EMMIS COMMUNICATIONS ANNOUNCES PROPOSED $200 MILLION OFFERING OF SENIOR DISCOUNT NOTES

Indianapolis – Emmis Communications Corporation (Nasdaq: EMMS) today announced that it plans an offering of $200 million of gross proceeds of senior discount notes by EMMIS Escrow Corporation, a wholly-owned subsidiary of EMMIS. The net proceeds will be used to fund the acquisition of three radio stations in Phoenix, Arizona from Hearst-Argyle Television Inc. (NYSE: HTV) and to pay-down a portion of the company’s credit facility. These transactions are expected to close before the end of the month.

The offering will be conducted pursuant to Rule 144A under the Securities Act of 1933. The securities have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offering sold would be unlawful.