EMMIS TO PURCHASE DENVER’S KALC-FM FROM SALEM

ADDITION INCREASES EMMIS’ RADIO HOLDINGS TO 24; 2 IN DENVER

Indianapolis – EMMIS Communications Corporation (NASDAQ: EMMS) today announced it has entered into an agreement with Salem Communications Corporation (NASDAQ: SALM) to acquire radio station KALC-FM (‘Alice’) in Denver.

“KALC presents an excellent opportunity for EMMIS because of its fit with our other Denver station, KXPK-FM,” noted EMMIS Chairman & CEO Jeff Smulyan. “We will continue to selectively acquire radio stations in America’s best markets. In the past several months EMMIS has agreed to acquire approximately $600 million of radio properties, expanding our existing positions in Los Angeles and St. Louis, and entering the Denver and Phoenix markets with a significant presence.”

On Aug. 24 EMMIS announced the completion of its acquisition of DenverÄs KXPK-FM (‘The Peak’) and Phoenix’s KKFR-FM from Clear Channel/AMFM (CCU).

The purchase price of KALC-FM is $98.8 million. The transaction, which will be accretive to EMMIS in its first year, is subject to several conditions, including approvals from the Federal Communications Commission and other regulatory agencies, and is expected to close in January 2001. However, EMMIS will begin operating KALC-FM in the next 30 days under a local management agreement (‘LMA’). Joe Schwartz, Vice President/General Manager of KXPK, will serve in the same capacity at KALC.