exhibit 2. 3 execution version exhibit 2. 3 execution version contribution agreement by and among merlin media, llc, emmis operating company, emmis radio, llc, emmis radio license, llc, emmis radio holding corporation and emmis radio holding ii corporation dated as of june 20, 2011 table of contents article 1 assets to be contributed 2 1. 1 contribution of assets and assumption of liabilities 2 1. 2 assets 2 1. 3 excluded assets 4 1. 4 assumption of only certain liabilities and obligations 5 1. 5 recapitalization 6 1. 6 contribution price 6 article 2 closing 7 article 3 representations and warranties of the contributors 7 3. 1 organization 7 3. 2 solvency 7 3. 3 securities representations 7 3. 4 emmis ’ s post - closing assets and continuing operations 8 article 4 representations and warranties of the company 8 4. 1 organization and standing 8 4. 2 authorization and binding obligation 8 article 5 covenants of the contributors 8 5. 1 cooperation with lien release 8 5. 2 transfer of social media accounts 9 5. 3 further assurances 9 5. 4 access to information 9 5. 5 employee non - solicitation 9 article 6 joint covenants 10 6. 1 closing covenants 10 6. 2 tax matters 10 6. 3 post - closing consents ; nonassignable contracts 10 6. 4 use of certain transmission facilities 12 article 7 conditions to obligations 13 7. 1 conditions to obligations of the contributors and the company 13 7. 2 conditions to obligations of the company 13 7. 3 condition to obligations of the contributors 14 article 8 indemnification 14 article 1 assets to be contributed 2 1. 1 contribution of assets and assumption of liabilities 2 1. 2 assets 2 1. 3 excluded assets 4 1. 4 assumption of only certain liabilities and obligations 5 1. 5 recapitalization 6 1. 6 contribution price 6 article 2 closing 7 article 3 representations and warranties of the contributors 7 3. 1 organization 7 3. 2 solvency 7 3. 3 securities representations 7 3. 4 emmis ’ s post - closing assets and continuing operations 8 article 4 representations and warranties of the company 8 4. 1 organization and standing 8 4. 2 authorization and binding obligation 8 article 5 covenants of the contributors 8 5. 1 cooperation with lien release 8 5. 2 transfer of social media accounts 9 5. 3 further assurances 9 5. 4 access to information 9 5. 5