EMMIS COMMUNICATIONS RELEASES UPDATED 4TH Q AND FY 2002 GUIDANCE

Indianapolis – EMMIS Communications Corporation (NASDAQ: EMMS) today announced the following guidance to investors for the 3-month period ending Feb. 28, 2001, and for fiscal year 2002 (March 1, 2001 – Feb. 28, 2002).

EMMIS attributed these revised estimates to a general economic softening, in addition to slowing advertising sales in the major markets, fueled by the drop-off of dot com spending. In addition to outperforming its markets, the company has instituted additional cost controls throughout its operations.

This information is being released to widely disseminate the company’s outlook in accordance with Regulation FD, recently adopted by the Securities and Exchange Commission.

EMMIS same-station 4th quarter domestic radio net revenue will be down 6-8%, with domestic radio broadcast cash flow down 3-5%, reflecting cost cutting measures.

EMMIS’ pro forma estimated 4th quarter radio net revenue will be down 5-7%, while radio broadcast cash flow will be down 21-24% due to significant investment spending in new radio properties. Television net revenue for the quarter will be down 8-10%, as television broadcast cash flow will be off 21-24%. After-tax cash flow for the quarter will be $.29-$.30 per share, and ATCF for the full year will be approximately $1.95 per share.

EMMIS will host a conference call regarding this information on Monday, Feb. 26 at 5 p.m. at 1.888.664.9959, with a replay available until March 4th at 1.888.568.0855, passcode 5625, or listen on-line by logging on to www.emmis.com.

Estimates, in millions, except ATCF:          Q1 2002     FY 2002

Radio net revenue                                        69.1             289.7

Radio broadcast cash flow                          30.3            135.4

TV net revenue                                             56.6            223.3

TV broadcast cash flow                               20.9            83.8

Publishing net revenue                                18.6             79.7

Publishing cash flow                                     1.9                11.5

Further quarterly guidance will be given during the company’s 4th quarter earnings conference call.