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KING WORLD REPORTS 32ND CONSECUTIVE QUARTER OF RECORD NET INCOME AND EARNINGS PER SHARE

 NEW YORK, Jan. 7 /PRNewswire/ -- King World Productions, Inc. (NYSE: KWP) today reported record net income and earnings per share for its first fiscal quarter ended Nov. 30, 1992. Results were as follows:
 KING WORLD PRODUCTIONS, INC.
 First Quarter Ended
 Period ended Nov. 30, 1992 1991 Percent Change
 Revenues $169.7 million $199.0 million -15
 Net income 38.5 million 36.6 million 5
 Earnings per share 0.98 0.94 4
 Weighted average number
 of shares outstanding 39.2 million 39.1 million
 Commenting on the company's operations and financial results, Stephen W. Palley, executive vice president and chief operating officer, said: "As we begin 1993, both our financial condition and competitive position are stronger than at any other time in King World's history: our established programs continue to dominate the national syndication marketplace and our new programs are receiving extremely encouraging early market clearances. Our record first quarter bottom line results reflect the continued momentum of our four franchises: the first, second, third and fifth highest rated strip programs in national syndication. "Inside Edition," our reality-based newsmagazine, has advanced from sixth to fifth place among all syndicated strip programs."
 King World's 15 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 a significantly smaller number of shows produced in the period, and the cancellation of "Candid Camera." These decreases were partially offset by increased cash license fees from "Inside Edition" due to higher license fees per show and a greater number of shows produced in the period.
 Net income and earnings per share for 199's first fiscal quarter increased five percent and four percent, respectively, to $38.5 million and $0.98, compared to $36.6 million and $0.94 recorded in the comparable prior year period.
 At the end of the first quarter our cash position stood at $383 million, a $127 million increase over the $256 million we reported at the end of November 1991.
 "Wheel of Fortune," "Jeopardy!" and "The Oprah Winfrey Show" maintained their positions as the three highest ranking programs in national syndication, according to the November 1992 Nielsen Cassandra Ranking report. "Jeopardy!'s" November ratings were the highest in the program's history. "Inside Edition" is now the fifth highest rated strip program in national syndication. The newsmagazine scored a 7.2 rating in the November sweeps, besting "A Current Affair's" 6.5 rating and "Hard Copy's" 6.2 rating. "Inside Edition" is also the highest ranked newsmagazine in the access time period, where it is ranked third overall, after "Wheel of Fortune" and "Jeopardy!."
 Mr. Palley added, "We are receiving strong early support for our new programs as we approach the National Association of Television Programming Executives annual conference. Set to premiere in Fall 1993, both "American Journal," our new newsmagazine, and "The Les Brown Show," our new talk show, have already been sold to television stations representing approximately 65 percent of the country, including all top ten markets."
 For the trailing 12 months ended Nov. 31, 1992 and 1991, King World's results were as follows:
 KING WORLD PRODUCTIONS, INC.
 Trailing 12 Months
 Period ended Nov. 30, 1992 1991 Percent Change
 Revenues $473.8 million $486.9 million -3
 Net income 96.8 million 90.9 million 6
 Earnings per share 2.48 2.31 7
 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 considerable 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 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, in association with Gunther-Wahl Productions, Inc. on behalf of Greengrass Production, 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 though 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 Production, Inc.
 KING WORLD PRODUCTIONS, INC. AND SUBSIDIARIES
 Consolidated Statements Of Income
 (Unaudited, dollars in thousands except per share data)
 Period ended three months 11/30/92 11/30/91
 Revenues $ 169,714 $ 199,046
 Expenses:
 Producers fees, programming and
 other direct operating costs 93,823 116,702
 Selling, general and
 administrative expenses 18,157 23,935
 Total expenses 111,980 140,637
 Income from operations 57,734 58,409
 Interest and dividend income 3,380 3,405
 Income before provision for
 income taxes 61,114 61,814
 Provision for income taxes 22,612 23,595
 Net loss from deconsolidated operation -- (1,659)
 Net income 38,502 36,560
 Primary earnings per share $ .98 $ .94
 Source: All data A.C. Nielsen
 -0- 1/7/93
 /CONTACT: Allyson M. Kossow of King World Productions, Inc., 212-315-4000, or Christian Plunkett 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

TM-LD -- NY010 -- 2460 01/07/93 07:51 EST
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Date:Jan 7, 1993
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