Emmis Announces Preliminary Results Of Its Modified Dutch Auction Tender Offer

Tender Offer Statement

This press release is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any shares of Emmis 6.25% Series A Cumulative Convertible Preferred Stock.

Forward-Looking Statements

Certain statements included in this press release which are not statements of historical fact, including but not limited to those identified with words such as "anticipate," "believe," "could," "continue," "estimate," "feel," "forecast," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "seek," "should," "would," "expect," "will," "look" or similar expressions and various or negatives of such words are intended to be and are "forward-looking statements," as defined in the Securities and Exchange Act of 1934, as amended. Similarly, statements herein that describe Emmis' business strategy, prospects, opportunities, outlooks, objectives, plans, intentions or goals are also forward-looking statements. Such statements 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 statements and Emmis cannot assure you that its expectations will be achieved or that any deviations will not be material.

Such factors include, among others:

• general economic and business conditions;
• fluctuations in the demand for advertising and demand for different types of advertising media;
• our ability to service our outstanding debt;
• increased competition in our markets and the broadcasting industry;
• our ability to attract and secure programming, on-air talent, writers and photographers;
• inability to obtain (or to obtain timely) necessary approvals for purchase or sale transactions or to complete the transactions for other reasons generally beyond our control;
• increases in the costs of programming, including on-air talent;
• inability to grow through suitable acquisitions;
• changes in audience measurement systems;
• new or changing regulations of the Federal Communications Commission or other governmental agencies;
• competition from new or different technologies;
• war, terrorist acts or political instability; and
• other factors mentioned in documents filed by Emmis with the Securities and Exchange Commission.

All forward-looking statements are based on information available to Emmis on the date of this press release, and Emmis does not undertake, and specifically disclaims, any obligation or responsibility to update, amend or revise any forward-looking statements or information above except as otherwise required by law. More information about potential factors that could affect Emmis' business and financial results is included in the offer to purchase and Emmis' filings with the Securities and Exchange Commission, including, without limitation, Emmis' Form 10-K for the fiscal year ended February 28, 2011 and subsequent periodic and current reports.

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