EMMIS COMMUNICATIONS APPOINTS ERNST & YOUNG AS INDEPENDENT AUDITOR

Indianapolis – Emmis Communications Corporation (NASDAQ: EMMS) today announced the appointment of Ernst & Young LLP as the company’s independent auditor, replacing Arthur Andersen LLP.

Emmis Chairman and CEO Jeff Smulyan said, “Emmis has received excellent service over our eight year relationship with Arthur Andersen – they have been fair and trustworthy in all our dealings. With the reputation and capabilities of Ernst & Young, coupled with their acquisition of Arthur Andersen’s Indianapolis practice, we look forward to working with Ernst & Young as our new independent auditor.”

The change of independent public accountants is not the result of any disagreement between Emmis and Andersen on matters of accounting principles or practices, financial statement disclosure or auditing scope and procedure.

The change was effective Thursday, June 13, 2002.