EMMIS COMPLETES SALE OF DENVER PROPERTIES FOR $135.5 MILLION

SIGNIFICANT DELEVERAGING RESULTS FROM SALES

Indianapolis – Emmis Communications Corporation (NASDAQ: EMMS) today announced that it has completed the previously announced sale of Denver radio station KALC-FM (“Alice”) to Entercom Communications Corporation (NYSE: ETM) for $88 million and Denver radio station KXPK-FM (“The Peak”) to Entravision Communications Corporation (NYSE: EVC) for $47.5 million.

Emmis purchased KXPK-FM from Clear Channel/AMFM in August 2000, and acquired KALC-FM from Salem Communications Corporation in January 2001.