Learfield Signs Letter of Intent to Acquire AgriAmerica Network

Transaction Will Expand Farm Broadcasting Commitment in Indiana

(Jefferson City, MO) – Learfield Communications, Inc., owner of the Brownfield Network, today announced that it has signed a letter of intent to purchase the AgriAmerica Network from WIBC-AM (1070). This purchase will combine Indiana’s two farm radio networks, AgriAmerica and Brownfield.

Learfield President and CEO Clyde Lear said this will give radio stations in Indiana an unbeatable product for farm programming. “Combined, we will have the largest, most experienced team in farm broadcasting today,” said Lear. “While many of our competitors are cutting back on their farm reporting resources, we are investing even more to provide our radio stations, listeners and advertisers the best farm product available.”

Learfield’s involvement will add seven farm broadcasters to AgriAmerica Network, and all are members of the National Association of Farm Broadcasters. “Learfield is committed to the rural economy and the people it serves. We are confident in the future of agriculture,” Lear said. Gary Truitt, farm broadcaster and one of the founders of AgriAmerica, will remain with the network. Other staffing and programming plans have yet to be finalized.

“Farm broadcasting remains an important part of the WIBC program schedule, and the station will continue to provide farmers in Indiana quality ag reporting from AgriAmerica,” said Tom Severino, Vice President/Indianapolis Market Manager for Emmis, which owns WIBC-AM (1070). “This transaction is really a win-win, in that WIBC will maintain its farm presence and the AgriAmerica Network will benefit from the strong ag reputation and farm programming focus of the Brownfield Network.”

The transaction is subject to the negotiation and execution of a definitive purchase agreement and is expected to close November 30, 2003.

Founded in the 1972, the Brownfield Network is America’s largest farm network, producing agribusiness news and market programming for more than 250 radio stations in the corn and soybean belt of the United States. Learfield also holds the athletic multi-media rights to fourteen leading universities throughout the United States, including Indiana University Athletics.

Certain statements included above which are not statements of historical fact, identified with the words “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 statement. Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.