As previously disclosed in a Current Report on Form 8-K filed by Emmis Communications Corporation (NASDAQ:EMMS) on August 18, 2016, the Company received a letter (the “Proposal Letter”) from E Acquisition Corporation (“EAC”), an Indiana corporation currently owned by Jeffrey H. Smulyan, the Company’s Chairman of the Board, Chief Executive Officer and controlling shareholder, and also expected to be owned by certain directors, officers, and other shareholders of the Company, setting forth a non-binding proposal by which EAC (the “Proposing Person”), would acquire all the outstanding shares of Class A Common Stock of the Company that are not owned by the Proposing Person at a cash purchase price of $4.10 per share (the “Proposal”).

In response, the Company’s Board of Directors (the “Board”) formed a special committee of independent and disinterested directors (the “Special Committee”) to review and evaluate the Proposal. On September 16, 2016, EAC delivered to the Special Committee a letter extending the deadline for responding to the Proposal until September 30, 2016. On September 29, 2016, EAC delivered to the Special Committee a letter extending the deadline for responding to the Proposal until October 7, 2016. On October 7, 2016, EAC delivered to the Special Committee a letter (the “Proposal Extension Letter”) extending the deadline for responding to the Proposal until October 14, 2016, at which point the Proposal will expire without any further action of any party. A copy of the Proposal Extension Letter is attached as Exhibit 99.1 to this Current Report on Form 8-K.

No assurance can be given that an agreement on terms satisfactory to the Special Committee or the Board will result from the Proposal or that any transaction will be completed.