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Emmis is offering to exchange all shares of Emmis' outstanding 6.25% series A cumulative convertible preferred stock for 12% PIK senior subordinated notes due 2017 at a rate of $30 of new notes for each $50 of liquidation preference of existing preferred stock. Emmis also announced a special shareholders' meeting to be held on August 3 to vote on amending terms of the Existing Preferred Stock.

The exchange offer is scheduled to expire at on Tuesday, August 3. In addition, Emmis has been informed that JS Acquisition Inc., owned by Emmis Chairman Jeff Smulyan is extending its offer to purchase all of Emmis' outstanding shares of class A common stock for $2.40 per share in cash. (07-06-10)

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