EMMIS COMPLETES ACQUISITION OF SINCLAIR AND BONNEVILLE RADIO PROPERTIES

DEALS GIVE EMMIS 2 RADIO STATIONS IN LA; 5 RADIO STATIONS IN ST. LOUIS; 24 TOTAL RADIO STATIONS

Indianapolis – EMMIS Communications Corporation (NASDAQ: EMMS) today announced that it has completed its previously-announced acquisition from Sinclair Broadcast Group Inc. (NASDAQ: SBGI) of six St. Louis radio stations for $220 million. Also announced today was the completion of EMMIS’ swap with Bonneville International Corporation of four EMMIS’ St. Louis properties – WKKX-FM and newly-acquired-from-Sinclair WIL-FM, WRTH-AM, WVRV-FM – in exchange for KZLA-FM in the nation’s #2 market, Los Angeles.

In Los Angeles, EMMIS will now own KPWR-FM (Power 106) and KZLA-FM (Country 93.9). In St. Louis, EMMIS will now own KSHE-FM (KSHE95), KPNT-FM (105.7 The Point), KXOK-FM (The Rock), KIHT-FM (K-Hits 96) and WXTM-FM (104.1 THE MALL) in St. Louis.