Emmis completes sale of KKFR-FM

Bonneville purchases Phoenix station for $77.5 million

Indianapolis…Emmis Communications Corporation (NASDAQ: EMMS) today announced that the Company has completed the sale of KKFR-FM (Power 92.3) in Phoenix to Bonneville International Corporation and Bonneville Holding Company for $77.5 million. Emmis will use the net proceeds, approximately $76.3 million, to repay outstanding indebtedness.

Emmis purchased KKFR-FM from Clear Channel in August 2000. In January 2005, Emmis swapped three Phoenix stations — KTAR-AM, KMVP-AM and KKLT-FM — with Bonneville in exchange for WLUP-FM (97.9) in Chicago and $70 million in cash. Emmis now owns 23 domestic radio stations in seven markets.

Emmis Communications – Great Media. Great People. Great Service.®

Emmis is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis owns 21 FM and 2 AM domestic radio stations serving the nation’s largest markets of New York, Los Angeles and Chicago as well as St. Louis, Austin, Indianapolis and Terre Haute, Ind. Emmis owns a radio network, international radio stations, regional and specialty magazines and ancillary businesses in broadcast sales and publishing. In May 2005, Emmis announced its intent to seek strategic alternatives for its 16 television stations, and the Company has sold or announced signed definitive agreements to sell 14 of them.