For Immediate Release
Wednesday, June 23, 2010
Contact: Kate Snedeker
JS Acquisition, Inc. Extends Tender Offer to purchase Class A Common Stock of Emmis
for $2.40 per Share in Cash and Removes Financing Condition
Indianapolis, IN (NASDAQ: EMMS) — June 23, 2010 — JS Acquisition, Inc., an Indiana corporation (“JS
Acquisition”) owned by Jeffrey H. Smulyan, the Chairman, Chief Executive Officer and President of Emmis
Communications Corporation (“Emmis”), today announced that it is extending until 5:00 p.m., New York City
time, on Friday, July 30, 2010, its offer (the “Offer”) to purchase substantially all of Emmis’ outstanding shares of
Class A Common Stock for $2.40 per share in cash. The tender offer is being extended in order to be able to
coordinate the timing of the planned deadlines of the Offer with those of an exchange offer by Emmis of 12%
PIK Senior Subordinated Notes due 2017 for Emmis’ 6.25% Series A Cumulative Convertible Preferred Stock.
Emmis has not yet commenced the exchange offer but has announced that it expects to do so shortly after
completion of review by the U.S. Securities and Exchange Commission.
JS Acquisition also announced today that it has removed the condition to the tender offer that its parent, JS
Acquisition, LLC, an Indiana limited liability company that is wholly-owned by Mr. Smulyan, receive the financing
to be provided by an affiliate of Alden Global Capital Limited (“Alden”), a private asset management company
with over $3 billion under management, pursuant to the Securities Purchase Agreement, dated May 24, 2010, by
and among JS Acquisition, LLC, Mr. Smulyan, Alden and certain of its affiliates (the “Alden Purchase
Agreement”). The tender offer will be conditioned on the Alden Purchase Agreement remaining in full force and
effect and the conditions to the closing of the transactions under the Alden Purchase Agreement having been
satisfied or waived.
As of 5:00 p.m., New York City t