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Emmis Hits A Snag In Hungary

October 30, 2009: Emmis said in a filing with the Securities and Exchange Commission that the Hungarian National Radio and Television Board has announced that it is awarding the national radio license held by Slager Radio to another bidder. Emmis is a majority owner of Slager, and says in the filing that it believes the award violates the board's own rules, the Hungarian Media Law, and a 2004 treaty to which Hungary is a party.

Emmis said it is "vigorously exploring avenues for having the award set aside, including but not limited to litigation in Hungary and the European Union." If Emmis can't get the award set aside, Slager will go off the air on November 19.

Slager brought in revenues of $23.9 million in the year ended February 28, 2008, Emmis said in the filing, and $6.4 million in the six months ended August 31, 2009.

In the same filing, Emmis said it has been notified by Nasdaq that it's back in line with listing requirements. As of October 28, Emmis stock had closed above $1 per share for at least 10 consecutive listing days.



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