Paxson Communications Exercises Right to Acquire West Palm Beach Station WPXP TV-67.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--March 20, 1998--Paxson Communications Corp. (AMEX:PAX) announced today that it has exercised its right to acquire 90 percent of WPXP TV-67, a full power television station serving the West Palm Beach market.

The station is currently owned by Hispanic Broadcasting Inc., whose principal and President Betti Lidsky, will retain ownership in the remaining 10 percent. Terms of the transaction were not disclosed.

The station, which currently broadcasts long-form paid programming, will broadcast PAX NET, Paxson's national family entertainment network scheduled for launch in August 1998.

Commenting on the announcement, Lowell "Bud" Paxson, chairman and CEO of Paxson Communications, said: "We are proud to offer PAX NET's quality programming to the West Palm Beach market, our home town. PAX NET will offer programming that reflects good values, promotes positive role models and offers wholesome entertainment which the entire family can enjoy. Further, the addition of WPXP highlights the progress we are making in our pre-launch goal of expanding PAX NET's distribution."

Including all pending acquisitions, construction projects, divestitures and other transactions, Paxson will broadcast via a total of 77 stations in markets reaching more than 72 million US TV households, including stations in each of the top-20 markets as well as 42 of the nation's top-50 markets.

Paxson Communications owns and operates the nation's largest group of television stations. Supported by these distribution assets, Paxson will launch PAX NET, a national family entertainment network, on Aug. 31, 1998. The foundation of the network's prime-time schedule includes the off-network hit series Touched by an Angel, Promised Land, Dr. Quinn, Medicine Woman, Diagnosis Murder and Life Goes On. Additionally, the line-up includes I'll Fly Away, Dave's World, Christy, The Father Dowling Mystery Series, Highway to Heaven, Love Boat, Eight is Enough, Barnaby Jones, Medical Center and Neon Rider, as well as dozens of theatrical and made-for-television movies.

For additional information about Paxson Communications, visit the company's Web site at www.pax.net. -0-

This press release contains "forward-looking statements," within the meaning of federal securities laws, that involve risks and uncertainties. All statements herein, other than those consisting solely of historical facts, that address activities, events or developments that the company expects or anticipates will or may occur in the future, including such things as business strategy, measures to implement strategy, competitive strengths, goals, references to future success and other events may be forward-looking statements. Statements herein are based on certain assumptions and analysis made by the company in light of its experience and its perception of historical trends, current conditions and potential future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results, events and developments will conform with the company's expectations is subject to a number of risks and uncertainties and important factors that could cause actual results, events and developments to differ materially from those referenced in, contemplated by or underlying any forward-looking statements herein, including, among others, the continued development and viability of the company's television operations, the company's ability to manage its growth, the company's high level of indebtedness, restrictions imposed on the company by the terms of its indebtedness and preferred stock, the impact of government regulations, industry and economic conditions, competition, changes in operating expenses, industry and economic conditions and other factors, many of which are beyond the control of the company. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized.

CONTACT: Paxson Communications Corp., West Palm Beach

Nancy David Udell, 561/659-4122

Fax: [phone]

or: Investors: Seth Grossman, 561/659-4122

Fax: [phone]