Big Deals alter the list of the Big Deals

Consolidation shuffles the B&C ranking

Staff -- Broadcasting & Cable, 5/12/2002 8:00:00 PM

Media consolidation had a big impact on BROADCASTING & CABLE's Top 25 Media Groups this year: Twenty positions were occupied by different companies last year.

Just last week, Vivendi closed its deal to buy back control of USA Networks Inc., which moved it up a notch to the No. 2 position, knocking Disney back to No. 3. And Comcast's acquisition of AT&T (not done but assured) moves the Philadelphia-based MSO to No. 5, from No. 8.

BROADCASTING & CABLE's list includes only companies with significant TV or radio interests in the U.S. They are ranked by 2001 revenue. In the case of Sony and Vivendi Universal, only their media revenue is used in the ranking. No Walkmans for Sony or water utilities for Vivendi.

Despite the recession, or perhaps in part because of it, DirecTV parent Hughes Electronics had a big year, boosting revenues 58% and jumping to No. 8 on the list, from No. 13 last year. And the company would have jumped several notches higher if the editors were confident that the merger with EchoStar will be allowed to go through. But we aren't—too much static from Washington.

MSO Adelphia gets a big asterisk for being investigated by the Securities and Exchange Commission. The company is in the process of restating the last three years' worth of revenue and earnings statements.

Three newcomers made the list this year: Discovery (No. 22), Belo (No. 24) and Meredith (No. 25). Leaving the list as independents are USA and AT&T. Bloomberg was removed from the list by the editors because its TV and radio holdings were no longer deemed "significant."

1 AOL Time Warner

New York

(NYSE: AOL)

Fiscal year ended: Dec. 31, 2001

Rank last year: 1

Richard D. Parsons, CEO (above)

Steve M. Case, chairman

Revenues: $38.2B

Operating cash flow: $9.9B

Operating income: $703M

52-week high: $58.51

52-week low: $17.75

Outgoing CEO Gerry Levin is leaving quite a mess in his wake, but it's pretty much the stuff Chairman Steve Case brought in that's the problem. The old Time Warner units are running fairly well, but the America Online operation is a mess. It's now up to Parsons to revive AOL Time Warner. An executive shake-up sent Chief Operating Officer Bob Pittman back to shepherd America Online, clearing the way for Parsons to run the media and entertainment units. After losing to Comcast in the AT&T Broadband sweepstakes, AOL Time Warner's cable operation is still plotting its next move. The networks—including The WB, TNT and CNN—pulled through a brutal ad year intact. HBO remains a bright spot, even if The Sopranos tortures fans with an 18-month hiatus.

America Online may be sputtering, but it still generated $8.72 billion in 2001, the most of any unit. Time Warner Cable and the TV networks each accounted for 17% of revenues, with cable earning $6.99 billion and the TV networks kicking in $7.05 billion.

2 Vivendi Universal

Paris

(NYSE: V)

Fiscal year ended: Dec. 30, 2001

Rank last year: 3

Jean-Marie Messier, chairman/CEO

Media revenues: $31B

Operating cash flow: $5.9B

Operating income: $2.1B

52-week high: $69.15

52-week low: $30.51

Can you imagine demonstrators' filling the streets to challenge the firing of an American network exec—say, CBS's Les Moonves or MTV Networks' Tom Freston? That's what happened when Vivendi Universal Chairman Jean-Marie Messier fired the head of Canal Plus, the HBO of France. But it's protesting shareholders that worry Messier more.

Nobody seems to believe Vivendi Universal any longer. Messier has successfully built a sizable media portfolio, notably Universal Studios and Universal Music. And, just last week, he closed a $10.3 billion deal to buy back control of USA Networks. Maybe Barry Diller's taking charge of all the TV and movie assets will help, but Messier has to prove he hasn't simply made a media mess.

3 Walt Disney

Burbank, Calif.

(NYSE: DIS)

Fiscal year ended: Sept. 30, 2001

Rank last year: 2

Michael Eisner, chairman and CEO

Revenues: $25.3B

Operating cash flow: $5B

Operating income: $4B

52-week high: $34.80

52-week low: $15.50

Like most media companies, Disney has struggled in the face of recession over the past year. ABC has been the company's biggest millstone and major drag on Disney revenues and profits. Overall, Disney revenue was flat in fiscal '01, while operating profits were down 2%. Revenues at the broadcasting division were down 10%, however, while operating income was down 30%. ABC remains well behind NBC and CBS in the ratings. In recent months, two high-level ABC executives departed amidst the ongoing turmoil: ABC Television President Steve Bornstein and co-chief of programming Stu Bloomberg. The company confirms that a major reorganization at ABC will be announced soon.

The nation's second-largest media conglomerate is best-known for its theme parks, resorts and cartoon characters (Mickey Mouse, et al.). But the company also operates ABC and one of Hollywood's biggest motion picture studios and a multibillion-dollar consumer-products division that hawks Mickey Mouse plush toys and Winnie the Pooh key chains to kids of all ages.

4 Viacom

New York

(NYSE: VIA)

Fiscal year ended: Dec. 31, 2001

Rank last year: 4

Sumner Redstone, chairman/CEO (above)

Mel Karmazin, president/COO

Revenues: $23.2B

Operating cash flow: $4.5B

Operating income: $1.46B

52-week high: $59.69

52-week low: $28.62

They hate each other. No, they love each other. It's just a love-hate thing they have going. Depending on whom you believe, the company or the press that covers it, that's the story of the relationship between Viacom's top two executive officers, CEO Sumner Redstone and COO Mel Karmazin. At one point several months ago, the New York Times quoted sources saying that Redstone vowed a blood oath that Karmazin's contract (which expires at the end of this year) would not be renewed. The company denied that Redstone said such a thing. But the relationship, whatever state it's in, hasn't stopped Viacom from going out and buying things. Just last week, it plunked down $650 million for KCAL(TV) Los Angeles, giving the Viacom TV group a duopoly in the nation's second-largest market. CEO Redstone is also said to lust after Discovery Networks, although no deal there, yet.

In the world of electronic media (and outdoor advertising), Viacom is a 900-pound gorilla. It owns the biggest TV group in the U.S.; CBS and UPN; The Paramount Studio, one of the world's biggest producers and distributors of TV programming; Infinity Broadcasting; King World; Blockbuster Entertainment, the home-video giant; and a slew of major cable networks, including MTV, VH1, Showtime, BET, The National Network and CMT.

5 Comcast

Philadelphia

(Nasdaq: CMCSK; CMCSA)

Fiscal year ended: Dec. 31, 2001

Rank last year: 8

Brian Roberts, president

Revenues: $19.1B

Operating cash flow: $4.6B

Operating income: –$4.9B

52-week high: $46.00

52-week low: $25.65

There's little doubt that Comcast will complete its takeover of AT&T Broadband. The big question is how it will do once it gets the properties. AT&T Broadband is big—and it's broken. No one has ever done a cable acquisition on this scale before. AT&T's systems nearly triple Comcast's size, and AT&T managed to halve the margins of its cable systems from the industry-standard 40%-45%. And, although Comcast executives Brian Roberts and Steve Burke think they can turn those systems around in short order, some industry executives say the task may go more slowly than they think. Time will tell.

6 Sony

Los Angeles

Fiscal year ended: March 31, 2002

Rank last year: 7

Nobuyuki Idei, co-chairman and CEO, Sony

Media revenues: $17.1B

Operating cash flow: $5.6B

Operating income: $1.1B

52-week high: $85.75

52-week low: $32.80

It's all about PlayStation 2 for Sony, whose Game division accounted for more than $7.5 billion of the corporation's sales in fiscal 2002. Sony Pictures chipped in $4.78 billion, with 2001 success stories being Black Hawk Down; A Knight's Tale; DVDs like Crouching Tiger, Hidden Dragon; and game shows Wheel of Fortune and Jeopardy. The music division kicked in another $4.8 billion. The question is: Is relying on PlayStation 2 as unhealthy as ABC's reliance on Who Wants to Be a Millionaire? two years ago?

7 News Corp.

Sydney, Australia

(NYSE: NWS)

Fiscal year ended: June 30, 2001

Rank last year: 5

Rupert Murdoch, chairman/CEO

Revenues: $13.8B

Operating cash flow: $2.1B

Operating income: $1.7B

52-week high: $39.70

52-week low: $22.91

The ad slump has been particularly tough on the sports marketplace. Just ask News Corp. The company wrote off $909 million in losses related to three big sports-rights contracts in its fiscal second quarter ended Dec. 31, 2001. The charges broke down as follows: $387 million for the National Football League, $297 million for the National Association for Stock Car Auto Racing and $225 million for Major League Baseball. As a result, the company said it's reducing revenue projections from the contracts. For the first half of fiscal 2002, News Corp. reported a 36% drop in operating income for its TV division (owned stations and the Fox network), to $165 million, on an 8% gain in revenue, to $2.13 billion.

In addition to owning 85% of the Fox Entertainment Group (which includes the movie studio, the Fox network, Fox Television production company, and the No. 2 TV-station group in the U.S.), News Corp. publishes scores of newspapers and books (through such units as HarperCollins). Cable holdings include Fox News, FX and a pocketful of regional sports networks.

8 Hughes Electronics

El Segundo, Calif.

(NYSE: GMH)

Fiscal year ended: Dec. 31, 2001

Rank last year: 13

Eddy Hartenstein, senior executive VP, Hughes; and chairman and CEO, DirecTV

Revenues: $8.3B

Operating cash flow: $389.9M

Operating income: –$757.8M

52-week high: $25.09

52-week low: $11.50

By now, everyone knows the tortured saga of General Motors' attempt to sell its DirecTV subsidiary. After a year of public negotiations with News Corp.'s Rupert Murdoch, the ever plucky Charlie Ergen, CEO of EchoStar Communications Corp., cut a $26 billion deal to buy Hughes right out from under Murdoch's nose. That deal is now in regulators' hands, and, by all public accounts, chances are slim that it will pass muster. EchoStar execs assure us repeatedly that it's going to sail right through because, in Ergen's oft repeated words, the deal is good for consumers. We're holding our breath to see if the DoJ agrees.

In the meantime, DirecTV has increased its subscriber list to nearly 11 million. Hughes also owns other subsidiaries that most people are much less interested in: PanAmSat and Hughes Network Systems.

9 Cox enterprises

Atlanta

(Privately held)

Fiscal year ended: Dec. 31, 2001

Rank last year: 12

James C. Kennedy, chairman

Revenues: $8B

Operating cash flow: $1.5M

Operating income: –$118.2M

Atlanta-based Cox Enterprises delivers cable to more than 6 million customers, including digital cable and high-speed Internet, and is looking to get bigger. Late last year, the company had a disappointing loss to Comcast in bidding for AT&T Broadband but is rumored to be in the hunt for some or all of the Adelphia properties expected to be on the block. Currently, it's the No. 6 MSO and the No. 13 TV-group owner.

Growth seems guaranteed. On the cable side, while the company reported a steep drop in first-quarter earnings, it also added 336,000 subscribers for its advanced digital services, boosting revenue for the quarter by 19%. On the broadcast side, its worst year is probably behind it. The Olympics and political elections will almost surely help the group post better numbers in 2002.

10 Clear Channel

San Antonio

(NYSE: CCU)

Fiscal year ended: Dec. 31, 2001

Rank last year: 11

Lowry Mays, CEO

Revenues: $7.9B

Operating cash flow: $2.1B

Operating income: $1.92B

52-week high: $63.98

52-week low: $36.80

While it has redefined the term "radio giant" with more than 1,200 stations, Clear Channel has become the largest outdoor-advertising company as well, with nearly three-quarters of a million billboards and other signs in scores of countries worldwide. And, along the way, the company has become a major player in radio programming and live-entertainment promotion and has a greatly expanded TV-station portfolio.

Last year's purchase of the Ackerley Group added to its outdoor-ad presence while contributing 16 television and four radio stations as well. The company said it was pleased to finally have a station in its hometown of San Antonio, but some analysts said it was the billboards that made Ackerley attractive. Meanwhile, the TV stations haven't gone unattended. Clear Channel's WTEV-TV Jacksonville, Fla., recently agreed to take over the market's CBS affiliation after the network and current affiliate, Post-Newsweek's WJXT(TV), couldn't come to terms.

11 Gannett

Arlington, Va.

(NYSE: GCI)

Fiscal year ended:

Dec. 31, 2001

Rank last year: 10

Doug McCorkindale, CEO

Revenues: $6.3B

Operating cash flow: $2B

Operating income: $1.6B

52-week high: $79.90

52-week low: $53

Deeply rooted in the newspaper business, Gannett owns nearly 400 newspapers in the U.S. (including the nation's highest-circulation daily, USA Today), nearly 300 titles in the U.K., and 22 television stations.

Gannett's NBC affiliates' Olympics performances helped the company gain 7.4% in the first quarter over the previous quarter, to $167.2 million. Word is, Gannett is looking at television stations and synergies for its newspapers in anticipation of relaxed regulations on multiple media holdings in a market. But CEO Doug McCorkindale said last month that asking prices are still too high and that, while the company is ready to cut some checks, Gannett doesn't do "dumb deals."

12 NBC

New York

Subsidiary of General Electric (NYSE: GE)

Fiscal year ended: Dec. 31, 2001

Rank last year: 9

Bob Wright, chairman/CEO, NBC

Revenues: $5.8B

Operating cash flow: $1.5B

Operating income: $1.6B

52-week high: $53.55

52-week low: $28.50

The difference between 2001 and 2000 for NBC was a $1 billion revenue decline. But 2002 should be better: The network sold a record $720 million in advertising during the Salt Lake City Winter Olympics, and the network is well-positioned in the network prime time competition. The network continues to be acquisitive: In the past few weeks, it completed its purchase of both Telemundo and Granite's KNTV(TV) San Francisco. Both deals were done over the objections of Paxson, which claimed they violated FCC ownership rules as well as its own partnership agreement with NBC. The FCC didn't buy the argument. Meanwhile, an arbitration hearing is still pending between Paxson and NBC. Paxson wants the arbitrator to void the agreement. Stay tuned.

13 Tribune

Chicago

(NYSE: TRB)

Fiscal year ended: Dec. 31, 2001

Rank last year: 14

John Madigan, CEO

Revenues: $5.3B

Operating cash flow: $1.2B

Operating income: $802.3M

52-week high: $47.25

52-week low: $29.71

More than most, Tribune is a group to watch. Only last month, the Chicago-based company reached an agreement with Sinclair Broadcast Group for its DMA No. 25 WB affiliate, WTTV(TV) Indianapolis, and satellite WTTK(TV) Kokomo, Ind., for $125 million, giving Tribune its fourth duopoly. The company has owned Fox affiliate WXIN(TV) Indianapolis since 1997. To cover the deal, the company sold Tribune two Denver radio stations to Entercom Communications Corp.

Tribune—which now owns duopolies in Indianapolis, New Orleans, Seattle and Hartford—appears ready to expand its holdings, particularly with regard to WB affiliates, in the top 30 or so markets and is reportedly looking at Acme's KPLR-TV St. Louis in the No. 22 DMA—likely to cost much more than WTTV.

14 McGraw-Hill

New York

(NYSE: MHP)

Fiscal year ended: Dec. 31, 2001

Rank last year: 16

Harold McGraw III, chairman/president/CEO

Revenues: $4.7B

Operating cash flow: $1.18B

Operating income: $624M

52-week high: $70.87

52-week low: $48.70

McGraw-Hill is best-known as an educational publisher, although it also supplies financial and business information. It publishes Business Week magazine and trade journals such as Aviation Week and Engineering News-Record. It owns four television stations in three states: KMGH(TV) Denver, KGTV(TV) San Diego, WRTV Indianapolis and KERO-TV Bakersfield, Calif. Business remains much the same: steady as she goes. Proof is in the financials: Annual revenues have grown about 7% for the past three years.

15 Cablevision

Woodbury, N.Y.

(ASE: CVC)

Fiscal year ended: Dec. 31, 2001

Rank last year: 17

Charles Dolan, CEO

Revenues: $4.4B

Operating cash flow: $708M

Operating income: –$246M

52-week high: $42.97

52-week low: $5.24

Cablevision's battle over the New York Yankees' new network is the least of its problems. The rollout of digital cable fizzled (just 25,000 sales so far). The company blames software glitches in the set-top boxes that it's buying from Sony. Digital is the company's huge bet. CEO Dolan and his son, President James Dolan, said they planned to install digital converters in 50% of the basic homes by the end of 2003, betting that new VOD and interactive services would come a gusher. That's not going to happen.

16 Charter

St. Louis

(NYSE: CHTR)

Fiscal year ended: Dec. 31, 2001

Rank last year: 19

Paul Allen, chairman/CEO

Revenues: $4.1B

Operating cash flow: $2.3B

Operating income: $132M

52-week high: $24.45

52-week low: $7.64

Charter used to be one of the few bright spots in Paul Allen's portfolio. Though not heading to the graveyard of many of the Microsoft co-founder's investments, the cable op is fairly battered. CEO Jerry Kent quit in a snit last fall, sending the company's stock crashing. Allen replaced him with cable and DBS veteran Carl Vogel. The ex-Jones Intercable, ex-EchoStar executive is holding the fort but not well enough to overcome anxiety about the company's debt level. Charter is not much of a buyer these days, but Allen could turn into a seller if Cox got interested enough in expanding.

16 Hearst

New York

(Privately held)

Fiscal year ended: Dec. 31, 2001

Rank last year: 18

Revenues: $4.1B

Operating cash flow: NA

Operating income: NA

The biggest change at Hearst recently is the departure of long-time President/CEO Frank Bennack Jr., who retires this month. Bennack oversaw the company's transition from a pure-play print publisher to a multimedia concern with sizable stakes in broadcast and cable TV. In fact, insiders say print revenues now account for less than half the company's total sales, while interests in Hearst-Argyle Television (currently 66% of outstanding stock), ESPN (20%), Lifetime (50%) and A&E Network (37.5%) contribute roughly 55%-60% of all revenue. Succeeding Bennack as CEO is another long-time company veteran, Victor Ganzi, who previously served as chief operating officer/chief financial officer and general counsel before that.

18 EchoStar

Littleton, Colo.

(NASDAQ: DISH)

Fiscal year ended: Dec. 31, 2001

Rank last year: 24

Charles W. Ergen, chairman/CEO

Revenues: $4B

Operating cash flow: $511M

Operating income: $212.3M

52-week high: $39.03

52-week low: $19.49

No one can deny that EchoStar CEO Charlie Ergen is one of America's savviest businessmen, even if many people don't agree with the way he goes about conducting that business. Ergen, personally worth $7.1 billion, is the 22nd-richest person in the country. If that doesn't impress you, consider this: Ergen keeps beating News Corp. Chairman Rupert Murdoch at his own game. No one's luck holds that long.

But Ergen is facing his most challenging maneuver yet: buying Hughes Electronics from General Motors for $26 billion and then merging his company with No. 1 DBS provider DirecTV. The deal is getting heavy regulatory scrutiny, endless skepticism from antitrust lawyers, and strident opposition from competitors and broadcasters. Still, Ergen has been known to pull a rabbit out of his hat.

EchoStar had investments in two broadband providers—Gilat Satellite Networks and WildBlue —but has written both of them down to nothing. Vivendi Universal also took a $1.5 billion stake in the company last year.

19 Adelphia

Coudersport, Pa.

(NYSE: ADLAE)

Fiscal year ended : Dec. 31, 2001

Rank last year: 21

John J. Rigas, chairman/CEO

Revenues: $3.6 billion

Operating cash flow: NA*

Operating income: NA*

52-week high: $42.97

52-week low: $5.24

*Adelphia delayed release of 2001 earnings. Adelphia Chairman/founder John Rigas and his family have provided the cable industry's version of the Enron scandal. The company is currently restating earnings for the past three years to account for $2.3 billion in debt generated by family-controlled partnerships for which Adelphia might bear liability. The family apparently used some of the money to buy Adelphia stock and bonds. Whatever news comes out of Adelphia this year is likely to be bad: The company may not be able to obtain new credit and is being investigated by the SEC.

20 New York Times

New York

(NYSE: NYT)

Fiscal year ended: Dec. 30, 2001

Rank last year: 20

Arthur Sulzberger Jr., chairman of the board/publisher of the Times

Revenues: $3B

Operating cash flow: $558.3M

Operating income: $374.4M

52-week high: $48.75

52-week low: $35.48

Last year, the newspaper segment contributed 80% of company revenues. That might help explain the $470 million drop: It was a lousy year for publishers everywhere. The Broadcasting segment includes television stations WREG-TV, WTKR(TV), KFOR-TV, WNEP-TV, WHO-TV, WHNT-TV, WQAD-TV, and KFSM-TV and radio stations WQXR-FM and WQEW(AM).

21 Washington Post

Washington

(NYSE: WPO)

Fiscal year ended: Dec. 30, 2001

Rank last year: 23

Donald E. Graham, chairman/CEO

Revenues: $2.4B

Operating cash flow: $437.2M

Operating income: $219.9M

52-week high: $634

52-week low: $470

Coverage of the war against terrorism by flagships Washington Post and Newsweek may draw all the attention, but they're also eating cash in what Post Co. officials acknowledge is an "unbelievably bad" advertising market. Look to the cable division as a sorely needed driver for growth in 2002. Fees from cable and the Kaplan education business will drive any bottom-line gain. The company says its Cable One systems are tops in the U.S. in digital-tier and cable-modem penetration, and the rewards of recent buildout and marketing campaigns should show up in this year's numbers.

22 Discovery

Bethesda, Md.

(Privately held)

Fiscal year ended: Dec. 31, 2001

Rank last year: Not ranked

John S. Hendricks, chairman/CEO

Revenues: $1.8B

Operating cash flow: $418M

Operating income: NA

Even Viacom Chairman Mel Karmazin has said he'd love to buy Discovery. For now, though, the company—whose value has ballooned to $20 billion—doesn't appear to be on the block. Talk of a sale to NBC never materialized, although Discovery Kids now programs NBC's Saturday-morning block. The company's key domestic analog nets—Discovery Channel, TLC and Animal Planet—have seen ratings growth, but Travel Channel is still finding its way. President Johnathan Rodgers is moving on after six years, leaving a hole in the executive ranks.

Liberty Media controls 49% of Discovery, with Cox Communications, Advance/Newhouse and John Hendricks holding stakes. Discovery's U.S. holdings also include seven digital networks.

23 E.W. Scripps

Cincinnati

(NYSE: SSP)

Fiscal year ended: Dec. 31, 2001

Rank last year: 23

Ken Lowe, president/CEO

Revenues: $1.5B

Operating cash flow: $373.5M

Operating income: $274M

52-week high: $87.50

52-week low: $56.10

Revenue dropped more than $200 million in 2001; operating cash flow, about $80 million. Scripps is optimistic, though, that the Winter Olympics and political advertising will improve revenue and profits at its 10 TV stations this year. The company continues to believe that its niche cable-network division will drive future growth. Its fourth network, Fine Living, launched in March.

24 Belo

Dallas

(NYSE: BLC)

Fiscal year ended: Dec. 31, 2001

Rank last year: Not ranked

Robert W. Decherd, chairman/CEO

Revenues: $1.4B

Operating cash flow: $348.1M

Operating income: $163.6M

52-week high: $24.52

52-week low: $15.15

An aggressive corporate reorganization begun in early 2001 established a cost structure that allowed Belo to weather the advertising collapse and still improve its stock price by 17% from 2000. With even a slight uptick in business, Belo will be in position to post strong gains. The company continues to believe in its cluster strategy, grouping newspapers, cable news networks and broadcast stations primarily in the Pacific Northwest, Texas and Arizona.

25 Meredith

Des Moines, Iowa

(NYSE: MDP)

Fiscal year ended: June 30, 2001

Rank last year: Not ranked

William T. Kerr, chairman/CEO

Revenues: $1.1B

Operating cash flow: $213M

Operating income: $127M

52-week high: $45.00

52-week low: $26.50

Best-known for Better Homes and Gardens and other magazines for the domestically inclined, Meredith has been trying to "unlock" the earnings potential of its 12-station broadcast group for years. 2002 probably won't mark the turnaround.

The company brought in a new broadcast group president to implement a new growth strategy. Industry veteran Kevin O'Brien ran Cox's Fox affiliate, KTVU(TV) San Francisco, and made it the top revenue-producing station in that market for many years. O'Brien also oversaw Cox's other Fox and independent stations.

The Meredith broadcast group has expanded its sales staff and news operations, but those moves won't pay off until the ad market turns around.

		Revenue (billion)
1	AOL Time Warner	$38.2
2	Vivendi Universal	$31.0
3	Walt Disney	$25.3
4	Viacom	$23.2
5	Comcast	$19.1
6	Sony	$17.1
7	News Corp.	$13.8
8	Hughes Electronics	$8.3
9	Cox Enterprises	$8.0
10	Clear Channel	$7.9
11	Gannett	$6.3
12	NBC	$5.8
13	Tribune	$5.3
14	McGraw-Hill	$4.7
15	Cablevision	$4.4
16	Charter	$4.1
16	Hearst	$4.1
18	EchoStar	$4.0
19	Adelphia	$3.6
20	New York Times	$3.0
21	Washington Post	$2.4
22	Discovery	$1.8
23	E.W. Scripps	$1.5
24	Belo	$1.4
25	Meredith	$1.1