EMMIS COMMUNICATIONS DELAYS TRACKING STOCK PLANS

PLAN TO BE RE-EVALUATED ONCE MARKET CONDITIONS IMPROVE

Indianapolis – EMMIS Communications Corporation (NASDAQ: EMMS) today announced that it has postponed plans to separate its radio and television businesses and that it will reconsider the separation when equity market conditions become more favorable.

“The company was prepared to file a registration statement with the SEC to create tracking stocks for our radio and television businesses,” Executive Vice President/CFO Walter Berger said. “But given the current market conditions in the media sector, we decided not to move forward immediately. Instead, we will continue to evaluate our tracking stock plan as equity market conditions change over the next several quarters.”

In May, 2000, the company announced that it was evaluating structural alternatives for separating its radio and television businesses and postponed its annual shareholders meeting as it worked on separation plans. EMMIS has now scheduled its annual shareholders’ meeting for 11 a.m. on Wednesday, January 10, 2001.