Paxson reports record second quarter financial results.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--July 18, 1996--Paxson Communications Corp. (ASE:PXN) Thursday reported its second quarter results.

Operating cash flow, the primary measure by which many broadcast companies' financial results are judged, increased 93% to $11.8 million, up from last year's $6.1 million, on revenues of $37.2 million representing a 57% increase over 1995 revenues of $23.7 million. For the six months ended June 30, 1996 operating cash flow increased 127% to $20.4 million, up from last year's $9 million, on revenues of $69.3 million, representing a 56% increase over the first six months of 1995 revenues of $44.4 million. These results reflect the rapid growth of Paxson's nationwide infomall TV Network (inTV), as well as Paxson's Florida-concentrated radio station division. Both inTV and the radio group's second quarter cash flow exceeded the company's budgets by 20.4% and 9.3% respectively. Revenues and operating cash flow increased by segment for the second quarter as follows: -0-

                       Paxson Communications Corp.

                              Three Months Ended June 30,
                                      ($=000's)

Segment Revenue               1996         1995      % Increase

Paxson inTV Network         $14,611      $ 6,823           114%
Paxson Radio                 17,091       12,816            33%
Paxson Network-Affiliated
 Television (ABC/UPN)         5,156        3,722            39%
Corporate                       383          376             2%
TOTAL REVENUE               $37,241      $23,737            57%

Segment Operating Cash Flow   1996         1995      % Increase

Paxson inTV Network         $ 7,463      $ 3,367           122%
Paxson Radio                  4,666        2,753            70%
Paxson Network-Affiliated
 Television (ABC/UPN)         1,494        1,180            27%
Subtotal                    $13,623      $ 7,300
Less:  Corporate             (1,829)      (1,175)
TOTAL OPERATING
 CASH FLOW (a)              $11,794      $ 6,125            93%

(a)  Net income excluding non-cash items, non-recurring items
including terminated operations, interest, other income, income taxes
and time brokerage fees, less scheduled program rights payments.
-0-
    inTV, the nationwide broadcast network of television stations
owned and time-brokered by Paxson, continued its rapid growth during
the second quarter of 1996 with the acquisition of eight owned or
time-brokered television stations, including two low power television
stations, which serve to increase the over-the-air coverage of WHAI
TV-43, Paxson's inTV station serving the New York market.  Also
Paxson has announced agreements to acquire 10 additional inTV
stations, including three low power television stations.

                              Station          Market
Stations Added:               WNGM TV-34       Atlanta
                              KUBD TV-59       Denver
                              KWBF TV-13       Flagstaff/Phoenix, AZ
                              WCEE TV-13       St. Louis
                              WOCD TV-55       Albany, NY
                              WTJC TV-26       Dayton/Springfield, OH
                              W23BA-LPTV       New York
                              WNYA-LPTV        New York

Announced Acquisitions:       Channel 68       Dallas
                              KXLI TV-41       Minneapolis
                              KZAR TV-16       Salt Lake City
                              WJUE TV-43       Grand Rapids, MI
                              WHBI TV-67       West Palm Beach, FL
                              WOST TV-69       Providence, RI
                              WAAP TV-16       Greensboro, NC
                              W33AU-LPTV       Boston
                              W42AJ-LPTV       Washington, D.C.
                              W57CJ-LPTV       Ft. Myers, FL
-0-
    During the second quarter, Paxson was able to expand inTV's cable
household reach to 14.6 million households, an 8.9% increase from its
reach at March 31, 1996, by adding 1.26 million cable households.
During this same period, inTV achieved a 3.9% increase in same market
cable household growth.
    The number of Paxson owned or time-brokered television stations
currently operated within the inTV Network totals 29 full power
television stations in 25 markets, including four affiliated
stations, and 10 low power television stations, in markets serving
40.0 million US homes.  As mentioned, the company has agreements to
acquire seven additional full power television stations and three low
power television stations in markets with an additional 6.2 million
television households, bringing the total number of inTV stations to
36 full power and 13 low power television stations in 32 markets
serving 46.2 million US homes, including stations in 21 of the
30 largest television markets.
    The second quarter also demonstrated the continued growth and
improvement of Paxson's rapidly expanding radio group.  During the
second quarter, Paxson announced agreements to acquire 17 additional
radio stations, all within the State of Florida, which will allow it
to build or strengthen its duopoly or super-duopoly positions within
its seven Florida radio markets and maintain its status as Florida's
largest broadcaster.  Including proposed acquisitions, Paxson will
own 39 radio stations, with 35 in the State of Florida.

Proposed Acquisitions:

Miami        Orlando      Pensacola     Tallahassee   Panama City

WSHE-FM      WDIZ-FM      WTKX-FM       WSNI-FM       WFSY-FM
WIOD-AM      WTKS-FM      WOWW-FM       WTNT-FM       WEBZ-FM
WSRF-AM                                 WTPS-FM       WPAP-FM
                                        WXSR-FM       WPBH-FM
                                        WNLS-AM       WGNE-AM

On July 16, 1996 Paxson announced that it has engaged the investment banking firm of Alex Brown & Sons Inc. to advise it on strategic alternatives with regard to the network-affiliated television stations it owns and time brokers, serving the West Palm Beach market (WPBF TV-25 and WTVX TV-34, respectively). Such alternatives may include the possible sale or swap of these assets.

Chairman Lowell W. "Bud" Paxson was recently recognized as one of the most powerful broadcasters by Radio Ink magazine. Paxson, who was listed thirteenth said: "Paxson Communications exceeded its expansion targets for the second quarter and we are pleased with the company's continued strong growth. We have greatly improved the operating performance of our radio group and the announced acquisitions will have more than doubled the number of our Florida radio properties during the quarter. We have created some attractive opportunities to capture additional market share while improving operating efficiencies. We are also pleased that inTV continued to improve its cash flows and expand its reach, earning Paxson the ranking of the country's seventh largest television group by Broadcasting & Cable magazine. The dramatic expansion of our radio group and our nationwide television network is in line with our strategic plan, and we look forward to the continued growth ahead for Paxson Communications."

CONTACT: Paxson Communications Corp., West Palm Beach

Seth A. Grossman, Director of Finance

407/659-4122, Fax [phone]