EMMS Emmis Communications Corporation

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES                                                                                   
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940                       

1. Name and Address of Reporting Person * Walsh Patrick M	2. Issuer Name and Ticker or Trading Symbol EMMIS COMMUNICATIONS CORP [ EMMS ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                    _____ 10% Owner __X__ Officer (give title below)    _____ Other (specify below) President, COO
(Last)          (First)          (Middle) 40 MONUMENT CIRCLE, SUITE 700	3. Date of Earliest Transaction (MM/DD/YYYY) 11/8/2019
(Street) INDIANAPOLIS, IN 46204 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/8/2019		M		104.0000	A	$2.8300	206886.0000	D
Class A Common Stock	11/8/2019		S		104.0000	D	$4.6800	206782.0000	D
Class A Common Stock	11/11/2019		M		5000.0000	A	$2.8300	211782.0000	D
Class A Common Stock	11/11/2019		S		5000.0000	D	$4.6500	206782.0000	D
Class A Common Stock								1453.6865	I	By 401(k) Plan

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option Right To Buy	$2.8300	11/8/2019		M			104.0000	7/31/2019	8/1/2027	Class A Common Stock	104.0000	$0.0000	43992.0000	D
Employee Stock Option Right To Buy	$2.8300	11/11/2019		M			5000.0000	7/31/2019	8/1/2027	Class A Common Stock	5000.0000	$0.0000	38992.0000	D

Explanation of Responses:

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Walsh Patrick M 40 MONUMENT CIRCLE SUITE 700 INDIANAPOLIS, IN 46204			President, COO

Signatures
J. Scott Enright, attorney in fact		11/12/2019
**Signature of Reporting Person		Date