Emmis Completes Sale of WVUE-TV in New Orleans

Indianapolis…Emmis Communications Corporation (Nasdaq: EMMS) today announced it has completed the sale of Fox affiliate WVUE-TV in New Orleans to Louisiana Media Company for $41 million, with after-tax proceeds of approximately $35.5 million.

The sale of WVUE completes the divestiture of Emmis’ television assets. Since announcing its intent to exit the television business in May 2005, Emmis has sold all of its 16 television stations, resulting in gross proceeds of approximately $1.24 billion.

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

Emmis is an Indianapolis-based diversified media firm with radio 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. In May 2005, Emmis announced its intent to seek strategic alternatives for its 16 television stations, and has sold all of them. Emmis also owns a radio network, international radio stations, regional and specialty magazines, an interactive business and ancillary businesses in broadcast sales.

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