MediaCo Announces It Has Fully Repaid In Cash The $7.3M Convertible Promissory Note Held By Emmis Communications Corp; The Representatives Of Emmis On MediaCo's Board Of Directors Have Resigned From The Board, Effective Immediately

MediaCo Holding Inc. (NASDAQ:MDIA) ("MediaCo"), a leading multicultural media company, announced today that it has fully repaid in cash the $7.3 million convertible promissory note (the "Convertible Note") held by Emmis Communications Corporation. In connection with the satisfaction of the Note, the representatives of Emmis on MediaCo's Board of Directors have resigned from the Board, effective immediately.