Boston Ventures and Smith Television Group Complete Recapitalization.

BOSTON -- Boston Ventures and Smith Television Group today announced completion of a more than $50 million restructuring of the Smith television stations as part of the creation of their new partnership announced on August 26, 2004. In connection with the recapitalization of the Smith television stations, Smith Television Group contributed six network-affiliated television stations to the new Smith Media, LLC. Boston Ventures contributed a majority of Smith Media, LLC's new equity funding, along with participation by the Smith Family and the Smith Media LLC management team.

The stations include WFFF-TV (FOX) Burlington, Vermont; KEYT-TV (ABC) Santa Barbara, California; WKTV(TV) (NBC) Utica, New York; KIMO(TV) (ABC) Anchorage, Alaska; KATN(TV) (ABC) Fairbanks, Alaska; and KJUD(TV) (ABC) Juneau, Alaska. The FCC approved the assignment of all six station licenses to Smith Media, LLC on November 8, 2004 and all aspects of the proposed transaction were completed today.

Barry Baker, Operational Partner of Boston Ventures said, "We are excited to begin our partnership with the Smith Family and management in order to maximize the true growth potential of this diverse group of television stations."

Les Goldman, Chairman of the Board of Representatives of Smith Media LLC and executor of Robert Smith's Estate said, "On behalf of the entire Smith family I want to express our enthusiasm for, and confidence in, the substantial benefits to our viewers and employees that will result from the financial strengthening and management superiority associated with the formal creation of this new partnership today." Robert N. Smith, creator of the Smith Television Group, passed away on October 28, 2003 after a courageous five-year battle with cancer and a distinguished 25-year career involving over 40 television stations.

Michael Granados, CEO of Smith Media, LLC, stated, "Ian Guthrie, our CFO, and I are eager to partner with Boston Ventures, as well as the Smith Family and a talented workforce. We look forward to growing these particularly attractive television stations so as to further enhance the legacy and contribution of Bob Smith to these stations, their communities and the television industry as a whole."

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.