Boston Ventures Leads Smith Television Recapitalization.

BOSTON -- Boston Ventures announced today that it has invested $23 million in Smith Media LLC as part of an overall recapitalization of the Smith Television Group along with the Smith Family and management. As part of this recapitalization, Smith Television will contribute six network affiliates into Smith Media LLC. These stations are WFFF - TV (FOX) Burlington, VT; KEYT - TV (ABC) Santa Barbara, CA; WKTV - TV (NBC) Utica, NY; KIMO - TV (ABC) Anchorage, AK; KATN - TV, (ABC) Fairbanks, AK; and KJUD - TV (ABC) Juneau, AK. The transaction is expected to close in the Fall of 2004 and is subject to customary regulatory approval and closing conditions.

Barry Baker-General Partner and Andrew Davis-Partner represented Boston Ventures and worked closely with the Smith Family. Barry Baker, a general partner of Boston Ventures, said "We are excited about being partners with the Smith Family and management in maximizing the potential and continuing the best traditions of the Smith Television stations. This investment is consistent with Boston Ventures' history of investing successfully in the television broadcast industry." Previous investments by Boston Ventures in the television industry include River City Broadcasting, Metromedia and Television Station Group.

Robert N. Smith, creator of the Smith Television Group, passed away on October 28, 2003 after a courageous 5 year battle with cancer and a 25 year career involving over 40 television stations. Les Goldman, executor of Robert Smith's estate said, "On behalf of Anne and Michael Smith and Jennifer Smith Hale who will sit with me on the Board of Representatives of Smith Media LLC, I want to express our enthusiasm and commitment to this new partnership. Working closely with Michael Smith in particular in reviewing the numerous opportunities which became available to us, we concluded that Boston Ventures clearly offered the most promising path to preserve and expand Bob Smith's broadcast legacy."

Michael Granados, CEO of Smith Media LLC, stated, "Ian Guthrie and I are very enthusiastic about our new opportunity to partner again with Boston Ventures and with the Smith Family and look forward to working with the stations' management teams and employees to grow these television stations."

Mr. Granados served as Vice President/Regional Director, Sinclair Broadcast Group, overseeing a group of 16 stations, based in San Antonio, 1996 - 2002. Prior to that, Mr. Granados served as General Manager, WTTV and Group Manager for River City Broadcasting with oversight responsibilities of stations in Des Moines, Peoria and Cape Girardeau/Paducah, 1993-1996.

Mr. Guthrie served as Regional Controller, Sinclair Broadcast Group based in St. Louis and managed the Televisions Stations business operations in ten markets. He also held positions as Regional Business Manager/Business Manager, 1996 - 2003. Prior to his career in the television industry, Mr. Guthrie held positions with KPMG, LLP as a Senior Staff Accountant.

Mr. Goldman added, "Mike and Ian and Boston Ventures' successful track record in owning and operating television stations, along with their appreciation of the opportunity and potential of this station group, make the entire family confident, on behalf of our customers, viewers and employees, of going forward with them as our partners and colleagues."

About Boston Ventures:

Boston Ventures Management, Inc. (www.bostonventures.com) is a private equity firm that has been an active investor and financial partner to management teams in the media, entertainment, and communications sectors since 1983, earning the firm a franchise position in the private equity community. Boston Ventures' general partners and principals are accomplished and experienced professionals who have a diverse and complementary range of skills and a broad network of domestic and international relationships. The existing Boston Ventures Fund VI Partnership has attracted leading U.S. institutions and individuals from 16 countries.