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Emmis Announces Preliminary Results Of Its Modified Dutch Auction Tender Offer









INDIANAPOLIS, Jan. 3, 2012 /PRNewswire/ -- (NASDAQ: EMMS, EMMSP) -- Emmis Communications Corporation today announced the preliminary results of its modified Dutch auction tender offer, which expired at 5:00 p.m., New York City Time, on Friday, December 30, 2011.

Based on the preliminary count by BNY Mellon Shareowner Services, the depositary of the tender offer, a total of 164,400 shares of Emmis' 6.25% Series A Cumulative Convertible Preferred Stock, par value $0.01 per share (the "Preferred Shares"), were properly tendered and not properly withdrawn at or below the purchase price of $15.56 per share.

In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, Emmis expects to accept for purchase approximately 164,400 shares of its Preferred Shares at a price of $15.56 per share, for an aggregate cost of approximately $2.6 million, excluding fees and expenses relating to the tender offer. These shares represent approximately 6.3% of the Preferred Shares outstanding as of December 30, 2011.

The number of shares to be purchased and the purchase price are preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the depositary. The final number of shares to be purchased and the final purchase price will be announced following the completion by the depositary of the confirmation process. Payment for the shares accepted for purchases under the tender offer, and return of all other shares tendered and not purchased, will occur promptly thereafter.

The information agent and depositary for the tender offer is BNY Mellon Shareowner Services. The solicitation agent for the tender offer is Georgeson Inc. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Taft Stettinius & Hollister LLP are acting as Emmis' legal counsel in the tender offer. When the tender offer  commenced, the offer to purchase and related documents were mailed to holders of record of Preferred Shares and also were made available for distribution to beneficial owners of Preferred Shares. For questions and information, please call the information agent toll free at (866) 301-0524 or the solicitation agent toll free at (800) 676-0281.

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