INDIANAPOLIS, April 3 /PRNewswire-FirstCall/ -- Emmis Communications Corporation (Nasdaq: EMMS) today announced it has entered into a long-term Local Marketing Agreement (LMA) for KMVN-FM (93.9) with one of Mexico's leading broadcasting companies, Grupo Radio Centro, S.A.B. de C.V. (NYSE: RC).

The LMA for the Los Angeles radio station will start on April 15, 2009 and continue for up to seven years, for $7 million a year. At any time during the LMA, Grupo Radio Centro (GRC) has the right to purchase the station for $110 million. At the end of the term, Emmis has the right to require GRC to purchase the station for the same amount.

'I couldn't be prouder of our KMVN team,' Emmis Chairman and CEO Jeff Smulyan said. 'It is always difficult to part with a station and our people, but in these challenging times, it is the right decision for Emmis.'

Under the LMA, Emmis will continue to own and operate the radio station, with GRC providing Emmis with programming to be broadcast. Under the arrangement announced today, GRC will find a purchaser who meets all applicable FCC ownership requirements if it is not qualified to own the station at the time of purchase.

Emmis purchased the station in 2000 and flipped format from country to rhythmic pop contemporary in August 2006.

Note: Certain statements included in this report or in the financial statements contained herein which are not statements of historical fact, including but not limited to those identified with the words 'expect,' 'will' or 'look' are intended to be, and are, by this Note, identified as 'forward-looking statements,' as defined in the Securities and Exchange Act of 1934, as amended. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statement.