EMMIS COMMUNICATIONS OFFERS 4.0 MILLION SHARES OF CLASS A COMMON STOCK

Indianapolis – Emmis Communications Corporation (NASDAQ: EMMS) today announced a public offering of 4.0 million shares of Class A common stock at a price to the public of $26.80 per share. All of the shares are offered by the company and were registered on the company’s universal shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on June 25, 2001.

Deutsche Banc Alex. Brown is acting as the sole book-running manager and Credit Suisse First Boston is co-lead manager for the offering. The offering is expected to close Tuesday, April 2, 2002, and the net aggregate proceeds from the offering are expected to be

$104.5 million. The underwriters have a 30-day option to purchase up to 600,000 additional shares of common stock from the company solely to cover over-allotments, if any.

Emmis intends to use the net proceeds from this offering to repay outstanding indebtedness under its credit facility and possibly to redeem or repurchase some of its outstanding 121/2% senior discount notes due 2011.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A prospectus relating to the offering can be obtained from Deutsche Banc Alex. Brown Information Center at 410-895-2080.