EMMIS BOARD ANNOUNCES DIVIDEND ON CONVERTIBLE PREFERRED STOCK

Indianapolis – EMMIS Communications Corporation (NASDAQ: EMMS) today announced that its Board of Directors declared a dividend for its 6.25% convertible preferred stock (NASDAQ: EMMSP), with a record date of Oct. 4, 2000, and a payable date of Oct. 15, 2000.

The per share dividend for the quarter is $.78125. One share of preferred EMMIS stock is convertible to 1.28 shares of common stock.

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