JS Acquisition, Inc. Further Extends Tender Offer to Purchase Class A Common Stock of Emmis Communications

JS Acquisition, Inc. whose equity securities are owned entirely by Mr. Jeffrey H. Smulyan, the Chairman, Chief Executive Officer and President of Emmis Communications Corporation EMMS, and JS Acquisition, LLC today announced that it is further extending its offer to purchase all of Emmis' outstanding shares of Class A Common Stock for $2.40 per share in cash until 5:00 p.m., New York City time, on Wednesday, September 8, 2010. The tender offer, as previously extended, was originally scheduled to expire at 5:00 p.m., New York City time, on Thursday, September 2, 2010. Also, Emmis announced today that it is further extending its offer to issue 12% PIK Senior Subordinated Notes due 2017 in exchange for Emmis' 6.25% Series A Cumulative Convertible Preferred Stock at a rate of $30.00 principal amount of New Notes for each $50.00 of liquidation preference of Preferred Stock until 5:00 p.m., New York City time, on Wednesday, September 8, 2010.