SC 13D

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, $0.01 par value per share
6.25% Series A Cumulative Convertible Preferred Stock
(Title of Class of Securities)

291525103
291525202
(CUSIP Number)

Brandon Teague
301 Commerce Street, Suite 3200
Fort Worth, Texas 76102
(817) 332-9500
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

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 which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [X].

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 ("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).

The total number of shares of the Class A Common Stock reported herein is 822,273 shares, which constitutes approximately 2.4% of the 33,735,646 shares deemed outstanding pursuant to Rule 13d-3(d)(1). Unless otherwise stated herein, all other ownership percentages set forth herein assume that there are 32,913,373 shares outstanding.

The total number of shares of the 6.25% Series A Cumulative Convertible Preferred Stock reported herein is 337,050 shares, which constitutes approximately 12.0% of the 2,809,170 shares deemed outstanding pursuant to Rule 13d-3(d)(1).

1.     Name of Reporting Person:

           Amalgamated Gadget, L.P.

2.     Check the Appropriate Box if a Member of a Group:

            (a) /   /

            (b) /   /

3.     SEC Use Only

4.     Source of Funds: OO (See Item 3)

5.     Check box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e): 

          /   /

6.     Citizenship or Place of Organization: Texas

                         7.     Sole Voting Power (Common Stock):  -0-
Number of          
Shares
Beneficially      8.     Shared Voting Power:  -0-
Owned By          
Each
Reporting         9.     Sole Dispositive Power (Common Stock):  -0-
Person          
With
                        10.     Shared Dispositive Power:  -0-

11.     Aggregate Amount Beneficially Owned by Each Reporting Person:

           822,273 (1)

12.     Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares:

            /   /

13.     Percent of Class Represented by Amount in Row (11): 2.4% (2)

14.     Type of Reporting Person: PN
- --------------
(1)     Represents 822,273 shares of Class A Common Stock (the "Common Stock") obtainable upon conversion of 337,050 shares of 6.25% Series A Cumulative Convertible Preferred Stock (the "Preferred Stock").   The  Preferred Stock has a conversion price of $20.495 per share and a liquidation value of $50.00 per share.
(2)     Pursuant to Rule 13d-3(d)(1)(i), the number of shares of Common Stock deemed to be outstanding is 33,735,646.

1.     Name of Reporting Person:

           Amalgamated Gadget, L.P.

2.     Check the Appropriate Box if a Member of a Group:

            (a) /   /

            (b) /   /

3.     SEC Use Only

4.     Source of Funds: OO (See Item 3)

5.     Check box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e): 

          /   /

6.     Citizenship or Place of Organization: Texas

                         7.     Sole Voting Power (Preferred Stock):  337,050 (1)
Number of          
Shares
Beneficially      8.     Shared Voting Power:  -0-
Owned By          
Each
Reporting         9.     Sole Dispositive Power (Preferred Stock):  337,050 (1)
Person          
With
                        10.     Shared Dispositive Power:  -0-

11.     Aggregate Amount Beneficially Owned by Each Reporting Person:

           337,050

12.     Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares:

            /   /

13.     Percent of Class Represented by Amount in Row (11): 12.0%

14.     Type of Reporting Person: PN
- --------------
(1)     The shares were purchased by Amalgamated Gadget, L.P. for and on behalf of R2 Investments, LDC ("R2") pursuant to an Investment Management Agreement.  Pursuant to such Agreement, Amalgamated Gadget, L.P., has sole voting and dispositive power over the shares and R2 has no beneficial ownership of such shares.  


ITEM 1.   SECURITY AND ISSUER.

This statement relates to the Class A Common Stock (the "Common Stock") and the 6.25% Series A Cumulative Convertible Preferred Stock (the "Preferred Stock") of Emmis Communications Corporation (the "Issuer").  The principal executive offices of the Issuer are located at One Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204.

ITEM 2.  IDENTITY AND BACKGROUND.

(a)  Pursuant to Regulation 13D-G of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the "Act"), the undersigned hereby files this Schedule 13D Statement on behalf of Amalgamated Gadget, L.P., a Texas limited partnership ("Amalgamated"), the "Reporting Person." Additionally, information is included herein with respect to the following persons (collectively, the "Controlling Persons"):  Scepter Holdings, Inc., a Texas corporation ("Scepter"), and Geoffrey Raynor ("Raynor").  The Reporting Person and the Controlling Persons are sometimes hereinafter collectively referred to as the "Item 2 Persons."  The Item 2 Persons are making this single, joint filing because they may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Act, although neither the fact of this filing nor anything contained herein shall be deemed to be an admission by the Item 2 Persons that such a group exists.

(b)-(c)

Reporting Person

Amalgamated is a Texas limited partnership, the principal business of which is providing investment consulting services to third parties.  The principal address of Amalgamated, which also serves as its principal office, is 301 Commerce Street, Suite 3200, Fort Worth, Texas 76102.

Controlling Persons

Pursuant to Instruction C to Schedule 13D of the Act, information with respect to the Controlling Persons is set forth below.  The principal address of each Controlling Person, which also serves as its principal office, is 301 Commerce Street, Suite 3200, Fort Worth, Texas 76102.

Scepter is a Texas corporation, the principal business of which is serving as the general partner of Amalgamated and activities related thereto.  Raynor is the sole shareholder, the director and the President of Scepter.

Raynor's principal occupation or employment is serving as the President of Scepter.
      
ITEM 3.  SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

The source and amount of the funds used or to be used by the Reporting Person to purchase the shares is set forth below.  

REPORTING PERSON	SOURCE OF FUNDS	AMOUNT OF FUNDS
Amalgamated	Other	Not Applicable (1)

(1)  Amalgamated has not expended any of its funds for purchases of the Issuer's securities reported herein.  Amalgamated, however, expended $342,105.75 of the funds of R² to purchase the shares of the Preferred Stock reported herein.

ITEM 4.  PURPOSE OF TRANSACTION.

The Reporting Person is aware that on May 25, 2010, the Company executed an agreement and plan of merger (the "Merger Agreement"), that if consummated would result in the Company being taken private by Jeffrey H. Smulyan, the Company's Chairman, Chief Executive Officer and President.  The Merger Agreement provides for a series of transactions, including (a) a cash tender offer for the Company's Class A Common Stock, (b) an offer to exchange (the "Exchange Offer") all outstanding Preferred Shares for new 12% PIK Senior Subordinated Notes due 2017, and (c) a solicitation of proxies to amend certain 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 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 l east 2/3 of the outstanding Preferred Shares, 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 Shares against the Proposed Amendments; (2) restrict dispositions of Preferred Shares; (3) not enter into any agreement, arrangement or understanding with any person for the purpose of holding, voting or disposing of any securities of the Company, or derivative instruments with respect to securities of the Company; (4) consult with each other prior to making any public announcement concerning the Company; and (5) share certain expenses incurred in connection with  their investment in the Preferred Shares, 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 Person acquired and continues to hold the Preferred Shares reported herein for investment purposes.  The Reporting Person may from time to time engage the Company, its representatives or other relevant parties in discussions regarding the Exchange Offer, the Proposed Amendments and other related matters relevant to the Reporting Person's 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 Person may deem material to its investment decisions, the Reporting Person may sell all or a portion of its shares, 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 Person has 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)

Reporting Person

Amalgamated

Pursuant to an Investment Management Agreement with R2, Amalgamated may, pursuant to Rule 13d-3(d)(1)(i) of the Act, be deemed to be the beneficial owner of 822,273 shares of the Common Stock, which constitutes approximately 2.4% of the 33,735,646 shares of the Common Stock deemed to be outstanding thereunder.

Pursuant to an Investment Management Agreement with R², Amalgamated may, pursuant to Rule 13d-3(d)(1)(i) of the Act, be deemed to be the beneficial owner of 337,050 shares of the Preferred Stock, which constitutes approximately 12.0% of the 2,809,170 shares of the Preferred Stock deemed to be outstanding thereunder.

Controlling Persons

Scepter

Because of its position as the sole general partner of Amalgamated, Scepter may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 822,273 shares of the Common Stock, which constitutes approximately 2.4% of the 33,735,646 shares of the Common Stock deemed to be outstanding pursuant to Rule 13-3(d)(1)(i).

Because of its position as the sole general partner of Amalgamated, Scepter may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 337,050 shares of the Preferred Stock, which constitutes approximately 12.0% of the 2,809,170 shares of the Preferred Stock deemed to be outstanding pursuant to Rule 13-3(d)(1)(i).

Raynor

Because of his position as the President and sole shareholder of Scepter, which is the sole general partner of Amalgamated, Raynor may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 822,273 shares of the Common Stock, which constitutes approximately 2.4% of the 33,735,646 shares of the Common Stock deemed to be outstanding pursuant to Rule 13-3(d)(1)(i).

Because of his position as the President and sole shareholder of Scepter, which is the sole general partner of Amalgamated, Raynor may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 337,050 shares of the Preferred Stock, which constitutes approximately 12.0% of the 2,809,170 shares of the Preferred Stock deemed to be outstanding pursuant to Rule 13-3(d)(1)(i).

To the best of the knowledge of the Reporting Person, other than as set forth above, none of the persons named in Item 2 herein is the beneficial owner of any shares of the Common Stock or the Preferred Stock.

(b)

Reporting Person

Amalgamated

Amalgamated has no power to vote or to direct the vote or to dispose or to direct the disposition of any shares of the Common Stock.

Acting through its general partner, Amalgamated has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 337,050 shares of the Preferred Stock.

Controlling Persons

Scepter

Scepter has no power to vote or to direct the vote or to dispose or to direct the disposition of any shares of the Common Stock.

As the sole general partner of Amalgamated, Scepter has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 337,050 shares of the Preferred Stock.

Raynor

Raynor has no power to vote or to direct the vote or to dispose or to direct the disposition of any shares of the Common Stock.

As the President and sole shareholder of Scepter, which is the sole general partner of Amalgamated, Raynor has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 337,050 shares of the Preferred Stock.

(c)  During the past 60 days, the Reporting Person sold shares of the Common Stock in transactions on the NASDAQ as follows:

DATE		NUMBER OF SHARES SOLD	PRICE PER SHARE
05/13/2010	41,100		$2.26
05/14/2010	50,600		$2.19
05/17/2010	34,408		$2.24
05/18/2010	30,829		$2.22
05/19/2010	46,279		$2.16
05/20/2010	36,661		$2.17
05/21/2010	51,392		$2.18
05/24/2010	25,658		$2.18
05/24/2010	9,259		$2.18
05/25/2010	29,011		$2.17
05/26/2010	121,826		$2.28
05/27/2010	43,915		$2.28
05/28/2010	9,505		$2.29
06/01/2010	28,872		$2.27
06/02/2010	20,428		$2.25
06/03/2010	30,635		$2.26
06/04/2010	110,340		$2.27
06/07/2010	31,760		$2.27
06/08/2010	40,100		$2.22
06/09/2010	14,000		$2.24
06/10/2010	61,600		$2.24
06/11/2010	32,961		$2.26
06/14/2010	54,500		$2.27
06/15/2010	12,700		$2.26
06/16/2010	91,814		$2.27

Except as set forth in this paragraph (c), to the best of the knowledge of the Reporting Person, none of the Item 2 Persons have effected any transactions in the Common Stock or Preferred Stock during the past 60 days.

The Reporting Person affirms that no person other than those persons named in Item 2 has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of the Common Stock or the Preferred Stock owned by such Reporting Person.

(e)  The Reporting Person ceased to be the beneficial owner of more than 5% of the Common Stock on May 19, 2010.

ITEM 6.  CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.

See Item 4 above.

ITEM 7.  MATERIAL TO BE FILED AS EXHIBITS.

99.1 -- Lock-Up Agreement dated July 9, 2010 between the Reporting Person (on behalf of R2 Investments, LDC) and the other parties signatory thereto.

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

     DATED: July 9, 2010

AMALGAMATED GADGET, L.P.

By: Scepter Holdings, Inc., its general partner


By: /s/ Brandon Teague     
        Brandon Teague, Director of Trading

EX-99.1

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

1. 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 th e 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").
2. 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 law ful 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 Req uisite 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 agreem ent, 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.
1. 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
2. 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:
1. 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.
2. 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.
3. Power and Authority. It has all requisite power and authority to enter into this Agreement and to perform its respective obligations under this Agreement.
4. 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.
1. 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.
2. 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):
1. "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").
2. "Common Shares" shall mean shares of Emmis' Class A, Class B or Class C Common Stock.
3. "Requisite Locked-Up Holders" shall mean Locked-Up Holders party hereto beneficially owning more than one-half of the Subject Preferred Shares.
4. "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 Holder s 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.

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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.

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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.

* * * * *

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

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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]