BIA Financial Network Reports $22.2 Billion in 2007 Television Revenues; Predicts 11% Growth in 2008 Due to Strong Political Year That Will Affect Specific DMA Markets.

Station Transaction Market Driven by Strategic Acquisitions

CHANTILLY, Va. -- For a full version of this press release please visit: http://www.bia.com/pressitem1.asp?id=1115

The television industry experienced negative revenue growth and relatively small numbers of individual station sales by the close of 2007, reflecting a typical odd-year national election cycle that is preparing for a potentially stellar presidential election television revenue year, according to the fourth edition of BIA Financial Network's quarterly Investing In Television([R]) Market Report. BIAfn, a leading financial and strategic advisory firm serving the media and communications industries, reported 2007 television revenues as $22.2 billion, a minus-2 percent decrease from revenues of $22.7 billion in 2006. In 2007 there were sales of 294 stations for an estimated $4.6 billion, compared with 202 sold in 2006 for a price of $18.1 billion (credited in large part to the sale of Univision and four NBC stations).

BIAfn predicts television station revenues in 2008 will climb in total by as much as 11 percent - a ten-year high - due to the political advertising surrounding the presidential elections and hotly contested Congressional races and several state referendums. DMAs spread across the country will see revenue increases by as much as 12 percent in states such as Florida, Pennsylvania, Ohio, Virginia South Carolina, Maine, Iowa, Wisconsin, Colorado, Nevada, and southern California. The impact of the elections is clearly seen in a map showing estimated percentage changes by individual television DMAs. The map can be found at http://www.bia.com/2008_TV_Revenue_DMA_Map.asp.

"Despite the constant buzz of new media alternatives television will prove itself to be a hot medium in 2008. Not only because it's fail-safe but because it delivers viewers in a very targeted, local way," said Mark R. Fratrik, Ph.D., vice president, BIA Financial Network. "The national and statewide elections will reinforce the strength of the local television market, which is the only media that can provide mass audiences in an increasingly fragmented marketplace."

BIAfn notes the top station transaction through 2007 was News Corporation's announced sale of eight television stations to Oak Hill Capital Partners for $1.1 billion in markets that included Cleveland, Denver, St. Louis, Kansas City, and Milwaukee. The second largest transaction of the year was Lincoln Financial Media's sale of three stations in Charlotte, NC, Richmond, VA, and Charleston, SC to Raycom Media for $583 million.

"We believe the total transactions occurring in 2007 are indicative of the continued interest in some groups for acquiring television stations," Dr. Fratrik said. "Today's stations sales are simply designed to fulfill the current strategic objectives of the company rather than a focus on long-term strategy. This pattern is expected to remain in 2008."

A chart below illustrating that BIAfn expects television revenue in 2008 to be the highest it's been in ten years can be found at http://www.bia.com/2008_TV_Revenue_DMA_Map.asp.

A comprehensive profile of all 210 television markets (plus Puerto Rico) and television market projections through 2011 are available in the 2007 Investing In Television([R]) Ownership Report published by BIAfn and the fourth quarter edition of Investing In Television([R]) Market Report. Both publications are part of the Investing In( )financial guide series that includes market trend analysis, demographic and economic overviews, competitive overviews, technical data, ownership data, pending and completed transactions, and Arbitron ratings. Information on these publications is available on the BIAfn website at http://www.bia.com/publications_reference_tv.asp.

BIAfn also provides the Investing In Television([R]) Pocket Guide, a convenient, abbreviated portable reference guide to the all television markets. The compact design of the guides allows readers to rapidly identify key markets and important station details. BIAfn also publishes investment reference guides and provides data services for the television and newspaper industries. For more information, call 800.331.5086 or email [e-mail].

About BIA Financial Network, Inc.

BIA Financial Network, Inc., (BIAfn), has served the media and communications industries for more than two decades with financial and strategic advisory services, as well as a comprehensive array of research and investment resources. In addition to providing competitive and comparative information and analysis, BIAfn is also the nation's leading communications appraisal and valuation firm. Its affiliated company, BIA Capital Strategies, provides merger and acquisition advice, and arranges equity and debt funding. BIA Digital Partners LP provides subordinated debt and preferred equity investments to medium stage communications companies. Additional information is available at www.bia.com.