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KING WORLD REPORTS 34TH CONSECUTIVE QUARTER OF RECORD NET INCOME AND EARNINGS PER SHARE

 NEW YORK, July 8 /PRNewswire/ -- King World Productions, Inc. (NYSE: KWP) today reported record net income and earnings per share for its third fiscal quarter ended May 31, 1993, representing the company's 34th consecutive quarter of record operating results.
 KING WORLD
 Operating Results
 (in millions except per share)
 Third quarter ended May 31, 1993 1992 Percent Change
 Revenues $87.9 $85.4 +3
 Net income 18.6 16.4 +13
 Earnings per share 0.49 0.42 +17
 Weighted average number
 of shares outstanding 38.1 39.0 --
 Nine months ended May 31, 1993 1992 Percent Change
 Revenues $370.7 $405.1 -8
 Net income 81.2 74.3 +9
 Earnings per share 2.11 1.90 +11
 Weighted average number
 of shares outstanding 38.4 39.0 --
 Commenting on the company's financial results, Stephen W.
 Palley, executive vice president and chief operating officer, said,
 "Our 1993 third quarter results represent our 34th consecutive
 quarter of record net income and earnings per share. Our record
 results reflect our emphasis on controlling costs combined with the
 stable revenue stream provided through the long-term contracts that
 we have secured for out top programs. Our four franchise shows are
 the first, second, third and fifth highest rated daily programs in
 national syndication.
 Mr. Palley added, "Our balance sheet is exceptionally healthy.
 Since we follow a cost-conscious operating strategy and carry no
 debt, we have been able to consistently augment our cash position,
 which stood at $377 million at May 31. This money leaves us in a
 strong position to fund our stock repurchase program, while we
 continue to review acquisitions and other new business
 opportunities."
 King World's 3 percent revenue increase for the quarter was due
 primarily to increased cash license fees and revenues from the sale
 of retained advertising time for "The Oprah Winfrey Show,"
 reflecting both a slightly higher number of shows produced in the
 period and higher revenues per show, and to a lesser extent, higher
 cash license fees and revenues from the sale of retained advertising
 time for "Inside Edition," reflecting higher revenues per show for
 that program. The increase was partially offset by reduced cash
 license fees from "Wheel of Fortune," reflecting lower license fees
 per show. Net income and primary earnings per share increased by 13
 percent and 17 percent, respectively.
 According to the May 1993 Nielson Cassandra Ranking report, King
 World's shows retained their dominate positions in syndication.
 Scoring a 15.2 rating, "Wheel of Fortune" has been the number one
 ranked show in national syndication for 38 consecutive sweeps
 periods. With a 12.4 rating, "Jeopardy!," has reigned as the number
 two ranked show in national syndication for 31 consecutive sweeps
 periods. Posting a 10.9 rating, "The Oprah Winfrey Show," has held
 the third highest rated position in national syndication for 26
 consecutive sweeps periods. "The Oprah Winfrey Show" is the highest
 ranked daily program in all key women's demographics. Also, with a
 6.4 rating, "Inside Edition," remains the fifth highest ranked show
 among all syndicated daily programs. Outranking "Hard Copy's" 5.8
 rating and "A Current Affair's" 5.5 rating, "Inside Edition" is the
 number one general interest news magazine in syndication.
 King World is currently preparing for the September 6 premieres
 of "American Journal" and "The Les Brown Show." King World has
 hired 200 production and on-air staffers and is completing the sets
 for both shows at the company's New York studio. Each show has been
 sold to television stations representing over 80 percent of the
 country, including all top ten markets.
 Results for the trailing 12 months ended May 31, 1993 and 1992
 are: (in millions except per share)
 Trailing 12 month ended May 31, 1993 1992 Percent change
 Revenues $468.8 $494.6 -5
 Net income 101.8 94.1 +8
 Earnings per share 2.64 2.40 +10
 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
 considerably 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 worldwide 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 on
 behalf of Greengrass Productions, 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, for fall 1993 premieres if
 first-run syndication, "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 through 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 Productions, Inc.
 KING WORLD PRODUCTIONS, INC AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Unaudited, dollars in thousands)
 Periods ended Three months Nine months
 May 31 1993 1992 1993 1992
 Revenues $87,939 $85,400 $370,732 $405,131
 Expenses:
 Producers fees,
 programming and
 other direct operating
 costs 46,981 47,440 202,883 235,397
 Selling, general and
 administrative expenses 14,092 12,415 46,620 49,965
 Total 61,073 59,855 249,503 285,362
 Income from operations 26,866 25,545 121,229 119,769
 Interest and dividend
 income 2,954 3,127 8,702 9,340
 Income before provision
 for income taxes 29,820 28,672 129,931 129,109
 Provision for income taxes 11,171 10,393 48,727 48,866
 Net loss from deconsolidated
 operation -- (1,842) -- (5,970)
 Net income 18,649 16,437 81,204 74,273
 Primary earnings per share $0.49 $0.42 $2.11 $1.90
 -0- 7/8/93
 /CONTACT: Allyson M. Kossow of King World Productions, Inc., 212-315-4000; or Christian Plunkett or Diana Brainerd of The Abernathy/MacGregor Group, 212-371-5999, for King World Production/
 (KWP)


CO: King World Productions, Inc. ST: New York IN: ENT SU: ERN

LG-LR -- NY006 -- 9362 07/08/93 09:08 EDT
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