SC 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No.     )*

    Emmis Communications Corporation    

(Name of issuer)

    Class A Common Stock, Par Value $0.01 Per Share    

(Title of class of securities)

    291525103    

(CUSIP number)

    Daniel S. Loeb    

Third Point LLC

390 Park Avenue

New York NY 10022

(212) 224-7400

(Name, address and telephone number of person authorized to receive notices and communications)

Copies to:

Arnold Jacobs, Esq.

Proskauer Rose LLP

1585 Broadway

New York NY 10036

(212) 969-3000

    July 9, 2010    

(Date of event which requires filing of this statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 291525103
1	Names of reporting persons. Third Point LLC I.R.S. Identification Nos. of above persons (entities only)
2	Check the appropriate box if a member of a group (see instructions) (a)  x        (b)   ¨
3	SEC use only
4	Source of Funds (See Instructions) AF
5	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)  ¨
6	Citizenship or place of organization     Delaware
Number of shares beneficially owned by each reporting person with		7	Sole voting power
		8	Shared voting power     783,379 (1)
		9	Sole dispositive power
		10	Shared dispositive power     783,379 (1)
11	Aggregate amount beneficially owned by each reporting person     783,379 (1)
12	Check if the aggregate amount in Row (11) excludes certain shares (see instructions)  ¨
13	Percent of class represented by amount in Row (11)     2.3% (1)
14	Type of reporting person (see instructions)     OO

(1) Reporting Person beneficially owns 321,057 shares of 6.25% Series A Cumulative Convertible Preferred Stock, which are convertible as of the date of this Schedule 13D into 783,379 shares of Class A common stock.

2

CUSIP No. 291525103
1	Names of reporting persons. Daniel S. Loeb I.R.S. Identification Nos. of above persons (entities only)
2	Check the appropriate box if a member of a group (see instructions) (a)  x        (b)   ¨
3	SEC use only
4	Source of Funds (See Instructions) AF
5	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)  ¨
6	Citizenship or place of organization     United States
Number of shares beneficially owned by each reporting person with		7	Sole voting power
		8	Shared voting power     783,379 (1)
		9	Sole dispositive power
		10	Shared dispositive power     783,379 (1)
11	Aggregate amount beneficially owned by each reporting person     783,379 (1)
12	Check if the aggregate amount in Row (11) excludes certain shares (see instructions)  ¨
13	Percent of class represented by amount in Row (11)     2.3%
14	Type of reporting person (see instructions)     IN

(1) Reporting Person beneficially owns 321,057 shares of 6.25% Series A Cumulative Convertible Preferred Stock, which are convertible as of the date of this Schedule 13D into 783,379 shares of Class A common stock.

3

Item 1. Security and Issuer

This Schedule 13D relates to the Class A common stock, par value $0.01 per share (the “Class A Common Stock”) of Emmis Communications Corporation, an Indiana corporation (the “Issuer”). The address of the executive offices of the Issuer is One Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, IN, 46204.

Item 2. Identity and Background

(a-f) This Schedule 13D is being filed by Third Point LLC (the “Management Company”) and Daniel S. Loeb (“Mr. Loeb” and together with the Management Company, the “Reporting Persons”).

The Management Company is a Delaware limited liability company which has its principal office at 390 Park Avenue, New York, New York 10022. The principal business of the Management Company is to serve as investment manager or adviser to a variety of hedge funds and managed accounts (such funds and accounts, collectively, the “Third Point Funds”), and to control the investing and trading in securities of the Funds.

Mr. Loeb, a citizen of the United States of America, has a business address of 390 Park Avenue, New York, New York 10022. His principal occupation is serving as Chief Executive Officer of the Management Company.

During the past five years, neither of the Reporting Persons, nor, to the best of their knowledge, any of the directors, executive officers or members of the Management Company has been: (i) convicted in any criminal proceeding, or (ii) a party to any civil proceeding commenced before a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is now subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 3. Source and Amount of Funds or Other Consideration

The Third Point Funds expended an aggregate of approximately $2,284,821.66 of their own investment capital to make their most recent acquisition of the 6.25% Series A Cumulative Convertible Preferred Stock (the “Preferred Stock”) held by them, which Preferred Stock is convertible into Class A Common Stock. The Third Point Funds also used their own investment capital to make all prior acquisitions of the Preferred Stock held by them.

Item 4. Purpose of Transaction

The Reporting Persons are aware that on May 25, 2010, the Issuer executed an agreement and plan of merger (the “Merger Agreement”), that if consummated would result in the Issuer being taken private by Jeffrey H. Smulyan, the Issuer’s Chairman, Chief Executive Officer and President. The Merger Agreement provides for a series of transactions, including (a) a cash tender offer for the Issuer’s Class A Common Stock, (b) an offer to exchange (the “Exchange Offer”) all outstanding shares of Preferred Stock for new 12% PIK Senior Subordinated Notes due 2017, and (c) a solicitation of proxies to amend certain terms of the Preferred Stock (such amendments or any other amendment or amendments that adversely affect the rights or preferences of the holders of Preferred Stock, whether or not proposed in connection with the Merger Agreement, are referred to herein as the “Proposed Amendments”). Adoption of the Proposed Amendments described in the Merger Agreement requires the affirmative vote of holders of at least two-thirds of the outstanding Preferred Stock, voting as a separate class.

On July 9, 2010, Double Diamond Partners LLC, Zazove Aggressive Growth Fund, L.P., R2 Investments, LDC, DJD Group LLC, Third Point LLC, the Radoff Family Foundation, Bradley L. Radoff, and LKCM Private Discipline Master Fund, SPC (collectively, the “Locked-Up Holders”) entered into a written lock-up agreement (the “Lock-Up Agreement”) pursuant to which, among other things, each of them agreed, subject to certain exceptions, to: (1) vote or cause to be voted any and all of its Preferred Stock against the Proposed Amendments; (2) restrict dispositions of Preferred Stock; (3) not enter into any agreement,

4

arrangement or understanding with any person for the purpose of holding, voting or disposing of any securities of the Issuer, or derivative instruments with respect to securities of the Issuer; (4) consult with each other prior to making any public announcement concerning the Issuer; and (5) share certain expenses incurred in connection with their investment in the Preferred Stock, in each case during the term of the Lock-Up Agreement. As a result of the Lock-Up Agreement, the Locked-Up Holders may be deemed to have formed a group within the meaning of Rule 13d-5(b) under the Act. The description of the Lock-Up Agreement in this Schedule 13D is qualified in its entirety by reference to full text of the Lock-Up Agreement, a copy of which is filed herewith as an Exhibit and is hereby incorporated herein by reference. The Reporting Persons expressly disclaim beneficial ownership of the shares of Preferred Stock held by the other Locked-Up Holders and the filing of this Statement shall not be construed as an admission that either Reporting Person is a beneficial owner of any such shares.

The Reporting Persons acquired and continue to hold the shares reported herein for investment purposes. The Reporting Persons may from time to time engage the Issuer, its representatives or other relevant parties in discussions regarding the Exchange Offer, the Proposed Amendments and other related matters relevant to the Third Point Funds’ investment in the Issuer, and may discuss with such parties alternatives to such Exchange Offer and Proposed Amendments. Depending on market conditions and other factors that the Reporting Persons may deem material to their investment decisions, the Reporting Persons may, subject to the restrictions referred to above, effect the sale of all or a portion of the shares held by the Third Point Funds, or may purchase additional securities of the Issuer, on the open market or in a private transaction, in each case as permitted by the Lock-up Agreement. Except as set forth in this Item 4, the Reporting Persons have no present plans or proposals that relate to or that would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Act.

Item 5. Interest in Securities of the Issuer

(a) As of the date of this Schedule 13D, the Reporting Persons beneficially own an aggregate of 321,057 shares of Preferred Stock (representing approximately 11.4% of the Issuer’s outstanding Preferred Stock), which are convertible into an aggregate of 783,379 shares of Class A Common Stock. Such shares of Class A Common Stock represent approximately 2.3% of the shares of Class A Common Stock outstanding (including for this purpose the 783,379 shares of Class A Common Stock issuable upon conversion of the shares of Preferred Stock beneficially owned by the Reporting Persons). Third Point Offshore Master L.P., one of the Third Point Funds, holds 175,957 shares of Preferred Stock (or approximately 6.3% of the total Preferred Stock outstanding). Other Third Points Funds hold the remaining shares of Preferred Stock reported herein: Third Point Partners Qualified L.P. holds 45,200 shares, Third Point Ultra Master Fund L.P. holds 50,700 shares, and Third Point Partners, L.P. holds 21,700 shares, and the remainder is held by other Third Point Funds.

(b) The Reporting Persons share voting and dispositive power over the shares of Preferred Stock held directly by the Third Point Funds, and may therefore be deemed to be the beneficial owners of the Class A Common Stock into which such Preferred Stock may be converted.

(c) During the past sixty days, the Reporting Persons, on behalf of the Third Point Funds, effected the following purchases of shares of Preferred Stock in the open market:

Date	Price per Share		Number of Shares Purchased
6/24/2010	$	22.00	10,000
7/9/2010	$	21.7484	105,057

(d) Other than the Third Point Funds which directly hold the Shares, and except as set forth in this Item 5, no person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Preferred Stock or Class A Common Stock.

(e) Not applicable.

Item 6. Contracts, Agreements, Understandings or Relationships with Respect to Securities of the Issuer

Other than the Lock-Up Agreement, the Reporting Persons have no contracts, arrangements, understandings or relationships (legal or otherwise) with respect to any securities of the Issuer.

5

Pursuant to Rule 13d-1(k) promulgated under the Exchange Act, the Reporting Persons have entered into an agreement with respect to the joint filing of this statement, and any amendment or amendments hereto.

By virtue of the relationships between and among the Reporting Persons, as described in Item 2, the Reporting Persons may be deemed to be a “group” under the Federal securities laws. Except as otherwise set forth in this Schedule 13D, the Reporting Persons expressly disclaim beneficial ownership of any of the shares of Preferred Stock or Common Stock and the filing of this Statement shall not be construed as an admission, for the purposes of Sections 13(d) and 13(g) or under any provision of the Exchange Act or the rules promulgated thereunder or for any other purpose, that any Reporting Person is a beneficial owner of any such shares.

Item 7. Material to be Filed as Exhibits

1. Lock-Up Agreement, dated as of July 9, 2010, by and among Double Diamond Partners LLC, Zazove Aggressive Growth Fund, L.P., R2 Investments, LDC, DJD Group LLC, Third Point LLC, the Radoff Family Foundation, Bradley L. Radoff, and LKCM Private Discipline Master Fund, SPC.

2. Joint Filing Agreement, dated as of July 13, 2010, by and between the Reporting Persons.

3. Power of Attorney granted by Daniel S. Loeb in favor of James P. Gallagher, William Song, Joshua L. Targoff, and Bruce Wilson, dated January 5, 2009, that was previously filed with the SEC on January 7, 2009 as an exhibit to Amendment No. 3 to Schedule 13G filed by Third Point LLC, Third Point Offshore Fund, Ltd., Third Point Offshore Master Fund, L.P., Third Point Advisors II L.L.C. and Daniel S. Loeb with respect to Depomed, Inc. and that is incorporated herein by reference.

6

S I G N A T U R E

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete, and correct.

Date: July 13, 2010	THIRD POINT LLC
	By: Daniel S. Loeb, Chief Executive Officer
		/S/    WILLIAM SONG
	Name:	William Song
	Title:	Attorney-in-Fact
	DANIEL S. LOEB
		/S/    WILLIAM SONG
	Name:	William Song
	Title:	Attorney-in-Fact

7

EX-1

Exhibit 1

EXECUTION VERSION

LOCK-UP AGREEMENT

This Lock-up Agreement (this “Agreement”), is dated as of July 9, 2010, and is made by and among the undersigned parties (each, a “Locked-Up Holder” and, collectively, the “Locked-Up Holders”), each solely in its capacity as a beneficial owner (as defined below) of certain shares of 6.25% Series A Cumulative Convertible Preferred Stock issued by Emmis Communications Corporation (the “Preferred Shares”).

RECITALS

A. On May 25, 2010, Emmis Communications Corporation (“Emmis”) executed an agreement and plan of merger (the “Merger Agreement”), that if consummated would result in Emmis being taken private by Jeffrey H. Smulyan (“Smulyan”), Emmis’ Chairman, Chief Executive Officer and President. The Merger Agreement provides for a series of transactions, each conditioned upon the other, including, (a) the exchange of outstanding Preferred Shares for new 12% PIK Senior Subordinated Notes due 2017 with a principal amount equal to 60% of the aggregate liquidation preference (excluding accrued and unpaid dividends) of the Preferred Shares (the “Exchange Offer”), (b) the repurchase of shares of Class A Common Stock of Emmis for $2.40 per share (the “Share Repurchase”) and (c) amendments to the terms of the Preferred Shares (such amendments or any other amendment or amendments that adversely affect the rights or preferences of the holders of Preferred Shares, whether or not proposed in connection with the Merger Agreement, the “Proposed Amendments” and together with the Exchange Offer and the Share Repurchase, the “Proposed Transactions”).

B. If the Proposed Transactions are completed, the Merger Agreement provides for the merger of JS Acquisition Inc. (“JS Acquisition”), an entity formed by Smulyan, into Emmis. Emmis would be taken private and each outstanding (a) Common Share (as defined below) that is not owned by JS Acquisition and (b) Preferred Share (owned by anyone else other than Alden Global Capital or its affiliates (collectively, “Alden”)) will be converted into the right to receive cash from Emmis.

AGREEMENT

NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Locked-Up Holders hereby agree as follows:

1. Agreement. Solely in its capacity as a beneficial owner of Preferred Shares, each Locked-Up Holder covenants and agrees that during the term of this Agreement, (a) it will vote or cause to be voted any and all of its Preferred Shares beneficially owned by it (whether beneficially owned by it on the date hereof or with respect to which beneficial ownership is acquired by it after the date hereof (such Preferred Shares with respect to which beneficial

ownership is acquired after the date hereof, the “Future Preferred Shares”)) against the Proposed Amendments unless the Requisite Locked-Up Holders (as defined below) shall have consented in writing to a vote in favor of the Proposed Amendments and (b) it will take all necessary action to achieve the foregoing. In furtherance of such agreement, a party may be appointed at the direction or consent of Locked-Up Holders party hereto beneficially owning two-thirds of the Subject Preferred Shares to act as the true and lawful attorney and agent in the Locked-Up Holders’ respective name, place and stead, to vote as their proxy as a beneficial owner of Preferred Shares against the Proposed Amendments, and to act as fully as the Locked Up-Holders could do if personally present at such meeting or as agent for the Locked-Up Holders in connection with the submission of a proxy, and, in any such case, with indemnifications, as necessary or appropriate, and as may be agreed to by the Locked-Up Holders. The proxy and power of attorney granted by the Locked-Up Holder shall be irrevocable during the term of this Agreement, and shall be deemed to be coupled with an interest sufficient in law to support an irrevocable proxy. Each Locked-Up Holder represents and warrants that it has not given any other proxy or power of attorney related to the Proposed Amendments that has not been revoked by an effective revocation thereof, and during the term of this Agreement, each Locked-Up Holder shall not without the prior written consent of the Requisite Locked-Up Holders grant any such proxy or power of attorney. In the event of a stock dividend or distribution, or any change in the Preferred Shares by reason of any stock dividend, split-up, recapitalization, combination, exchange of shares or the like, the term “Preferred Shares” will be deemed to refer to and include all such stock dividends and distributions and any shares into which or for which any or all of the Preferred Shares may be changed or exchanged.

2. Sale/Acquisition.

(a) For a period commencing with the date hereof until the earlier of the termination of this Agreement pursuant to Section 4 hereof and the consummation of Proposed Transactions previously consented to in writing by the Requisite Locked-Up Holders (which consent shall expressly refer to this Section 2), each Locked-Up Holder hereby agrees not to sell, assign, transfer, hypothecate or otherwise dispose of, directly or indirectly, (i) any Preferred Shares or (ii) any option, interest in or right to acquire any Preferred Shares, in either case absent the written consent of the Requisite Locked-Up Holders and unless the transferee thereof agrees in writing to be bound by the terms of this Agreement by executing and delivering to all Locked Up Holders a joinder substantially in the form attached hereto as Annex A. In the event any Locked-Up Holder receives the written consent of the Requisite Locked-Up Holders to effect any of the transactions described in the foregoing clauses (i) and (ii), it shall give written notice to all Locked-Up Holders no later than the first business day after giving effect to any such transaction. This Agreement shall in no way be construed to preclude the Locked-Up Holders from acquiring Future Preferred Shares or Common Shares or any interest therein; provided, that any Future Preferred Shares so acquired shall automatically be deemed to be subject to the terms and conditions of this Agreement for so long as this Agreement remains in effect; provided further, that a Locked-Up Holder shall give written notice to all Locked-Up Holders no later than the first business day after acquiring beneficial ownership of any such Future Preferred Shares or Common Shares.

(b) Each Locked-Up Holder further agrees that, without the prior written consent of the Requisite Locked-Up Holders it shall not, and shall cause its affiliates and associates (each as

defined in Rule 12b-2 under the Exchange Act) not to enter into any agreement, arrangement or understanding with any person for the purpose of holding, voting or disposing of any securities of Emmis, or derivative instruments with respect to securities of Emmis; provided, however, any Locked-Up Holder may, or may cause its affiliates and associates to enter into any agreement, arrangement or understanding with any person for the purpose of acquiring any securities of Emmis, or derivative instruments with respect to securities of Emmis. If a Locked-Up Holder shall enter into an agreement, arrangement or understanding to effect any of the foregoing, the Locked-Up Holder shall give written notice to all Locked-Up Holders no later than the first business day after entering into any such agreement, arrangement or understanding

3. Ownership and Authority; Additional Information. Each Locked-Up Holder shall deliver to Gibson Dunn & Crutcher LLP (“Gibson Dunn”), a beneficial ownership certificate, substantially in the form attached hereto as Annex B (the “Ownership Certificate”), promptly upon any change (by acquisition, sale or otherwise) of its beneficial ownership of Preferred Shares or Common Shares. In addition, each Locked-Up Holder agrees to promptly furnish to Gibson Dunn (a) any information necessary or appropriate for the making of any required or advisable public filing or amendment thereto and (b) any other information supplementing information contained in any publicly filed statement or amendment thereto as is necessary in order to make the statements contained in such publicly filed statement or amendment not misleading.

4. Conditions; Termination.

(a) This Agreement shall automatically terminate upon the earlier of (i) September 30, 2010 and (ii) the written notice of the Requisite Locked-Up Holders of the termination of this Agreement; and

(b) In the event of termination of this Agreement pursuant to this Section 4, the obligations of the Locked-Up Holders hereunder shall cease, and no party shall have any liability to any other party hereunder; provided, however, that no such termination shall relieve any party of liability for any willful and material breach of this Agreement prior to the effectiveness of such termination.

5. Representations and Warranties. Each of the Locked-Up Holders hereby represents and warrants as to itself, that the following statements are true, correct and complete, as of the date hereof:

(a) Lawful and Beneficial Ownership. It is the lawful and beneficial owner of the Emmis securities and swaps or other derivative transactions relating to Emmis securities set forth on the signature page hereto.

(b) Securities Laws. Neither it nor its affiliates or associates (i) is the beneficial owner of any securities of Emmis or is a party to any swaps or other derivative transactions relating to securities of Emmis, other than as described in the signature page hereto or (ii) has any agreement, arrangement or understanding with any person for the purpose of acquiring, holding, voting or disposing of any securities of Emmis.

(c) Power and Authority. It has all requisite power and authority to enter into this Agreement and to perform its respective obligations under this Agreement.

(d) Authorization. The execution and delivery of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary action on its part.

6. Acknowledgement. Each Locked-Up Holder agrees that it shall be responsible for compliance with any obligations such Locked-Up Holder may have pursuant to Section 13(d) or Section 16 of the Exchange Act, if any, to the extent it may be deemed part of a “Group” within the meaning of Rule 13d-5(b) under the Exchange Act or otherwise relating to its beneficial ownership of securities of Emmis (including, without limitation, making all filings, if any, required to be made by it on Schedule 13D and Forms 3, 4 and 5), it being agreed that no Locked-Up Holder shall be responsible for any such non-compliance by any other Locked-Up Holder other than itself.

7. Effectiveness. This Agreement shall not become effective and binding on the parties hereto unless and until counterpart signature pages hereto shall have been executed and delivered by the parties hereto and it is executed by beneficial owners of at least one-third (1/3) of the aggregate outstanding Preferred Shares.

8. Miscellaneous.

(a) Additional Signatories. Additional beneficial owners of Preferred Shares, with the prior consent of the Requisite Locked-Up Holders, may join and be bound by all of the terms of this Agreement by executing and delivering to all Locked-Up Holders a joinder substantially in the form attached hereto as Annex A.

(b) Definitions. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

(i) “beneficially own” or “beneficial ownership” with respect to any securities shall mean having “beneficial ownership” of such securities as determined pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(ii) “Common Shares” shall mean shares of Emmis’ Class A, Class B or Class C Common Stock.

(iii) “Requisite Locked-Up Holders” shall mean Locked-Up Holders party hereto beneficially owning more than one-half of the Subject Preferred Shares.

(iv) “Subject Preferred Shares” shall mean the Preferred Shares beneficially owned by the Locked-Up Holders on the date hereof and any Future Preferred Shares.

9. Amendments. This Agreement may not be modified or amended except in a writing signed by Locked-Up Holders party hereto beneficially owning more than two-thirds of the Subject Preferred Shares; provided, however, the obligations of each party to this Agreement, including, without limitation, with respect to the term of this Agreement under Section 4(a) hereto, may not be materially increased without the consent of Locked-Up Holders party hereto beneficially owning more than two-thirds of the Subject Preferred Shares plus each adversely affected party.

10. Governing Law; Jurisdiction. This Agreement shall be construed in accordance with, and this Agreement shall be governed by, the laws of the State of New York, without regard to any conflicts of law provision which would require the application of the law of any other jurisdiction. By its execution and delivery of this Agreement, each of the Locked-Up Holders hereby irrevocably and unconditionally agrees for itself that any legal action, suit or proceeding against it with respect to any matter under or arising out of or in connection with this Agreement or for recognition or enforcement of any judgment in any such action, suit or proceeding, may be brought in any federal or state court of competent jurisdiction in the Borough of Manhattan of The City of New York.

By execution and delivery of this Agreement, each Locked-Up Holder hereby irrevocably accepts and submits itself to the exclusive jurisdiction of any such court, generally and unconditionally, with respect to any such action, suit or proceeding and hereby waives any defense of forum non conveniens or based upon venue if such action, suit or proceeding is brought in accordance with this provision.

11. Headings. The headings of the Sections, paragraphs and subsections of this Agreement are inserted for convenience only and shall not affect the interpretation hereof.

12. Limitation on Assignment; Successors and Permitted Assigns. None of the parties hereto may assign any of its respective rights or obligations under this Agreement. This Agreement is intended to bind and inure to the benefit of the parties and their respective successors, heirs, executors, administrators and representatives.

13. Notice. Any notices or other communications to one or more Locked-Up Holders required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by telecopier or registered or certified mail, postage prepaid, return receipt requested, at the names and addresses on the applicable signature page or pages hereto, with a copy to, Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, New York 10166-0193, Attn: Michael Rosenthal, Esq. Any notice or communication to any party shall be deemed to have been given or made as of the date so delivered, if personally delivered; on the date actually received if sent by registered or certified mail, postage prepaid; and when receipt is acknowledged, if telecopied.

14. No Agency or Advisory Relationship. Except as expressly provided herein, each Locked-Up Holder is acting independently of the others with respect to its investment in securities of Emmis and no Locked-Up Holder has the authority to represent or bind any other Locked-Up Holder. Each Locked-Up Holder (either itself or together with its investment manager) is a sophisticated financial investor that has conducted and will continue to conduct its

own investigation into the affairs of Emmis as it may deem necessary for the purposes of its own investment, and no Locked-Up Holder is providing any other Locked-Up Holder with investment, tax, legal or other advice. No Locked-Up Holder is a fiduciary of any other Locked-Up Holder.

15. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall constitute one and the same Agreement. Faxed or pdf signatures shall be valid and binding for all purposes.

16. Coordination of Public Statements. Each Locked-Up Holder agrees that it shall, and shall cause its affiliates to, consult with the other Locked-Up Holders prior to making any public announcement concerning Emmis and/or its investment in Emmis and, where the Requisite Locked-Up Holders object to all or any part of a public announcement, not make such public announcement except to the extent it is believed in good faith, based on the advice of counsel, to be required by applicable law or regulation.

17. Expenses. Locked-Up Holders party hereto beneficially owning more than two-thirds of the Subject Preferred Shares may from time to time agree in writing that certain expenses to be incurred in connection with their respective investments in the Preferred Stock shall be “Joint Expenses” for purposes of this Section 17. Unless otherwise agreed, any Joint Expenses will be for the ratable account of the Locked-Up Holders in accordance with the percentage of the Preferred Shares beneficially owned by them as of the date of the designation of such expenses as Joint Expenses (disregarding, for this purpose, any shares held by another Locked-Up Holder that may be deemed to be beneficially owned solely by virtue of the Locked-Up Holders being deemed a “group” within the meaning of Rule 13d-5(b) under the Exchange Act). Amounts incurred by a Locked-Up Holder with respect to Joint Expenses in excess of its ratable share will be reimbursed by the other Locked-Up Holders on demand upon presentation of appropriate supporting documentation. Other than Joint Expenses, each Locked-Up Holder shall bear its own costs and expenses in connection with this Agreement and its investment in Emmis.

18. Liability. No Locked-Up Holder nor any of its affiliates, or any of their respective partners, members, employees, counsel, agents or representatives shall be liable to any other Locked-Up Holder or its affiliates, in each case for any loss, liability, damage or expense arising out of or in connection with this Agreement or any Schedule 13D, or amendment thereto, filed by any Locked-Up Holder or its affiliates, or the actions or transactions contemplated hereby or thereby, except to the extent such loss, liability, damage or expense is caused by such party’s actual and material breach of the express provisions of this Agreement, gross negligence, fraud, bad faith or willful misconduct.

19. No Third Party Beneficiaries. Unless expressly stated herein, this Agreement shall be solely for the benefit of the parties hereto and no other person or entity.

20. Specific Performance. It is understood and agreed by each of the parties hereto that money damages would not be a sufficient remedy for any breach of this Agreement by any party and each non-breaching party shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach.

21. Further Acknowledgement. The parties to this Agreement agree and acknowledge that certain Locked-Up Holders are executing this Agreement as investment advisors for, and on behalf of, certain investment funds identified on such Locked-Up Holders’ signature pages. Notwithstanding the foregoing, by executing this Agreement, each such Locked-Up Holder executing this Agreement in such capacity further represents and warrants to the other Locked-Up Holders that (i) it has the requisite power and authority to agree to all of the matters set forth in this Agreement with respect to the Emmis securities such Locked-Up Holder beneficially owns (including those set forth on its signature page), (ii) it has the full authority on behalf of all such funds to vote, transfer and hold all the Emmis securities such Locked-Up Holder beneficially owns, and (iii) it has all requisite power and authority to enter into this Agreement and to perform its respective obligations under, this Agreement, on behalf of each such fund.

* * * * *

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first above written.

LOCKED-UP HOLDER
DJD GROUP
By:	/s/ Don DeFosset
	Name: Don DeFosset
	Title: General Partner
Address: 3203 Bayshore Blvd #19P
City/State/Zip: Tampa, FL 33629
Country: USA
Telecopy: 813 902 9408
Preferred Shares Beneficially Owned by Such Locked-Up Holder: 101,210
Common Shares Beneficially Owned by Such Locked-Up Holder: 0

LOCKED-UP HOLDER
DOUBLE DIAMOND PARTNERS
By:	/s/ Kevan A. Fight
	Name: Kevan A. Fight
	Title: General Partner

Address: 6787 Walter Waite Ct.

City/State/Zip: Brecksville, OH 44141

Country: US

Telecopy:

Preferred Shares Beneficially Owned by Such Locked-Up Holder: 51,000                                

Common Shares Beneficially Owned by Such Locked-Up Holder:                                              

LOCKED-UP HOLDER
RADOFF FAMILY FOUNDATION
By:	/s/ Bradley L. Radoff
	Name: Bradley L. Radoff
	Title: President
Address: 1177 West Loop South, Suite 1625
City/State/Zip: Houston, TX 77027
Country: United States
Telecopy: 832 202 0207
Preferred Shares Beneficially Owned by Such Locked-Up Holder: 10,000
Common Shares Beneficially Owned by Such Locked-Up Holder: N/A

LOCKED-UP HOLDER
BRADLEY L. RADOFF
By:	/s/ Bradley L. Radoff
	Name: Bradley L. Radoff
	Title:
Address: 1177 West Loop South, Suite 1625
City/State/Zip: Houston, TX 77027
Country: United States
Telecopy: 832 202 0207
Preferred Shares Beneficially Owned by Such Locked-Up Holder: 37,500
Common Shares Beneficially Owned by Such Locked-Up Holder: N/A

LOCKED-UP HOLDER
R2 INVESTMENTS, LDC
By:	Amalgamated Gadget, L.P, its Investment Manager
By:	Scepter Holdings, Inc., its General Partner
By:	/s/ Noel Nesser
	Name: Noel Nesser
	Title: CFO & Treasurer

Address: 301 Commerce Street Suite 3200

City/State/Zip: Ft. Worth, TX 76102

Country: USA

Telecopy: 817 332 7463

Preferred Shares Beneficially Owned by Such
Locked-Up Holder:	337,050
Common Shares Beneficially Owned by Such
Locked-Up Holder:	zero

LOCKED-UP HOLDER
ZAZOVE AGGRESSIVE GROWTH FUND, L.P.
By:	Zazove Associates LLC, its General Partner
By:	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title: Chief Operating Officer

Address: 1001 Tahoe Blvd.

City/State/Zip: Incline Village, NV 89451

Country: USA

Telecopy: 847 239 7101

Preferred Shares Beneficially Owned by Such
Locked-Up Holder:	117,098
Common Shares Beneficially Owned by Such
Locked-Up Holder:	0

LOCKED-UP HOLDER
THIRD POINT LLC
By:	/s/ James P. Gallagher
	Name: James P. Gallagher
	Title: Chief Administrative Officer

Address: 390 Park Avenue, 18^th floor

City/State/Zip: New York, NY 10022

Country: USA

Telecopy: 212 318 3809

Preferred Shares Beneficially Owned by Such
Locked-Up Holder:	216,000
Common Shares Beneficially Owned by Such
Locked-Up Holder:	N/A

LOCKED-UP HOLDER
LKCM PRIVATE DISCIPLINE MASTER FUND, SPC
By:	/s/ J. Bryan King
	Name: J. Bryan King
	Title: Vice President of LKCM Alternative
Management, LLC, general partner of LKCM Private Discipline Management, L.P., general partner of LKCM Private Discipline Master Fund, SPC
Address: 301 Commerce Street. Suite 1600
City/State/Zip: Fort Worth Texas 76102
Country: USA
Telecopy: 817-332-4630
Preferred Shares Beneficially Owned by Such Locked-Up Holder: 100,000
Common Shares Beneficially Owned by Such Locked-Up Holder: N/A

ANNEX A

This Joinder to the Lock-Up Agreement, dated as of July 9, 2010, by and among the Locked-Up Holders signatory thereto (the “Agreement”), is executed and delivered by                      (the “Joining Party”) as of                     , 2010. Each capitalized term used herein but not otherwise defined shall have the meaning set forth in the Agreement.

1. Agreement to be Bound. The Joining Party hereby agrees to join and be bound by all of the terms of the Agreement. The Joining Party shall hereafter be deemed to be a “Locked-Up Holder” for all purposes under the Agreement.

2. Representations and Warranties. The Joining Party hereby makes, as of the date hereof, the representations and warranties of the Locked-Up Holders set forth in the Agreement in Sections 1 and 5 thereof.

3. Governing Law. This Joinder shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to any conflicts of law provisions which would require the application of the law of any other jurisdiction.

* * * * *

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the Joining Party has caused this Joinder to be executed as of the date first written above.

JOINING PARTY
By:
	Name:
	Title:

Address:

City/State/Zip:

Country:

Telecopy:

Preferred Shares Beneficially Owned by Such

Joining Party:

Common Shares Beneficially Owned by Such

Joining Party:

ANNEX B

OWNERSHIP CERTIFICATE

This Ownership Certificate, dated as of     , 2010 is being delivered pursuant to Section 3 of the Lock-Up Agreement (the “Agreement”), dated as of July 9, 2010, by and among the Locked-Up Holders¹ signatory thereto. The undersigned, on behalf of itself and its affiliates, certifies, represents and warrants that, as of the date hereof, it has acquired or transferred and is the beneficial owner of Preferred Shares and Common Shares of Emmis as follows.

	Preferred Shares	Class A Common Stock	Class B Common Stock	Class C Common Stock
Previously Owned
Acquired
Transferred
Current Ownership

The undersigned, on behalf of itself and its affiliates, further certifies, represents and warrants that, as of the date hereof, it does not beneficially own any other securities of Emmis other than as set forth herein, and that it is not a party to any swaps or other derivative transactions relating to Preferred Shares or Common Shares of Emmis, except as disclosed on Schedule 1 hereto.

* * * * *

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

¹ Each capitalized term used herein but not otherwise defined shall have the meaning set forth in the Agreement.

IN WITNESS WHEREOF, the undersigned has caused this Ownership Certificate to be executed and delivered by its duly authorized officer as of the date first above written.

LOCKED-UP HOLDER
By:
	Name:
	Title:

Address:

City/State/Zip:

Country:

Telecopy:

SCHEDULE 1

[NONE]

EX-2

Exhibit 2

JOINT FILING AGREEMENT

The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that such person or entity knows or has reason to believe that such information is inaccurate. This agreement may be executed in any number of counterparts and all of such counterparts taken together shall constitute one and the same instrument.

Dated: July 13, 2010	THIRD POINT LLC
	By:	Daniel S. Loeb, Chief Executive Officer
	/s/ William Song
	Name:	William Song
	Title:	Attorney-in-Fact
	DANIEL S. LOEB
	/s/ William Song
	Name:	William Song
	Title:	Attorney-in-Fact