EMMIS UPDATE

Indianapolis – EMMIS Communications Corporation (NASDAQ: EMMS) today announced that through its 23 radio stations and 15 television stations, the company has raised nearly $5 million for relief efforts in response to the September 11 tragedies.

In other company news:

– A payment of $.78125 per share of 6.25% Series A Cumulative Convertible Preferred Stock (NASDAQ: EMMSP) will be made to each holder of record on October 12. The payment in respect of a dividend will be made on October 15, 2001.

– For the first time since the mid-1990s, one company is close to having the #1 radio stations in both New York and Los Angeles simultaneously. That company is EMMIS.

– Hot 97 New York is #1 12+ with a 6.5, its highest number yet. Same story 18-34, where HOT 97 not only is first with a record 12.9, but has more than a 5 share lead over the closest competitor. All three EMMIS New York radio stations (Hot 97, KISS and WQCD CD 101.9) rank in the Top Ten with 25-54 year olds.

– Power 106 in Los Angeles is #2 with a 4.9, missing the #1 spot by a .10 share.