For Immediate Release
Wednesday, June 2, 2010
JS Acquisition Commences Tender Offer
to Purchase Class A Common Stock of Emmis Communications
for $2.40 Per Share in Cash
Indianapolis, IN (NASDAQ: EMMS) — June 2, 2010 — JS Acquisition, Inc., an Indiana corporation
owned by Jeffrey H. Smulyan, the Chairman, Chief Executive Officer and President of Emmis Communications
Corporation, has commenced a tender offer to purchase substantially all of Emmis’ outstanding shares of Class A
Common Stock for $2.40 per share in cash, using financing provided by an affiliate of Alden Global Capital, a
private asset management company with over $3 billion under management. The tender offer is subject to the
conditions set forth in an Offer to Purchase dated June 2, 2010. A copy of the Offer to Purchase is available
without charge at www.sec.gov or from BNY Mellon Shareowner Services in the manner described below under
the heading “Important Information”.
The tender offer is scheduled to expire at 5:00 p.m., New York City time on Tuesday, June 29, 2010, unless
extended in accordance with its terms.
Under the terms of the tender offer, JS Acquisition is offering to acquire the Class A Common Stock for
$2.40 per share in cash, or an aggregate of approximately $71.3 million assuming the purchase of all Class A
Common Stock other than shares beneficially owned by JS Acquisition, Mr. Smulyan, Alden Global Capital,
their respective affiliates and certain other investors in JS Acquisition. The offer price represents a 74% premium
over the 30-trading day average closing price of the shares and a 118% premium over the 180-trading day
average closing price of the shares on April 23, 2010, the last trading day prior to the public announcement on
April 26, 2010 of JS Acquisition’s intent to make the Offer.
On May 25, 2010, JS Acquisition, JS Acquisition, LLC and Emmis entered into a merger agreement. Under
the merger agreement, upon the completion of the tender offer and the