Peter Lund to Join Emmis Board of Directors

Dividend Declared on Convertible Preferred Stock

Indianapolis…Emmis Communications Corporation (NASDAQ: EMMS) today announced that Peter Lund, the former President and Chief Executive Officer of CBS Inc. and CBS Television and Cable, has joined the Emmis Communications Board of Directors.

“We are fortunate and excited to have someone of Peter’s caliber joining us,” Emmis Chairman and CEO Jeff Smulyan said. “He’s a visionary in the field, and his 40+ years of experience in every facet of the television and radio business will add another important perspective to our Board.”

The addition of Lund increases the size of the Emmis Board from eight to nine.

Lund served as President and CEO of CBS Inc. and President and CEO of CBS Television and Cable from October 1995 through June 1997. Prior to that, he had been President of the CBS Broadcast Group.

Lund first joined CBS in 1977 as Vice President of the CBS-owned AM Radio Stations. During the next 18 years, he held a variety of management positions at CBS including Vice President and General Manager at WBBM-TV in Chicago and WCBS-TV in New York; President, CBS Sports; President, CBS Television Stations; President, CBS Television Network; and Executive Vice President, CBS Broadcast Group. From 1987 to 1990, he was President, Multimedia Entertainment Company, which produced and distributed television programming for syndication.

In additional news, the Board declared a dividend for its 6.25% convertible preferred stock (NASDAQ: EMMSP), with a record date of Jan. 2, 2003, and a payable date of Jan. 15, 2003. The per share dividend for the quarter is $.78125. One share of Emmis preferred stock is convertible to 1.28 shares of Emmis Class A Common Stock.