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<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>
<META NAME="date" CONTENT="12/21/2007">
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<DIV style="width:576px"><P style="line-height:16pt; margin-top:7.8px; margin-bottom:7.8px; font-size:14pt" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>Washington, D.C. 20549</P>
<P style="line-height:20pt; margin-top:10px; margin-bottom:10px; font-size:18pt" align=center>FORM S-8</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</P>
<P style="line-height:26pt; margin-top:13.333px; margin-bottom:13.333px; font-size:24pt" align=center><B>Emmis Communications Corporation</B></P>
<P style="margin:0px" align=center>(Exact name of registrant as specified in its charter)</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0; display:none"><TD width=5.733></TD><TD width=28.8></TD><TD width=201.6></TD><TD width=138.267></TD><TD width=201.6></TD></TR>
<TR><TD valign=bottom width=5.733><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=28.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=201.6><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=138.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=201.6><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=5.733><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>Indiana </P>
</TD><TD valign=bottom width=138.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>35-1542018</P>
</TD></TR>
<TR><TD valign=top width=5.733><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>(State or other jurisdiction of </P>
</TD><TD valign=bottom width=138.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>(I.R.S. Employer</P>
</TD></TR>
<TR><TD valign=top width=5.733><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>incorporation or organization) </P>
</TD><TD valign=bottom width=138.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>Identification No.)</P>
</TD></TR>
<TR><TD valign=top width=5.733><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=28.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=138.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=5.733><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>40 Monument Circle, Suite&nbsp;700</P>
</TD><TD valign=bottom width=138.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=5.733><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>Indianapolis, Indiana </P>
</TD><TD valign=bottom width=138.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>46204</P>
</TD></TR>
<TR><TD valign=top width=5.733><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>(Address of principal executive offices) </P>
</TD><TD valign=bottom width=138.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=201.6><P style="margin:0px" align=center>(Zip Code)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>EMMIS OPERATING COMPANY 401(K) PLAN</P>
<P style="margin:0px" align=center>EMMIS OPERATING COMPANY 401(K) PLAN TWO</P>
<P style="margin:0px" align=center>(Full title of the plans) </P>
<P style="margin-top:5.533px; margin-bottom:5.533px" align=center>J. Scott Enright, Esq.<BR>
One Emmis Plaza<BR>
40 Monument Circle, Suite&nbsp;700<BR>
Indianapolis, Indiana 46204<BR>
(Name and address of agent for service) </P>
<P style="margin-top:5.533px; margin-bottom:5.533px" align=center>(317)&nbsp;266-0100<BR>
(Telephone number, including area code, of agent for service) </P>
<P style="margin-top:5.533px; margin-bottom:5.533px" align=center><B>Calculation of Registration Fee</B> </P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0; display:none"><TD width=191.067></TD><TD width=25.067></TD><TD width=22.667></TD><TD width=53.4></TD><TD width=30.467></TD><TD width=13.2></TD><TD width=24.8></TD><TD width=36.667></TD><TD width=24.8></TD><TD width=3.333></TD><TD width=6.733></TD><TD width=76.667></TD><TD width=12.333></TD><TD width=3.333></TD><TD width=6.733></TD><TD width=53.4></TD><TD width=3.333></TD></TR>
<TR><TD valign=bottom width=191.067><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=25.067><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=22.667><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=53.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=30.467><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=13.2><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=24.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=36.667><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=24.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=3.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.733><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=76.667><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=12.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=3.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.733><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=53.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=3.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=191.067><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Title of</B></P>
</TD><TD valign=bottom width=25.067><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=22.667><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=53.4><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=30.467><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=13.2><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=86.267 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Proposed</B></P>
</TD><TD valign=bottom width=3.333><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=95.733 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Proposed</B></P>
</TD><TD valign=bottom width=3.333><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=63.467 colspan=3><P style="margin:0px; font-size:8pt" align=center><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=191.067><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Securities</B></P>
</TD><TD valign=bottom width=25.067><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=106.533 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Amount</B></P>
</TD><TD valign=bottom width=13.2><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=86.267 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>maximum</B></P>
</TD><TD valign=bottom width=3.333><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=95.733 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>maximum</B></P>
</TD><TD valign=bottom width=3.333><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=63.467 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Amount of</B></P>
</TD></TR>
<TR><TD valign=bottom width=191.067><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>to be</B></P>
</TD><TD valign=bottom width=25.067><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=106.533 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>to be</B></P>
</TD><TD valign=bottom width=13.2><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=86.267 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>offering price</B></P>
</TD><TD valign=bottom width=3.333><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=95.733 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>aggregate</B></P>
</TD><TD valign=bottom width=3.333><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=63.467 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>registration</B></P>
</TD></TR>
<TR><TD valign=bottom width=191.067><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>registered</B></P>
</TD><TD valign=bottom width=25.067><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=106.533 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>registered (1)</B></P>
</TD><TD valign=bottom width=13.2><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=86.267 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>per share (2)</B></P>
</TD><TD valign=bottom width=3.333><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=95.733 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>offering price</B></P>
</TD><TD valign=bottom width=3.333><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=63.467 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>fee</B></P>
</TD></TR>
<TR><TD valign=bottom width=191.067><P style="margin:0px; text-indent:-8px">CClass&nbsp;A Common Stock, par value $.01 per share</P>
</TD><TD valign=bottom width=25.067><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=22.667><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=53.4><P style="margin:0px" align=right>500,000</P>
</TD><TD valign=bottom width=30.467><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=13.2><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=24.8><P style="margin:0px" align=right>$</P>
</TD><TD valign=bottom width=36.667><P style="margin:0px" align=right>4.34</P>
</TD><TD valign=bottom width=24.8><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=3.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.733><P style="margin:0px" align=right>$</P>
</TD><TD valign=bottom width=76.667><P style="margin:0px" align=right>_2,170,000</P>
</TD><TD valign=bottom width=12.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=3.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.733><P style="margin:0px" align=right>$</P>
</TD><TD valign=bottom width=53.4><P style="margin:0px" align=right>66.62</P>
</TD><TD valign=bottom width=3.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0; display:none"><TD width=15.6></TD><TD width=6.4></TD><TD width=554></TD></TR>
<TR><TD valign=top width=15.6><P style="margin:0px" align=right>(1)</P>
</TD><TD valign=top width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=554><P style="margin:0px">Pursuant to Rule 416(a) under the Securities Act of 1933 (the &quot;Securities Act&quot;), this Registration Statement also registers additional shares of Class A Common Stock as may be offered or issued to prevent dilution resulting from stock splits, stock dividends and similar transactions.</P>
</TD></TR>
<TR><TD valign=top width=15.6><P style="margin:0px" align=right>(2)</P>
</TD><TD valign=top width=6.4><P>&nbsp;</P></TD><TD valign=top width=554><P style="margin:0px">&nbsp;&nbsp;Estimated solely for purposes of calculating the registration fee and computed in accordance with Rule 457(c) and (h) under the Securities Act using the average of the high and low sale prices of the Class A Common Stock as reported by the NASDAQ National Market System on December 18, 2007, which was $4.34 per share.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
</DIV><DIV style="width:624px"><P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Registration of Additional Securities Pursuant to General Instruction E to Form S-8</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Pursuant to General Instruction E to Form S-8, the contents of the registration statement on Form S-8 filed by Emmis Communications Corporation (the &quot;Registrant&quot;) with the Securities and Exchange Commission on May 30, 2003 (SEC File No. 333-105724) are incorporated by reference herein.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">In addition, the Registrant's Annual &nbsp;Report on Form 10-K for the fiscal year ended February 28, 2007, and all other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year ended February 28, 2007, are hereby incorporated by reference herein.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Item 8. &nbsp;Exhibits.</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">The list of Exhibits is incorporated herein by reference to the Index to Exhibits.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>The Registrant</B>. Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Indianapolis, State of Indiana, on December 21, 2007.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt">EMMIS COMMUNICATIONS CORPORATION</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt"><U>/s/ J. Scott Enright &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt">J. Scott Enright</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt">Vice President, Associate General Counsel and Secretary</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in their respective capacities and on the respective dates indicated opposite their names. Each person whose signature appears below hereby authorizes each of Jeffrey H. Smulyan and J. Scott Enright, each with full power of substitution, to execute in the name and on behalf of such person any post-effective amendment to this Registration Statement and to file the same, with exhibits thereto, and other documents in connection therewith, making such changes in this Registration Statement as the registrant deems appropriate, and appoints each of Jeffrey H. Smulyan and J. Scott Enright, each with full power of substitution, attorney-in-fact to sign any amendment and any post-effective amendment to this Registration Statement and to file the same, with exhibits thereto, and other documents in connection therewith.</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0; display:none"><TD width=212.8></TD><TD width=256.4></TD><TD width=169.2></TD></TR>
<TR><TD valign=top width=212.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>Signature</P>
</TD><TD valign=top width=256.4><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>Title</P>
</TD><TD valign=top width=169.2><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>Date</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">_<U>/s/ Jeffrey H. Smulyan</U></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Jeffrey H. Smulyan</P>
</TD><TD valign=top width=256.4><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Director, Chairman of the Board, President (Principal Executive Officer)</P>
</TD><TD valign=top width=169.2><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">December 21, 2007</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">_<U>/s/ Patrick M. Walsh</U></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Patrick M. Walsh</P>
</TD><TD valign=top width=256.4><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)</P>
</TD><TD valign=top width=169.2><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">December 21, 2007</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ Susan B. Bayh</U></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Susan B. Bayh</P>
</TD><TD valign=top width=256.4><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Director</P>
</TD><TD valign=top width=169.2><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">December 21, 2007</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0; display:none"><TD width=212.8></TD><TD width=256.4></TD><TD width=169.2></TD></TR>
<TR><TD valign=top width=212.8><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">_<U>/s/ Gary L. Kaseff</U></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Gary L. Kaseff</P>
</TD><TD valign=top width=256.4><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Director, Executive Vice President and General Counsel</P>
</TD><TD valign=top width=169.2><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">December 21, 2007</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">_<U>/s/ Richard A. Leventhal</U></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Richard A. Leventhal</P>
</TD><TD valign=top width=256.4><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Director</P>
</TD><TD valign=top width=169.2><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">December 21, 2007</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">_<U>/s/ Peter A. Lund</U></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Peter A. Lund</P>
</TD><TD valign=top width=256.4><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Director</P>
</TD><TD valign=top width=169.2><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">December 21, 2007</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">_<U>/s/ Greg Nathanason</U></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Greg Nathanson</P>
</TD><TD valign=top width=256.4><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Director</P>
</TD><TD valign=top width=169.2><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">December 21, 2007</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">_<U>/s/ Lawrence B. Sorrel</U></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Lawrence B. Sorrel</P>
</TD><TD valign=top width=256.4><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Director</P>
</TD><TD valign=top width=169.2><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">December 21, 2007</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>INDEX TO EXHIBITS</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><U>Exhibit No.</U></P>
<P style="line-height:14pt; margin:0px; text-indent:144px; font-size:12pt"><U>Description of Exhibit</U></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">4.1</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt">Second Amended and Restated &nbsp;Articles of Incorporation of the Company, as amended effective June 13, 2005. (The copy of this Exhibit filed as Exhibit 3.1 to the &nbsp;Company's &nbsp;Form 10-K for the fiscal year ended &nbsp;February 28, 2006, is incorporated herein by reference.)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">4.2</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt">Amended and Restated By-Laws of the Company, &nbsp;as amended to date. (The copy of this Exhibit filed as Exhibit 3.2 to the Company's Form 8-K filed on December 6, 2007, is incorporated &nbsp;herein by reference.)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">5</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt">Opinion of Sommer Barnard PC, as to the legality of the securities being registered.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">23.1 </P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt">Consent of Consent of Independent Registered Public Accounting Firm--Ernst &amp; Young LLP</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">&nbsp;23.2 </P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt">Consent of Sommer Barnard PC (included in the Sommer Barnard PC Opinion filed as Exhibit 5).</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">24</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt">Power of Attorney &nbsp;(included on the Signature Page of the Registration Statement).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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{"company-data": {"conformed-name": "EMMIS COMMUNICATIONS CORP", "cik": "0000783005", "assigned-sic": "4832", "irs-number": "351542018", "state-of-incorporation": "IN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-148249", "film-number": "071322044"}, "business-address": {"street1": "ONE EMMIS PLAZA", "street2": "40 MONUMENT CIRCLE SUITE 700", "city": "INDIANAPOLIS", "state": "IN", "zip": "46204", "phone": "3172660100"}, "mail-address": {"street1": "ONE EMMIS PLAZA", "street2": "40 MONUMENT CIRCLE #700", "city": "INDIANAPOLIS", "state": "IN", "zip": "46204"}, "former-company": {"former-conformed-name": "EMMIS BROADCASTING CORPORATION", "date-changed": "19920703"}}
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
Emmis Communications Corporation
(Exact name of registrant as specified in its charter)
Indiana
35-1542018
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
40 Monument Circle, Suite 700
Indianapolis, Indiana
46204
(Address of principal executive offices)
(Zip Code)
EMMIS OPERATING COMPANY 401(K) PLAN
EMMIS OPERATING COMPANY 401(K) PLAN TWO
(Full title of the plans)
J. Scott Enright, Esq.
One Emmis Plaza
40 Monument Circle, Suite 700
Indianapolis, Indiana 46204
(Name and address of agent for service)
(317) 266-0100
(Telephone number, including area code, of agent for service)
Calculation of Registration Fee
Title of
Proposed
Proposed
Securities
Amount
maximum
maximum
Amount of
to be
to be
offering price
aggregate
registration
registered
registered (1)
per share (2)
offering price
fee
CClass A Common Stock, par value $.01 per share
500,000
$
4.34
$
_2,170,000
$
66.62
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933 (the "Securities Act"), this Registration Statement also registers additional shares of Class A Common Stock as may be offered or issued to prevent dilution resulting from stock splits, stock dividends and similar transactions.
(2)
Estimated solely for purposes of calculating the registration fee and computed in accordance with Rule 457(c) and (h) under the Securities Act using the average of the high and low sale prices of the Class A Common Stock as reported by the NASDAQ National Market System on December 18, 2007, which was $4.34 per share.
Registration of Additional Securities Pursuant to General Instruction E to Form S-8
Pursuant to General Instruction E to Form S-8, the contents of the registration statement on Form S-8 filed by Emmis Communications Corporation (the "Registrant") with the Securities and Exchange Commission on May 30, 2003 (SEC File No. 333-105724) are incorporated by reference herein.
In addition, the Registrant's Annual  Report on Form 10-K for the fiscal year ended February 28, 2007, and all other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year ended February 28, 2007, are hereby incorporated by reference herein.
Item 8.  Exhibits.
The list of Exhibits is incorporated herein by reference to the Index to Exhibits.
SIGNATURES
The Registrant
. Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Indianapolis, State of Indiana, on December 21, 2007.
EMMIS COMMUNICATIONS CORPORATION
/s/ J. Scott Enright
J. Scott Enright
Vice President, Associate General Counsel and Secretary
POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in their respective capacities and on the respective dates indicated opposite their names. Each person whose signature appears below hereby authorizes each of Jeffrey H. Smulyan and J. Scott Enright, each with full power of substitution, to execute in the name and on behalf of such person any post-effective amendment to this Registration Statement and to file the same, with exhibits thereto, and other documents in connection therewith, making such changes in this Registration Statement as the registrant deems appropriate, and appoints each of Jeffrey H. Smulyan and J. Scott Enright, each with full power of substitution, attorney-in-fact to sign any amendment and any post-effective amendment to this Registration Statement and to file the same, with exhibits thereto, and other documents in connection therewith.
Signature
Title
Date
_
/s/ Jeffrey H. Smulyan
Jeffrey H. Smulyan
Director, Chairman of the Board, President (Principal Executive Officer)
December 21, 2007
_
/s/ Patrick M. Walsh
Patrick M. Walsh
Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)
December 21, 2007
/s/ Susan B. Bayh
Susan B. Bayh
Director
December 21, 2007
_
/s/ Gary L. Kaseff
Gary L. Kaseff
Director, Executive Vice President and General Counsel
December 21, 2007
_
/s/ Richard A. Leventhal
Richard A. Leventhal
Director
December 21, 2007
_
/s/ Peter A. Lund
Peter A. Lund
Director
December 21, 2007
_
/s/ Greg Nathanason
Greg Nathanson
Director
December 21, 2007
_
/s/ Lawrence B. Sorrel
Lawrence B. Sorrel
Director
December 21, 2007
INDEX TO EXHIBITS
Exhibit No.
Description of Exhibit
4.1
Second Amended and Restated  Articles of Incorporation of the Company, as amended effective June 13, 2005. (The copy of this Exhibit filed as Exhibit 3.1 to the  Company's  Form 10-K for the fiscal year ended  February 28, 2006, is incorporated herein by reference.)
4.2
Amended and Restated By-Laws of the Company,  as amended to date. (The copy of this Exhibit filed as Exhibit 3.2 to the Company's Form 8-K filed on December 6, 2007, is incorporated  herein by reference.)
5
Opinion of Sommer Barnard PC, as to the legality of the securities being registered.
23.1
Consent of Consent of Independent Registered Public Accounting Firm--Ernst & Young LLP
23.2
Consent of Sommer Barnard PC (included in the Sommer Barnard PC Opinion filed as Exhibit 5).
24
Power of Attorney  (included on the Signature Page of the Registration Statement).