Emmis Communications Reports 2nd Quarter Results

Reported Net Revenue jumps 11%; 6th straight quarter radio outperforms its markets

A conference call regarding this earnings release is scheduled for

9 a.m. Eastern, Thursday, Sept. 29, 2005. Dial in at 1.517.623.4891 or listen online at www.emmis.com

Emmis Communications Reports 2nd Quarter Results

Reported Net Revenue jumps 11%; 6th straight quarter radio outperforms its markets

Indianapolis…Emmis Communications Corporation (NASDAQ: EMMS) today announced results for its second fiscal quarter ended August 31, 2005.

For the second fiscal quarter, reported net revenue was $107.9 million, compared to $97.1 million for the same quarter of the prior year, an increase of 11%.

Reported net revenues for all periods presented exclude the results of Emmis’ television stations, which have been classified as discontinued operations. The net revenues and station operating expenses, excluding noncash compensation, of the television stations were $60.3 million and $39.8 million, respectively, for the quarter. If these stations had been included in reported results, as opposed to discontinued operations, reported net revenues and station operating expenses, excluding noncash compensation, for the three months ended Aug. 31, 2005 would have been $168.1 million and $105.7 million, respectively.

Diluted net income per common share was $0.15, compared to $0.23 for the same quarter of the prior year. The decrease in EPS relates to higher interest expense resulting from debt incurred to effectuate the company’s Dutch Auction stock repurchase in June 2005.

“We’re encouraged with how strong the quarter finished for our radio stations, which outperformed their markets for the sixth straight quarter,” Emmis Chairman and CEO Jeff Smulyan said. “As we continue to focus on operations, the disposition of our TV assets continues. The sale of 9 of our 16 stations will result in proceeds that exceed expectations.”

For the second quarter, reported radio net revenues increased 11%, while pro forma radio net revenues (including WLUP-FM and the Emmis radio network in Slovakia) increased 4%. Publishing net revenues increased 10%.

For the second quarter, operating income was $28.5 million, compared to $25.2 million for the same quarter of the prior year. Emmis’ station operating income for the second quarter was $42.0 million, compared to $39.1 million for the same quarter of the prior year.

Emmis has included supplemental pro forma net revenues, station operating expenses, excluding non-cash compensation, and certain other financial data on its website, www.emmis.com. This information, which includes all consummated station acquisitions and dispositions, can be found under the “Investors” tab.

International radio net revenues and station operating expenses for the quarter ended Aug. 31, 2005 were $8.3 million and $5.4 million, respectively.

Emmis has announced definitive agreements to sell 9 of its 16 television stations in three separate transactions. LIN TV Corp (NYSE: TVL) signed an agreement to purchase WALA-TV (Ch. 10, Fox affiliate) and WBPG-TV (Ch. 55, WB affiliate) in Mobile, Ala./Pensacola, Fla.; WTHI-TV (Ch. 10, CBS affiliate) in Terre Haute, Ind.; WLUK-TV (Ch. 11, Fox affiliate) in Green Bay, Wis.; and KRQE-TV (Ch. 13, CBS affiliate) in Albuquerque, New Mexico, plus regional satellite stations. The sale price for the five stations is $260 million. Journal Communications (NYSE: JRN) signed an agreement to purchase WFTX-TV (Ch. 4, Fox affiliate) in Fort Myers, Fla.; KMTV-TV (Ch. 3, CBS affiliate) in Omaha, Neb.; and KGUN-TV (Ch. 9, ABC affiliate) in Tucson, Ariz. The sale price for the three stations is $235 million. Gray Television (NYSE: GTN; GTN.A) signed an agreement to purchase WSAZ-TV (Ch. 3, NBC affiliate) in Huntington/Charleston, West Virginia, for $186 million. The closings are subject to customary prorations, adjustments and conditions, including approval from the Federal Communications Commission and other regulatory agencies. Emmis expects to begin closing these transactions before the end of the year.

On June 21, 2005, the company repurchased 39% of its outstanding shares of Class A common stock pursuant to a Dutch Auction tender offer. To finance this transaction, the company issued $350 million of floating rate senior notes. Emmis may purchase additional shares of its Class A common stock in open market transactions from time to time.

Subsequent to the quarter end, the company announced the sale of St. Louis’ WRDA-FM to Radio One for $20 million.

Pro forma calculations assume the following events all had occurred on March 1, 2004: (a) the acquisition of WLUP-FM in Chicago in January 2005 and (b) the acquisition of a radio network in Slovakia in March 2005.

The following table reconciles reported results to pro forma results (dollars in thousands):

3 months ended Aug. 31, % 6 months ending Aug .31, %

2005 2004 Change 2005 2004 Change

Radio

Reported net revenues $87,098 $78,176 11% $162,198 $144,886 12%

Plus: Revenues

from assets acquired – 5,313 882 9,788

Less: net revenues

from assets disposed – – – –

Pro forma net revenues $87,098 $83,489 4% $163,080 $154,674 5%

Publishing

Reported net revenues $20,794 $18,943 10% $40,896 $36,838 11%

Plus: Revenues

from assets acquired – – – –

Less: net revenues

from assets disposed – – – –

Pro forma net revenues $20,794 $18,943 10% $40,896 $36,838 11%

Total Company

Reported net revenues $107,892 $97,119 11% $203,094 $181,724 12%

Plus: Revenues

from assets acquired – 5,313 882 9,788

Less: Revenues

from assets disposed – – –

Pro forma net revenues $107,892 $102,432 5% $203,976 $191,512 7%

On a pro forma basis, the Company expects its radio net revenues for its quarter ended Nov. 30, 2005, to be up 5-6% and its station operating expenses, excluding noncash compensation, to be up 3-4%.

Emmis will host a call regarding this information on Thurs., Sept. 29 at 9 a.m. Eastern at 1.517.623.4891, with a replay available until Thurs., Oct. 6, at 1.203.369.3961. Listen online at www.emmis.com.

Emmis generally evaluates the performance of its operating entities based on station operating income. Management believes that station operating income is useful to investors because it provides a meaningful comparison of operating performance between companies in the industry and serves as an indicator of the market value of a group of stations or publishing entities. Station operating income is generally recognized by the broadcast and publishing industries as a measure of performance and is used by analysts who report on the performance of broadcasting and publishing groups. Station operating income does not take into account Emmis’ debt service requirements and other commitments, and, accordingly, station operating income is not necessarily indicative of amounts that may be available for dividends, reinvestment in Emmis’ business or other discretionary uses.

Station operating income is not a measure of liquidity or of performance, in accordance with accounting principles generally accepted in the United States, and should be viewed as a supplement to, and not a substitute for, our results of operations presented on the basis of accounting principles generally accepted in the United States. Moreover, station operating income is not a standardized measure and may be calculated in a number of ways. Emmis defines station operating income as revenues net of agency commissions and station operating expenses, excluding non-cash compensation.

Emmis Communications – Great Media, Great People, Great Service®

Emmis is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis owns 23 FM and 2 AM domestic radio stations serving the nation’s largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin, Indianapolis and Terre Haute, IN. In May Emmis announced its intent to seek strategic alternatives for its 16 television stations, and the Company has announced signed definitive agreements to sell 9 of them. In September the Company announced it had signed an agreement to sell St. Louis radio station WRDA-FM. Emmis owns a radio network, international radio stations, regional and specialty magazines and ancillary businesses in broadcast sales and book publishing.

The information in this news release is being widely disseminated in accordance with the Securities & Exchange Commission’s Regulation FD.

Certain statements included above which are not statements of historical fact, including financial data for quarters or other periods that are not yet completed and statements identified with the words “continues,” “expect,” “will,” or “would,” are intended to be, and are, identified as “forward-looking statements,” as defined in the Securities and Exchange Act of 1934, as amended, and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Emmis to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions; fluctuations in the demand for advertising; increased competition in the broadcasting industry including the implementation of competing formats in large markets; the attraction and retention of quality talent and other programming; public and governmental reaction to Emmis programming decisions; changes in the costs of programming; changes in interest rates; inability to grow through suitable acquisitions; inability or delay in closing previously announced acquisitions or divestitures; terrorist attacks or other large-scale disasters; wars and other events creating economic uncertainty; and other factors mentioned in documents filed by Emmis with the Securities and Exchange Commission. Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

-30-