Emmis Signs Consent Decree with the FCC

For Immediate Release

Thursday, Aug. 12, 2004

Emmis Signs Consent Decree with the FCC

Indianapolis…Emmis Communications Corporation (NASDAQ: EMMS) today announced that the company has entered into a consent decree with the Federal Communications Commission to settle all outstanding indecency-related matters.

“Earlier this year we adopted an aggressive policy to ensure that Emmis provides quality, compelling, on-air content that conforms to decency standards,” Emmis President and CEO Jeff Smulyan said. “We announced a zero tolerance policy and are taking extraordinary steps to educate our on-air employees and program directors. The consent decree settles all pending indecency-related issues, and allows us to move forward.”

Terms of the agreement call for Emmis to make a voluntary contribution of $300,000 to the U.S. Treasury, with the FCC terminating all current indecency-related inquiries and fines against Emmis.

Emmis Communications – great media. great people. great service.®

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, Ind. In addition, Emmis owns 16 television stations, a radio network, international radio 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 statements. Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.