Brill Media Reports 3rd Quarter Results; Revenue Up 9%, Media Cashflow up 38%.

EVANSVILLE, IN--(BUSINESS WIRE)--March 6, 1998--Brill Media Company, LLC/Brill Media Management Inc. ("Brill Media" or the "company") reported strong increases in net revenues, Media Cashflow and EBITDA for the quarter and nine months ended Nov. 30, 1997 from the company's core radio stations and newspapers.

Total revenues increased to $7.87 million for the three months ended Nov. 30, 1997, from $7.23 million for the three months ended Nov. 30, 1996, or 8.9%. Media Cashflow grew 38.3% to $2.95 million and EBITDA grew 17.3% to $1.63 million in the third quarter versus the same period a year ago. These increases in total revenues, Media Cashflow and EBITDA were primarily the result of revenue growth from existing radio stations and newspapers and the acquisition and development of new radio stations and newspapers in existing markets. A disproportionate increase in Media Cashflow results from interest income from its Managed Affiliate radio stations, whose revenues are not consolidated with those of the company.

Alan R. Brill, president and chief executive officer, said, "Solid revenue growth and another successful quarter led to an increase in revenues of 9% and an increase in Media Cashflow of 38%. Radio revenues were up 6% and related Media Cashflow up 71% while newspaper revenues were up 12% and related Media Cashflow up 7%."

The company increased its total debt in the fourth quarter to approximately $110 million because of the successful issuance on Dec. 30, 1997 by Brill Media of $105 million of 12% Senior Notes (the "Senior Notes") due 2007 and $3 million of Appreciation Notes (the "Appreciation Notes") due 2007. The Senior Notes bear cash interest at 7.5% through Dec. 15, 1999 and at 12% after such date until maturity. Although there can be no assurance, it is the company's current intention to retire the Appreciation Notes at the earliest opportunity. Proceeds from the Senior Notes and Appreciation Notes were $96.8 million. The company used $74.7 million of the net proceeds to refinance its existing Senior Note of $70 million, pay accrued interest of approximately $1.9 million and pay a prepayment premium of $2.8 million. Capital expenditures during the third quarter totaled $0.6 million. In February 1998, the company also completed an adjacent market newspaper group acquisition in Michigan with revenues exceeding $7 million for a purchase price of $8.9 million. Approximately $3.4 million of the purchase price consisted of deferred payments to the sellers in the form of notes and non-competition agreements.

Brill Media is a diversified media enterprise that acquires, develops, manages, and operates radio stations, newspapers and related businesses in middle markets. -0-

                   HISTORICAL FINANCIAL HIGHLIGHTS
                        (Dollars in Thousands)

                        Three Months Ended         Nine Months Ended
                             Nov. 30,                   Nov. 30,
                     1997     1996   Incr. %    1997    1996   Incr.%

Revenues           $7,875   $7,234   8.9%     $22,975 $20,941  9.7%

Media Cashflow      2,951    2,133  38.3%       8,510   6,300 35.1%

EBITDA              1,632    1,391  17.3%       4,929   4,310 14.4%

Operating Income    1,084    1,039   4.3%       3,632   3,288 10.5%

Net Loss           (1,499)    (894)   NM       (3,041) (1,381)  NM

The definitions used for the terms "Media Cashflow" and "EBITDA" conform to those used in the company's registration statement filed with the Securities and Exchange Commission.

Forward-Looking Statements

The matters discussed in this press release include forward-looking statements. In addition, when used in this press release, the words "intends to," "believes," "anticipates," "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including the impact of changes in national and regional economies, successful integration of acquired radio stations and newspapers (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, volatility in programming costs, the availability of suitable acquisitions on acceptable terms and the other risk factors set forth in the company's Registration Statement filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly release the result of any revision to these forward-looking statements that may be made to reflect any future events or circumstances.

CONTACT: Missy DeAngelis, 212/602-4086