Emmis to Present at Lehman Brothers Small Cap Conference

For Immediate Release

Wednesday, November 17, 2004

Contact: Kate Healey, Emmis

317.684.6576

Emmis to Present at Lehman Brothers Small Cap Conference

Indianapolis…Emmis Communications Corporation (NASDAQ: EMMS) Executive Vice President and CFO Walter Berger will be presenting Thursday, Nov. 18, 2004 at the Lehman Brothers Small Cap Conference.

Berger’s presentation will be at 2:50 pm Mountain Standard Time (4:50 pm Eastern). An audio stream of the presentation will be accessible by visiting the Emmis website, www.emmis.com.

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 has announced but not yet completed a swap of three Phoenix radio stations for one Chicago radio station. Pro forma for that transaction, Emmis will own 23 FM and 2 AM domestic radio stations serving 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 a radio network, international radio stations, 16 television stations, regional and specialty magazines, and ancillary businesses in broadcast sales and book publishing.

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