Emmis Declares Dividend

Declares Dividend

EMMIS COMMUNICATIONS CORPORATION announced that its Board of Directors declared a dividend for its 6.25% convertible preferred stock, with a record date of JANUARY 2, 2008, and a payable date of JANUARY. 15, 2008.

The per share dividend for the quarter is $.78125. One share of EMMIS preferred stock is convertible to 2.44 shares of EMMIS Class A Common Stock using the conversion price of $20.495 a share.

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