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KING WORLD REPORTS 33RD CONSECUTIVE QUARTER OF RECORD NET INCOME AND EARNINGS PER SHARE

 NEW YORK, April 14 /PRNewswire/ -- King World Productions, Inc. (NYSE: KWP) today reported record net income and earnings per share for its second fiscal quarter ended Feb. 28, 1993, representing the company's 33rd consecutive quarter of record operating results. Results were as follows:
 Second Quarter Ended Feb. 28 1993 1992 Percent
 Change
 Revenues $113.1 million $120.7 million (6)
 Net income $ 24.1 million $ 21.3 million 13
 Earnings per share $ 0.62 $ 0.55 13
 Weighted average number
 of shares outstanding 38.6 million 38.8 million
 Six Months Ended Feb. 28 1993 1992 Percent
 Change
 Revenues $282.8 million $319.7 million (12)
 Net income $ 62.6 million $ 57.8 million 8
 Earnings per share $ 1.62 $ 1.48 9
 Weighted average number
 of shares outstanding 38.6 million 39.0 million
 Commenting on the company's financial results, Stephen W. Palley, executive vice president and chief operating officer, said: "Fiscal 1993 is unfolding as the most rewarding year in company history: our top four franchises continue to dominate the national syndication marketplace, our new programs are receiving strong market clearances and our financial position remains solid. Our record second quarter net income and earnings per share stems from the stellar performance of our four top-rated shows: the first, second, third and fifth highest rated strip programs in national syndication.
 Mr. Palley added, "Our balance sheet is exceptionally healthy. We carry no debt and follow a cost-conscious operating strategy. These factors, combined with the success of our top shows, have enabled us to consistently support our cash position which stood at $358.0 million at Feb. 28. Some of this money will be used to fund our stock repurchase program, while we will continue to review acquisitions and other new business opportunities."
 King World's 6 percent revenue decrease for the quarter was primarily due to reduced cash license fees from "Wheel of Fortune" and, to a lesser extent, "Jeopardy!," reflecting lower license fees per show, and the cancellation of "Candid Camera."
 Net income and earnings per share for the quarter rose 13 percent to $24.1 million and $0.62, respectively.
 According to the February 1993 Nielsen Cassandra Ranking report, King World's shows continued to break new records as they retained their dominant positions in syndication. "Wheel of Fortune," the number one ranked show in national syndication for 37 consecutive sweeps periods, scored its highest sweeps period rating in five years, with an 18.0 rating. "Jeopardy!," the number two ranked two show in national syndication for 30 consecutive sweeps periods, pulled its highest-ever sweeps period rating with a 14.6 rating. "The Oprah Winfrey Show," the third highest ranked first-run strip show in national syndication for 25 consecutive sweeps periods, posted a 12.8 rating. The most successful talk show in television history ranks ahead of all competition including "Donahue," "Sally Jessy Rafael," "Geraldo," "Joan Rivers" and "Maury Povich." Also, "Inside Edition," the fifth highest ranked show among all syndicated strip programs, scored an 8.0 rating, tying its highest- ever sweeps rating in the history of the show. "Inside Edition," the number one general interest magazine in syndication, beat "Hard Copy's" 7.1 rating and "A Current Affair's" 6.6 rating.
 Coming out of the 1993 National Association of Television Programming Executives Annual Conference, King World has received strong support for its two new programs, "American Journal" and "The Les Brown Show." Both shows, which are set to premiere on Sept. 6, have been sold to television stations representing over 75 percent of the country, including all top ten markets.
 Results for the trailing 12 months ended Feb. 28, 1993, compared with 1992's comparable period are listed below:
 Trailing 12 Months Ended
 Feb. 28 1993 1992 Percent
 Change
 Revenues $466.2 million $504.5 million (8)
 Net income $ 99.6 million $ 93.7 million 6
 Earnings per share $ 2.57 $ 2.38 8
 King World reports this cumulative data because its quarterly financial results are affected by the number of episodes of its programs produced during each quarter, a figure that may vary considerably from quarter to quarter. Therefore, the company believes that 12-month cumulative results may be helpful in evaluating its ongoing financial performance.
 King World is the leading worldwide distributor of first-run programming, including "Wheel of Fortune", "Jeopardy!", and "The Oprah Winfrey Show", the three highest rated strips in syndication, and "Inside Edition," a first-run syndicated newsmagazine strip which is also produced by the company. King World is producing on behalf of Greengrass Productions, Inc., a subsidiary of Capital Cities/ABC, Inc., "Wild West C.O.W. Boys of Moo Mesa," a cartoon series which is broadcast on Saturday mornings on the ABC Television Network. The company is also producing in first-run syndication to premiere in fall 1993, "American Journal," a half-hour newsmagazine strip, and "The Les Brown Show," a one-hour talk show strip. King World distributes its own library of 68 feature films and 210 television programs, and through its barter subsidiary, Camelot Entertainment Sales, Inc., sells national advertising time in King World and other television programming. "Wheel of Fortune" and "Jeopardy!" are produced by Merv Griffin Enterprises, a Sony Pictures Entertainment Company. "The Oprah Winfrey Show" is produced by HARPO Productions, Inc.
 KING WORLD PRODUCTIONS, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited, dollars in thousands)
 Three Months Ended Six Months Ended
 2/28/93 2/29/92 2/28/93 2/29/92
 Revenues $113,079 $120,685 $282,793 $319,731
 Expenses:
 Producers fees, programming
 and other direst operating
 costs 62,080 71,255 155,902 187,957
 Selling, general and
 administrative expenses 14,370 13,615 32,529 37,550
 Total expenses 76,450 84,870 188,431 225,507
 Income from operations 36,629 35,815 94,362 94,224
 Interest and dividend
 income 2,368 2,808 5,749 6,213
 Income before provision
 for income taxes 38,997 38,623 100,111 100,437
 Provision for income
 taxes 14,944 14,878 37,556 38,473
 Net loss from deconsolidated
 operation -- (2,469) -- (4,128)
 Net income $24,053 $21,276 $62,555 $57,836
 Primary earnings per
 share $ .62 $ .55 $ 1.62 $1.48
 NOTE: Source -- All data A.C. Nielsen
 -0- 4/14/93
 /CONTACT: Allyson M. Kossow of King World Productions, Inc., 212-315-4000, or Christian Plunkett or Diana Brainerd, of The Abernathy/MacGregor Group, 212-371-5999, for King World Productions, Inc./
 (KWP)


CO: King World Productions, Inc. ST: New York IN: ENT SU: ERN

PS-TM -- NY009 -- 5501 04/14/93 07:54 EDT
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