Paxson Communications Submits Application to Transfer Control of Bridgeport TV Station.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 8, 1998--

-- Application Paves the Way for Sale of Non Pax TV-Affiliated

Station in Line With Stated Strategy --

Paxson Communications Corporation (AMEX:PAX), the largest owner and operator of broadcast television properties in the nation, announced today that it has submitted an application to transfer control of the license to operate WBPT TV-43, Bridgeport, CT to Cuchifritos Communications, LLC. This application was submitted in conjunction with Cuchifritos Communications, LLC signing a letter of intent to acquire the assets of WBPT TV-43 from Paxson Communications for $22 million. The letter of intent is non-binding and the transaction is subject to various conditions, including the completion of definitive documentation, and receipt of regulatory approvals. Due to signal overlap with Paxson's PAX TV-affiliate, WPXN TV-31, serving the New York market, the company was required by the FCC to sell WBPT TV-43. WBPT TV-43 is not currently a PAX TV network-affiliate.

Commenting on the announced transaction, Paxson Communications Chairman, Lowell "Bud" Paxson said, "The pending sale of WBPT TV-43 is consistent with our stated strategy re-focusing the company's resources and efforts on operations that only support our PAX TV sales, programming and promotional activities."

Upon the completion of all announced transactions including new station construction, Paxson communications will own, operate or affiliate with more than 90 broadcast television stations. These broadcast television stations, combined with PAX TV's additional cable distribution through existing cable and satellite distribution agreements, as well as households provided by agreements pending with a number of additional cable television multiple system operators, should provide PAX TV with a reach extending beyond 80% of the US television households in the year ahead. A complete listing of stations and markets served can be found by visiting the company's web-site at paxtv.com.

Paxson Communications owns and operates the nation's seventh and newest broadcast network. With its nationwide broadcast television and cable distribution system, including the nation's largest group of owned and operated television stations, Paxson airs PAX TV, the national family entertainment network. The foundation of the network's prime-time schedule includes the off-network hit series Touched By An Angel, Dr. Quinn, Medicine Woman, and Diagnosis Murder. Original programming includes Flipper: The New Adventures, Louisa May Alcott's Little Men series, It's a Miracle, Woman's Day and Great Day America. Additionally, the line-up includes I'll Fly Away, Dave's World, Christy, The Father Dowling Mystery Series, Highway To Heaven, Bonanza, Eight Is Enough and Life Goes On, as well as theatrical and made-for-television movies.

For additional information about Paxson Communications, visit the Company's web site at paxtv.com.

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.