EMMIS COMMUNICATIONS REPORTS RECORD SECOND QUARTER RESULTS

2ND Q SAME STATION DOMESTIC RADIO REVENUE UP 14%; ATCF $.57

Indianapolis – EMMIS Communications Corporation (NASDAQ: EMMS) today announced record revenues and cash flow for its fiscal quarter ending Aug. 31, 2000.

For its second fiscal quarter, EMMIS’ ATCF grew to $27.6 million from $15.6 million, a 77% increase over the same quarter of the prior year. ATCF per share in the second quarter increased to $.57 vs. $.47 in the same quarter of the prior year, a 21% increase. EMMIS’ BCF grew to $47.4 million, a 40% increase over the same quarter in the previous year.

After-Tax Cash Flow (ATCF) and Broadcast Cash Flow (BCF) are important and widely used measurements of the operating performance of media properties, used by management and analysts to evaluate the operating performance of media properties.

For the second quarter, EMMIS’ net revenue grew to $109.1 million from $81.5 million, a 34% increase over the same quarter of the prior year. On a same-station basis, net revenue for the quarter increased 14% and BCF was up 20%. On a same-station basis, domestic radio net revenue increased 14% for the quarter and broadcast cash flow increased 20%.

“Our continuing strength in operations, combined with our recent acquisitions, will give EMMIS even more opportunity for growth in the next year,” Chairman and CEO Jeff Smulyan said. “The radio business is sound, with radio continuing to get a disproportionate share of advertising dollars in comparison to other media.”

EMMIS’ purchase of eight television stations from Lee Enterprises Inc. (NYSE: LEE) is expected to close next week, pending Federal Communications Commission approval. The acquisition, which will bring the total number of EMMIS Television stations to 15, will involve the purchase by EMMIS of KOIN-6 (CBS), Portland, Oregon; KRQE-13 (CBS), Albuquerque, New Mexico; WSAZ-3 (NBC), Huntington/Charleston, West Virginia; KSNW-3 (NBC), Wichita, Kansas; KGMB-9 (CBS), Honolulu, Hawaii; KGUN-9 (ABC), Tucson, Arizona; KMTV-3 (CBS), Omaha, Nebraska; KSNT-27 (NBC), Topeka, Kansas.

EMMIS also expects to close the Sinclair and Bonneville transactions within the next two weeks, pending FCC approval. In June, EMMIS announced that it had reached agreement with Sinclair Broadcast Group Inc. (SBGI) to acquire Sinclair’s six St. Louis radio stations for $220 million. In a separate transaction, EMMIS announced it signed a letter of intent to swap four of its St. Louis properties – WKKX-FM and to-be-acquired WIL-FM, WRTH-AM, WVRV-FM – to Bonneville International Corporation in exchange for KZLA-FM in the nation’s #2 market, Los Angeles. EMMIS currently runs KZLA-FM under a LMA. After the close of this transaction, EMMIS will own 5 radio stations in St. Louis – KSHE-FM, WXTM-FM, and newly-acquired KPNT-FM, KXOK-FM, and KIHT-FM.

Last week EMMIS and radio industry leaders Bonneville International Corporation, Corus Entertainment (NYSE: CJR), Entercom Communications (NYSE: ETM) and Jefferson Pilot (NYSE: JP) announced the formation of an industry-wide and industry-owned Internet network that will revolutionize the radio industry’s relationship to the web. The industry-owned Internet initiative – the Local Media Internet Venture (LMIV) – will provide the technology, content and marketing needed to make local station web sites compelling. The five founding members on board bring with them an aggregate audience of more than 37 million weekly listeners.

In other recent company news, EMMIS announced the acquisition of Denver’s KALC-FM (‘Alice’) from Salem Communications on Sept. 18. Pending various approvals, the deal is expected to close in January 2001, although EMMIS will begin operating the station within 30 days under a local management agreement (LMA). KALC-FM joins EMMIS’ other Denver holding, KXPK-FM, which EMMIS bought from Clear Channel Communications Inc. (NYSE: CCU) on Aug. 24, 2000.

In addition, Hearst-Argyle (NYSE: HTV) has identified WMUR-TV in New Hampshire as the television station property that it will swap with EMMIS in exchange for radio stations KTAR-AM, KMVP-AM, and KKLT-FM in Phoenix, the nation’s 15th largest radio market. In the deal announced June 5, 2000, EMMIS agreed to manage the three radio stations while Hearst-Argyle identified a suitable television station property for EMMIS to purchase and swap with Hearst-Argyle for the Phoenix stations. EMMIS currently runs the three Phoenix stations under a LMA, as well as Phoenix’s KKFR-FM, purchased from Clear Channel. This transaction is expected to close in the 1st calendar quarter of 2001.

As previously announced, EMMIS is in the process of evaluating structural alternatives for separating its radio and television businesses, and expects to announce the details in the next few weeks.

During the 2nd Quarter, EMMIS received a $17 million cash break-up fee from Midwestern Broadcasting when Midwestern sold Atlanta radio station WALR-FM to Cox Radio Inc. (NYSE: CXR). This fee is excluded from ATCF and BCF.

In this news release, “same-station basis” reflects results from stations operated during the three-month period in both 2000 and 1999.

A conference call regarding this earnings release is scheduled for 9 am Eastern today, Wednesday, Sept. 27, 2000. Dial in at 1.888.425.9158. For replay information, please contact Kate Healey at 317.684.6576 or khealey@emmis.com. Investors have the opportunity to listen to the conference call over the Internet through the EMMIS site, www.emmis.com.