INDIANAPOLIS, Dec. 12, 2011 /PRNewswire/ -- Emmis Communications Corporation (NASDAQ: EMMS, EMMSP) hereby announces that it has increased the minimum tender price in its modified "Dutch auction" tender offer (the "Offer") to purchase up to $6,000,000 in value of shares of its 6.25% Series A Cumulative Convertible Preferred Stock, par value $0.01 per share (the "Preferred Shares"). Emmis is offering to purchase its Preferred Shares at a price per share not less than $14.00 and not greater than $15.56. Tendering shareholders may continue to use the Letter of Transmittal which was previously circulated. While that Letter of Transmittal indicates that Emmis is offering to pay $12.50 to $15.56 per share, shareholders using that Letter of Transmittal will nevertheless be subject to the increased minimum of $14.00 per share. Any shares previously tendered at a price below $14.00 per share shall be deemed to have been tendered at $14.00 per share. Emmis commenced the Offer on December 1, 2011, and the Offer will expire at 5:00 p.m., New York City Time, on December 30, 2011, unless the Offer is extended. Neither Emmis nor its Board of Directors is making any recommendation, or has authorized any person to make any recommendation, to any shareholder as to whether such shareholder should tender or refrain from tendering its Preferred Shares or as to the purchase price or purchase prices at which such shareholder may choose to tender its Preferred Shares. Each shareholder must make its own decision as to whether to tender its Preferred Shares and, if so, how many Preferred Shares to tender and the purchase price or purchase prices at which it will tender them. Shareholders should consult their own financial and tax advisors, and read carefully and evaluate the information in the Amended Offer to Purchase and in the related Letter of Transmittal.