Emmis Borrows Final $600,000 From Zell Agreement

Takes Cash

In an 8-K filing with the SEC, EMMIS COMMUNICATIONS CORP. said that it has made the final of its four available draws borrowing from $35 million available from SAM ZELL's ZELL CREDIT OPPORTUNITIES MASTER FUND, L.P.

The final $600,000 borrowed from ZELL makes a total of $31.9 million drawn from the Note Purchase Agreement between the parties.  EMMIS has been buying back stock, most recently reacquiring 25,700 shares of its 6.25% Series A Cumulative Convertible Preferred Stock at an average of $21.50/share, making a total of 386,850 Preferred shares bought back and retired.

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