Arlington Capital Partners Announces Sale of Santa Barbara NBC Affiliate to Evening Post Publishing Company by Portfolio Company New Vision Group.

WASHINGTON -- New Vision Group to Sell KSBY for $67.75 Million

Arlington Capital Partners, a Washington, DC based private equity firm, announced the signing of a definitive agreement by its portfolio company New Vision Group to sell TV station KSBY to Evening Post Publishing Company for a total of $67.75 million. KSBY is the NBC affiliate serving Santa Barbara, California.

"The sale of KSBY represented an attractive opportunity for our company to realize on our investment, and to provide Evening Post the opportunity to build on the operating success of the station," said Perry Steiner, Managing Director of Arlington Capital Partners. "Under the leadership of our management team, the station invested heavily in news and programming, and expanded the market and advertiser reach of the station. As a result of these efforts, profitability increased in excess of 50% during our ownership, and we believe the results will continue to grow."

"This is a positive development for the Santa Barbara, San Luis Obispo and Santa Maria communities," said Jason Elkin, Chairman and CEO of New Vision Group. "New Vision believes that it has made marked improvements in the workplace at the station, and that Evening Post will continue to enhance the operations. We are confident that this station will continue to build and improve to the benefit of the viewers and advertisers served by the station."

"During our ownership, New Vision management has led the station to record levels of revenue and cash flow through enhanced local revenue generation and increased ratings while maintaining a strong commitment to serving the broader Santa Barbara community," said Matt Altman, Vice President of Arlington Capital.

"We continue to be committed to investing with New Vision's management team, as well as investing in media properties more broadly," said Perry Steiner. In addition to New Vision, Arlington Capital established Cherry Creek Radio earlier this year to acquire small market radio stations in the western U.S., and has acquired 32 radio stations in 11 markets in four transactions to date. Arlington is separately pursuing additional investment initiatives in radio in larger markets. "We have identified media, and other advertising based businesses as an attractive area for investment and consolidation strategies."

The transaction is expected to close in the first quarter of 2005, pending FCC approval.

About Arlington Capital Partners:

Arlington Capital Partners (www.arlingtoncap.com) is a Washington, DC-based private equity fund with over $450 million of committed capital focused on middle market buyout investment opportunities in growth industries including the business services and outsourcing, aerospace/defense, IT and engineering services, media, education and training, healthcare services, specialized manufacturing and related industries. The firm's professionals have a unique combination of operating and private equity experience that enables Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company's position as leading competitors in their field.

About Evening Post:

Evening Post Publishing Co., Inc. is a privately-owned communications company. Its properties include five daily newspapers located in South Carolina, North Carolina, Texas and Argentina. Its flagship newspaper is the Charleston, S.C. Post and Courier the nation's second-oldest daily in continuous publication. Evening Post also owns and operates ten network-affiliated television stations in Kentucky, Texas, Louisiana, Arizona, Colorado and Montana as well as an international marketer of syndicated newspaper material located in London.