NASDAQ Puts Emmis Stock On The Clock

The Under-A-Buck/Share Stops March 15th, 2010

EMMIS COMMUNICATIONS has received notification from the NASDAQ Stock Market that the Company's Class A Common Stock had closed below the minimum $1 per share bid requirement for 30 consecutive business days and therefore is not in compliance with NASDAQ Marketplace Rule 5450(a)(1), a.k.a. the "Minimum Bid Rule," EMMIS has until MARCH 15th, 2010, to regain compliance with the Minimum Bid Price Rule.

If at any time before MARCH 15th, 2010, the bid price of the EMMIS' Class A Common Stock closes at $1 per share or more for 10 consecutive business days, NASDAQ will notify the Company that it has achieved compliance with the Minimum Bid Price Rule. If not its Class A Common Stock will be delisted from the NASDAQ GLOBAL SELECT Market.

The Company intends to actively evaluate and monitor the bid price for its Class A Common Stock between now and MARCH 15th, 2010, and consider implementation of various options available to the Company if its Class A Common Stock does not trade at a level that is likely to regain compliance.

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