Emmis Completes Sale of Interest in Argentine Radio

Indianapolis…Emmis Communications Corporation (NASDAQ: EMMS) today announced that it has completed the previously announced sale of its controlling interest in Votionis, an Argentine broadcasting company, to its local minority partners for $7.3 million in cash.

Emmis announced in December, 2003, that it was selling its interests in Argentina to geographically target its international efforts. Emmis International now consists of Sláger Rádió, the top-rated national station in Hungary, as well as nine FM radio stations serving more than 50 percent of the population in the Flanders region of Belgium.

Votionis operates one AM and one FM station in Buenos Aires. The AM station, Radio 10, is Argentina’s leading news and information station, while the FM station, Mega 98.3, pioneered the “rock nacional” format and achieved instant ratings success when the format was introduced in 2000.

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Emmis Communications is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis’ 23 FM and 4 AM domestic radio stations serve 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 addition, Emmis owns two radio networks, three international radio stations, 16 television stations, regional and specialty magazines, and ancillary businesses in broadcast sales and book publishing.

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 statement. 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; changes in the costs of programming; changes in interest rates; inability to grow through suitable acquisitions, including the desired radio; future terrorist attacks or other large-scale disasters; failure to receive necessary regulatory approvals; and other factors mentioned in documents filed by Emmis with the Securities and Exchange Commission, including the current report on Form 8-K/A, July 15, 2002. Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.