783005--5/14/2009--EMMIS_COMMUNICATIONS

related topics

{debt, indebtedness, cash}

{operation, international, foreign}

{regulation, government, change}

{capital, credit, financial}

{control, financial, internal}

{operation, natural, condition}

{product, market, service}

{personnel, key, retain}

{acquisition, growth, future}

{regulation, change, law}

Our domestic radio operations are heavily concentrated in the New York and Los Angeles markets. We must respond to the rapid changes in technology, services and standards that characterize our industry in order to remain competitive. Our business depends on maintaining our licenses with the FCC. We could be prevented from operating a radio station if we fail to maintain its license. The FCC has begun more vigorous enforcement of its indecency rules against the broadcast industry, which could have a material adverse effect on our business. Any changes in current FCC ownership regulations may negatively impact our ability to compete or otherwise harm our business operations. Changes in current Federal regulations could adversely affect our business operations. Our business strategy and our ability to operate profitably depend on the continued services of our key employees, the loss of whom could materially adversely affect our business. Future operation of our business may require significant additional capital. Our current and future operations are subject to certain risks that are unique to operating in a foreign country. Exchange rates may cause future losses in our international operations We have incurred losses over the past two years and we may incur future losses. Our failure to comply under the Sarbanes-Oxley Act of 2002 could cause a loss of confidence in the reliability of our financial statements. Our operating results have been and may again be adversely affected by acts of war, terrorism and natural catastrophes. Risks Related to our Indebtedness: Our substantial indebtedness could adversely affect our financial health. A continued worsening of the economy could negatively impact our ability to meet our cash needs and our ability to maintain compliance with our debt covenants. The terms of our indebtedness and the indebtedness of our direct and indirect subsidiaries may restrict our current and future operations, particularly our ability to respond to changes in market conditions or to take some actions. To service our indebtedness and other obligations, we will require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control. Our corporate debt rating was recently downgraded, and we could suffer further downgrades.

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783005--5/14/2009--EMMIS_COMMUNICATIONS_CORP