King World Reports Fourth Quarter Results.

ings per share, for all of fiscal 1998.

Tvenues $ 169.1 $ 165.1 2% Net income

$ 33.9 2% Net income $ 136.0 $ 143.4 (5%) Basic earnings per share (a) $ 1.86

$ 1.93 (4%) Diluted earnings per share (a) $ 1.79 $ 1.91

(6%)

(a) Adjusted to rg and highly-rated `The Oprah Winfrey Show' for an additional two years, through the 2001-2002 broadcast season, and to choose King World to remain as the exclusive distrtion' -- our best days are ahead," Roger King adnt value for our shareholders. In addition to the actions taken throughout the year to strengthen our management team and Board of Directors, we continued to take steps to broaden our asset base and generate new revenue streams. These acg developed for the NBC television network, whind is beginning to see our growth potential. Dese of 27 percent.

"The initial ratings for `Hollywood Squares' seem to indicate that we have a solid, long-term hit on our hands. In its key dayparts (3 PM - 8 PM) significant rating gains and its strong lead-in to the prime-time schedule for all the CBS owned- and-operated stations. 157 stations representing almost 90 percent of elop into a solid hit. While the show slipped moave enjoyed their highest ratings to date with the show. 159 stations representing approximately 92 percent of the country carry the show, with virtually all of the stations committed to a two-year run.

"Looking ahead, we remain committed to using our solid financial position totine balance sheet gives us tremendous financial flexibility. Year-end cash and investments totaled about $750 million, excluding approximately $130 million of participation advances to Harpo, Inc., the producer of `The Oprah Winfrey Show100 shares of Common Stock had been repurchasedo continue to repurchase shares of its Common Stock in the open market and in privately negotiated transactions if and when it deems it advantageous to do so. Purchases on and increased cash license fees from "The OpKing World Direct was attributable to the declining sales for the "Wild America" video series and the Company's reduced participation in the revenues derived from sales ougust 31,

1998 18% 17% 18% 17% INSIDE EDITION 7% 8% 7% 8% AMERICAN JOURNAL (a) 4% 4% 4% 5% ROLONDA (b)

-- -1997 broadcast season.

     Operating inater portion of revenues payable in fiscal 1998 rtially offset
by a
decrease in selling, general and administrative expenses, primarily
attributable to reduced advertising and promotion costs for "The Oprah
Winfrey Shower effective
tax rate for the fiscal year ended August 31, 1998.
     Basic earnings per share decreased by 4 percent from $1.93 per
share in fiscal 1997 to $1.86 per gher
average Common Stock price for fiscal 1998's Board of Directors declared a
two-for-one stmpany increased the number of authorized shares of Common Stock
from
75 million to 150 million.
     King Wod distributes "The Roseanne
Show" and "Hollywood Squares," and will co-produce and distribute "The
Martin Short Show," which is being launched for possible premiere in
Fall 1999. The Company's barter subsidiary, King World Media Sales,
sdiscussed in this news release are forward-lookie Company's results of
operations may
differ materially due to a variety of factors, including without
limitation, the viewing preferences of television audiences and theg or of
current or new talent.
Moreover, the amhousands)

                           Three Months Ended     Twelve Months Ended
                                August 31,             August 31,
                              1998       1997        1998       1997
                                (Unaudited)

REVENUES             elling, general and
  administrative
  expense67    192,281

INTEREST AND DIVIDEND INCOME  7,448      7,462      29,140     29,645

 Income before provi