On February 25, 2013, Emmis Communications Corporation, through its subsidiaries, sold its 98% ownership interest in a national radio network in Slovakia to Bauer Media Group, a German company, for approximately 16 million Euros (approximately $21 million), inclusive of payments for working capital. $18 million of the net proceeds were used to reduce amounts outstanding under Emmis' senior credit facility. The remaining net proceeds, after transaction costs, are being retained in Europe and will be used to help fund the costs associated with Emmis' Hungarian legal claim before the International Centre for Settlement of Investment Disputes. The transaction includes customary representations, warranties and covenants. In calendar 2012, this entity reported net revenues and EBITDA of approximately $10.4 million and $3.2 million, respectively.

The foregoing description of the transaction does not purport to be a complete statement of the parties' rights and obligations under the share purchase deed and is qualified in its entirety by reference to the share purchase deed, which is filed with this report as Exhibit 10.1.

The disclosure set forth under Item 1.01 above is incorporated by reference into this Item 2.02.

(c) Exhibits

EXHIBIT
   #                                      DESCRIPTION

10.1         Share Purchase Deed, dated February 25, 2013, among Emmis
             International Holding B.V., Eva Babitzova, Bauer Ausland 1 GMBH, and
             Heinrich Bauer Verlag KG.