Emmis to Purchase Radio Station in Slovakia

Addition grows international holdings in one of the world’s hottest economies

Indianapolis….Emmis Communications Corporation (Nasdaq: EMMS) today announced it has signed an agreement to purchase the stock of D.EXPRES, a.s., a Slovakian company that owns and operates Rádio Expres, a national radio network in Slovakia, one of the world’s fastest growing economies.

“Slovakia fits our strategy because it presents an opportunity to leverage our other international success in one of the world’s fastest developing economies,” Paul Fiddick, President of Emmis International, said.

Emmis is purchasing the station and affiliated tower company for $14 million U.S. from D.EXPRES, whose majority shareholders are the Slovak Post Privatization Fund managed by East Fund Management, a regional private equity manager. The properties are cash flow positive and, at closing, the acquisition will be accretive.

Rádio Expres (www.expres.troky.sk) is the top-rated private commercial radio station in Slovakia, featuring a format of popular music, news, and entertainment. Rádio Expres broadcasts from Bratislava, the capital of Slovakia, and is heard throughout the country.

Slovakia (part of Czechoslovakia until 1993) has a population of about 5.5 million, is located between Hungary and Poland, and is adjacent to the Czech Republic and Austria. Slovakia joined the European Union in May 2004 and leads all the new EU entrants in foreign direct investment per capita.

The deal is expected to close in the first calendar quarter of 2005, subject to approval by the Slovakian media regulator, the Rada Pre Vysielanie a Retransmisiu (Council for Broadcasting and Retransmission), the completion of satisfactory due diligence by Emmis and other customary closing conditions.

Emmis International currently consists of nine FM radio stations in the Flanders region of Belgium and 59.5% interest in the national top-ranked radio station in Hungary.

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.

Certain statements included above which are not statements of historical fact, including statements identified with the words “expect,” “will,” 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.