSCODE: Emmis Communications

MODERATORS: Jeff Smulyan & Walter Berger

DIAL-IN: 1.888.877.0131 (international # is 1.312.470.0009)

PLAYBACK: Until Tuesday, April 23, by dialing 1.800.567.0382, passcode 45128