Item 7.01 Regulation FD Disclosure

On January 17, 2020, Emmis Communications Corporation ("Emmis") distributed 0.1265 shares of Class A Common Stock of MediaCo Holding Inc. (the "Mediaco Stock") for each share of Emmis' common stock held of record as of January 3, 2020. The distribution constituted a taxable dividend under United States tax laws. Emmis has determined that the taxable value of the MediaCo Stock on the date of distribution was $4.10 for each share of MediaCo Stock distributed. Emmis will cause a Form 1099-DIV to be distributed on or before January 31, 2021, to each shareholder of record to whom the distribution was paid.

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