-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 6DYP6uLqpdRTcE91pKblWA==

<SEC-DOCUMENT>0001181431-10-053930.txt : 20101108
<SEC-HEADER>0001181431-10-053930.hdr.sgml : 20101108
<ACCEPTANCE-DATETIME>20101108124743
ACCESSION NUMBER:		0001181431-10-053930
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101104
FILED AS OF DATE:		20101108
DATE AS OF CHANGE:		20101108

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:			Smith Management LLC
		CENTRAL INDEX KEY:			0001469694
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23264
		FILM NUMBER:		101171541

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Alden Global Capital Ltd
		CENTRAL INDEX KEY:			0001492343

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23264
		FILM NUMBER:		101171543

	BUSINESS ADDRESS:	
		STREET 1:		FIRST FLOOR, LIBERATION STATION
		STREET 2:		ESPLANADE
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE2 3AS
		BUSINESS PHONE:		212-888-5500

	MAIL ADDRESS:	
		STREET 1:		FIRST FLOOR, LIBERATION STATION
		STREET 2:		ESPLANADE
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE2 3AS

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Alden Global Distressed Opportunities Master Fund, L.P.
		CENTRAL INDEX KEY:			0001492345
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23264
		FILM NUMBER:		101171542

	BUSINESS ADDRESS:	
		STREET 1:		FIRST FLOOR, LIBERATION STATION
		STREET 2:		ESPLANADE
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE2 3AS
		BUSINESS PHONE:		212-888-5500

	MAIL ADDRESS:	
		STREET 1:		FIRST FLOOR, LIBERATION STATION
		STREET 2:		ESPLANADE
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE2 3AS
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd290323.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-11-04</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000783005</issuerCik>
        <issuerName>EMMIS COMMUNICATIONS CORP</issuerName>
        <issuerTradingSymbol>EMMS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001492343</rptOwnerCik>
            <rptOwnerName>Alden Global Capital Ltd</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1ST FL, LIBERATION STATION, ESPLANADE</rptOwnerStreet1>
            <rptOwnerStreet2>ST. HELIER</rptOwnerStreet2>
            <rptOwnerCity>JERSEY CHANNEL ISLANDS</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>JES 3AS</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001492345</rptOwnerCik>
            <rptOwnerName>Alden Global Distressed Opportunities Master Fund, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ALDEN GLOBAL CAPITAL</rptOwnerStreet1>
            <rptOwnerStreet2>885 THIRD AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001469694</rptOwnerCik>
            <rptOwnerName>Smith Management LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ALDEN GLOBAL CAPITAL</rptOwnerStreet1>
            <rptOwnerStreet2>885 THIRD AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>165785.00</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.80</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1240715</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>143580.00</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.80</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1097135</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <remarks>All securities are owned by Alden Global Distressed Opportunities Master Fund, L.P. Alden Global Capital Limited acts as the investment manager and Smith Management LLC acts as a service provider to Alden Global Capital Limited and Alden Global Distressed Opportunities Master Fund, L.P. Each of Alden Global Capital Limited and Smith Management LLC may be deemed to beneficially own the securities held by Alden Global Distressed Opportunities Master Fund, L.P., and each such person or entity disclaims beneficial ownership of such securities except to the extent of its respective pecuniary interest therein.</remarks>

    <ownerSignature>
        <signatureName>/s/ Bruce Schnelwar, Director for Alden Global Capital Limited</signatureName>
        <signatureDate>2010-11-08</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Jim Plohg, Authorized Signatory for Alden Global Distressed Opportunities Master Fund, L.P.</signatureName>
        <signatureDate>2010-11-08</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Jim Plohg, Vice President for Smith Management LLC</signatureName>
        <signatureDate>2010-11-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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