EMMIS BOARD ANNOUNCES ELECTION OF DIRECTORS AND 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 June 30, and a payable date of July 15, 2001.

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.

In addition, today at the company’s annual shareholders meeting, two board members were re-elected, and one new member was elected. Jeff Smulyan, Chairman & CEO of EMMIS Communications, and Greg Nathanson, former EMMIS Television Division President, were re-elected to the EMMIS Board of Directors, while Walter Z. Berger, Executive Vice President and Chief Financial Officer of EMMIS, was elected to the Board for the first time.

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Emmis is an equal opportunity employer. We believe in the dignity and the worth of every individual.  We will not discrimi­nate against or favor any employee or applicant, or make any decision or take any action, based on race, color, national origin, citizenship status, creed, religion, religious affiliation, age, sex, marital status, sexual orientation, gender identity, disability, veteran status, or any other protected status. Emmis also prohibits any discriminatory or demeaning language, emphasis, characterization or conduct by its employees that may harass, intimidate, insult, ridicule, emphasize, or characterize another person because of his/her race, color, religion, national origin, sex, age, sexual orientation, disability or other legally-protected status or characteristic.

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