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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001181431-10-023209.txt : 20100428
<SEC-HEADER>0001181431-10-023209.hdr.sgml : 20100428
<ACCEPTANCE-DATETIME>20100428162623
ACCESSION NUMBER:		0001181431-10-023209
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100427
FILED AS OF DATE:		20100428
DATE AS OF CHANGE:		20100428

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SMITH RANDALL D
		CENTRAL INDEX KEY:			0001016345

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23264
		FILM NUMBER:		10777240

	MAIL ADDRESS:	
		STREET 1:		885 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMMIS COMMUNICATIONS CORP
		CENTRAL INDEX KEY:			0000783005
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				351542018
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0228

	BUSINESS ADDRESS:	
		STREET 1:		ONE EMMIS PLAZA
		STREET 2:		40 MONUMENT CIRCLE SUITE 700
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204
		BUSINESS PHONE:		3172660100

	MAIL ADDRESS:	
		STREET 1:		ONE EMMIS PLAZA
		STREET 2:		40 MONUMENT CIRCLE #700
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EMMIS BROADCASTING CORPORATION
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ALDEN GLOBAL DISTRESSED OPPORTUNITIES FUND LP
		CENTRAL INDEX KEY:			0001452225
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23264
		FILM NUMBER:		10777241

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALDEN GLOBAL CAPITAL
		STREET 2:		885 THIRD AVENUE, 34TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-888-5500

	MAIL ADDRESS:	
		STREET 1:		C/O ALDEN GLOBAL CAPITAL
		STREET 2:		885 THIRD AVENUE, 34TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Alden Global Distressed Opportunities Fund GP, LLC
		CENTRAL INDEX KEY:			0001490348
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23264
		FILM NUMBER:		10777242

	BUSINESS ADDRESS:	
		STREET 1:		885 THIRD AVENUE, 34TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-888-5500

	MAIL ADDRESS:	
		STREET 1:		885 THIRD AVENUE, 34TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd273652.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

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        <issuerName>EMMIS COMMUNICATIONS CORP</issuerName>
        <issuerTradingSymbol>EMMS</issuerTradingSymbol>
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            <rptOwnerName>ALDEN GLOBAL DISTRESSED OPPORTUNITIES FUND LP</rptOwnerName>
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            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <reportingOwner>
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            <rptOwnerName>Alden Global Distressed Opportunities Fund GP, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
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            <rptOwnerStreet2>885 THIRD AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <reportingOwner>
        <reportingOwnerId>
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            <rptOwnerName>SMITH RANDALL D</rptOwnerName>
        </reportingOwnerId>
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            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
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            <isOther>0</isOther>
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    <derivativeTable>
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                <footnoteId id="F1"/>
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                <transactionAcquiredDisposedCode>
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            <transactionAmounts>
                <transactionShares>
                    <value>4800</value>
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                <transactionAcquiredDisposedCode>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <value>Cash-Settled Equity Swap</value>
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                <value>2010-04-27</value>
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                <value>Cash-Settled Equity Swap</value>
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                <transactionFormType>4</transactionFormType>
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            <transactionAmounts>
                <transactionShares>
                    <value>38000</value>
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                <transactionPricePerShare>
                    <value>2.3282</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2010-01-08</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-01-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>38000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1780429</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Swaps are not counted for purposes of determining 10% beneficial ownership. These contracts do not give the Reporting Persons direct or indirect voting, investment or dispositive control over any securities of the Issuer and do not require the counterparties thereto to acquire, hold, vote or dispose of any securities of the Issuer.  Accordingly, the Reporting Persons disclaim any beneficial ownership in securities that may be referenced in such contracts or that may be held from time to time by any counterparties to the contracts.</footnote>
        <footnote id="F2">Pursuant to a notice delivered by Goldman Sachs International on April 26, 2010, the swaps with Goldman Sachs International were terminated pursuant to their respective terms effective April 27, 2010.</footnote>
    </footnotes>

    <remarks>All securities are owned by Alden Global Distressed Opportunities Fund, LP.  Alden Global Distressed Opportunities Fund GP, LLC is the sole general partner of Alden Global Distressed Opportunities Fund, LP. Randall D. Smith is the managing member of Alden Global Distressed Opportunities Fund GP, LLC. Each of Alden Global Distressed Opportunities Fund GP, LLC and Mr. Smith disclaims beneficial ownership of such securities except to the extend of their respective pecuniary interest therein</remarks>

    <ownerSignature>
        <signatureName>/s/ Jim Plohg, Vice President, Alden Global Distressed Opportunities Fund GP, LLC, General Partner for Alden Global Distressed Opportunities Fund, LP</signatureName>
        <signatureDate>2010-04-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Jim Plohg, Vice President, Alden Global Distressed Opportunities Fund GP, LLC</signatureName>
        <signatureDate>2010-04-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Randall D. Smith</signatureName>
        <signatureDate>2010-04-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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