EMMIS COMMUNICATIONS REPORTS RECORD THIRD QUARTER RESULTS

Indianapolis – EMMIS Communications Corporation (NASDAQ: EMMS) today announced record revenues and cash flow for its fiscal quarter ending Nov. 30, 2000.

For its third fiscal quarter, EMMIS’ after-tax cash flow (ATCF) grew to $29.4 million from $19.5 million, a 51% increase over the same quarter of the prior year. ATCF per share in the third quarter increased to $.62 from $.52 in the same quarter of the prior year, a 19% increase. EMMIS’ broadcast cash flow (BCF) grew to $59.4 million from $39.1 million, a 52% increase over the same quarter in the previous year.

ATCF and BCF are important and widely used measurements of the operating performance of media properties, used by management and analysts to evaluate operating performance.

For the third quarter, EMMIS’ net revenue grew to $143.6 million from $91.3 million, a 57% increase over the same quarter of the prior year. On a same-station basis, domestic radio net revenue increased 4% for the quarter and broadcast cash flow increased 8%. Also on a same-station basis, television net revenue increased 3% for the quarter and BCF increased 4%. In this news release, ‘same-station basis’ reflects results from stations operated under consistent formats during the period in both 2000 and 1999.

“EMMIS outperformed its markets,” Chairman and CEO Jeff Smulyan said. “We invested heavily in our new radio properties and managed other costs effectively in the third quarter, and will continue to do so.”

“In the television arena, our Fox and WB stations performed solidly on a same-station basis,” Smulyan said. “In addition, our recently-acquired Lee properties, which came on board October 1, are transitioning well having captured significant political dollars. On a pro forma basis, EMMIS Television had net revenue growth of 10% and BCF growth of 39%.”

During the 3rd quarter, EMMIS closed on the purchase of eight television stations from Lee Enterprises Inc.(NYSE: LEE). The acquisition, which brings the total number of EMMIS Television stations to 15, involved 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; and KSNT-27 (NBC), Topeka, Kansas.

Also during the 3rd quarter, EMMIS completed the acquisition of six St. Louis radio stations for $220 million from Sinclair Broadcast Group and the simultaneous swap with Bonneville International Corporation of four EMMIS St. Louis radio properties for BonnevilleÄs KZLA-FM in the nationÄs #232 market, Los Angeles.

In addition, Hearst-Argyle (NYSE: HTV) identified WMUR-TV in Manchester, New Hampshire as the television station property that it will swap with EMMIS in exchange for radio stations KTAR-FM, KMVP-AM, and KKLT-FM in Phoenix, the nationÄs 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.

In September, EMMIS announced plans to purchase Denver’s KALC-FM from Salem Communications Corporation for $98.8 million. EMMIS is currently operating the station under a LMA and expects to close on the purchase later this month. EMMIS already owns KXPK-FM in Denver.

In recent company news, Emmis refinanced certain existing indebtedness with a $1.4 billion senior credit facility in early January. The new credit facility has a term of approximately eight years and provides funds to close announced acquisitions as well as funds for future opportunities. In addition to amounts outstanding under this credit facility, Emmis has $300 million outstanding in senior subordinated bonds.

A conference call regarding this earnings release is scheduled for 9 am Eastern today, Wednesday, Jan. 10, 2001. Dial in at 1.877.601.3548. 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.