News Articles

The Top 25 M&A Forecast

TV station business has cooled, but there are warm spots 4/11/2008 08:00:00 PM Eastern

The climate is cooling for TV station mergers and acquisitions, as recession fears linger and the credit crunch makes financing more costly and difficult to obtain.

But there are some warm spots: Election-year advertising is proving solid, and M&A deals still get done. The $1.1 billion sale of eight Fox O&Os to an affiliate of private equity firm Oak Hill Capital Partners changed the landscape. It pushed Fox from first to third in B&C’s ranking of the Top 25, and made Oak Hill’s Local TV LLC a new member of the Top 25. Lincoln Financial received $583 million in the disposal of three stations to Raycom Media in November, and helped take Raycom from 17th to 15th on the list.

“Stations will sell if they are priced correctly,” says Frank Kalil, president of Kalil & Co., a major TV stations sales broker. “The chickens are running around crying that the sky is falling, but it’s not true.”

These days, the TV station sales market is divided into haves and have-nots. M&A execs say that TV stations with strong local news are still desirable because it’s expected they’ll negotiate improved retransmission fees from cable operators. Such gains flow straight to the bottom line because there’s little associated expense.

SMALL MARKETS, BIG MULTIPLES

Also, SNL Kagan indicates TV stations in metro markets No. 76 and under are fetching good prices. Such small-market stations sold in 2007 at an average of a 12.5 multiple of cash flow, which is near a recent high, and SNL Kagan now groups small-station sales near the multiples for bigger-market stations, after lagging in recent years. Audiences are less plugged into the Internet in rural America, making them more dependent on traditional media in small cities, and small-market stations often are not aggressively managed by sellers, so buyers expect more upside.

But recession fears and tight credit make financing more difficult to obtain and more costly. “Prior to five months ago, it was a strong though not overwhelming market for TV stations,” observes Mark Fratrik, VP at BIA Financial Network. “Until this credit cycle ends—and I don’t see that in 2008—I don’t see a strong market returning.”

With higher financing costs, buyers ratchet down their estimates of what stations will earn in future years. That lowers prices they will pay. “If the macro environment improves next year, it’ll result in a better pricing environment for sellers,” says Robin Flynn, senior analyst at SNL Kagan. That’s not a pipe dream. Many analysts think things will improve in the second half of the year as the Fed floods the financial sector with cheap money.

KRON: STILL ON THE BLOCK

In the meantime, the inventory of TV stations for sale piles up or properties are withdrawn. A major-market TV station languishing for a buyer is Young Broadcasting’s KRON San Francisco.

Smaller stations not affiliated with a Big Four network are perhaps the weakest segment. Spanish-language broadcaster Equity Media Holdings announced the sale of five small stations April 4 for $8 million, days after alerting its stockholders that it faced a cash crunch. M&A executives expect more forced sales of small stations. Also, some new broadcasting private equity investors “are just panicked now” and could flood the auction block, said Larry Patrick, media broker at Patrick Communications, speaking at a recent SNL Kagan conference.

Sellers often hope deregulation will help them. In December, an FCC rulemaking loosened the newspaper-broadcast cross-ownership ban, but the FCC did not change rules that would allow TV duopolies in smaller markets, which disappointed many broadcasters. And cross-ownership change is in doubt because opponents immediately filed suit.

Still, with stations holding on to advertising dollars in the fragmenting media landscape, one broker figures TV stations should always find buyers despite any economic gyrations. Says Kalil, “When TV stations don’t sell, it’s because of an unrealistic price by the seller and an inept sales effort.”

How They Were Ranked

The Top 25 Station Groups in B&C's annual list are ranked according to the percentage of U.S. TV homes they reach. This potential audience reach is calculated in two ways: by total coverage and by FCC rules. Total coverage assumes the station reaches everyone in the Designated Market Area (DMA). The FCC, meanwhile, discounts by half the reach of UHF stations, those using channels 14 and above. B&C ranks groups according to the FCC method but also shows total coverage, an increasingly important measurement in a TV landscape where the vast majority of homes get their broadcast programming via a cable, satellite or telco multichannel provider. If a group owns more than one station in the market, the additional coverage is not counted.

BIA Financial Network provides the baseline data for this ranking, with a listing of each group's stations, the affiliate status of those stations and their channels. The station listing includes BIA data for deals announced before March 10; subsequently announced transactions are noted where possible.

Each group's list includes wholly owned stations and those run under local marketing agreements and joint sales agreements. Digital stations, low-power stations, satellite stations, translators, and stations with only cable distribution are also left out because their coverage is duplicative.

Only groups that own three or more stations are included. That means WRNN License Company LLC, which owns WRNN in the New York DMA and WTVE in the Philadelphia market, is excluded. The company's stations, which cover 7.86% of all TV-homes coverage under FCC rules and a total coverage of 9.16%, would have otherwise ranked No. 18.

The rankings also assume that all currently announced deals are completed. As a result, the acquisition of the eight Fox stations by Oak Hill Capital Partners that was announced in December is included in coverage figures for Local TV LLC even though the deal is not expected to close until the third quarter of 2008.

This year's rankings include two new companies. Thanks to the Fox deal, Local TV jumps onto the ranking as the 14th largest station group (and Fox falls from first to third). Multicultural Television Broadcasting, which acquired six stations from E.W. Scripps last year, is ranked for the first time at No. 16.

Two others fell out of the rankings. The sale of the Clear Channel stations to Newport Television was finally completed in March, bumping Clear Channel off the list.

However, Newport Television is selling a number of stations or has put them into a trust, and its remaining stations do not have enough coverage to make the list. Gray Television, which was ranked No. 24 last year, also drops off the rankings.

The data for the rankings and listings was compiled from BIA data and company sources by George Winslow during late March.

1. CBS Corp. CBS, CBS A

35.65% coverage (FCC)
27 stations
38.64% coverage (total)
CBS Corp.
51 W. 52nd St.
New York, NY 10019
Phone: 212-975-4321
Website: cbslocal.com; www.cbscorporation.com
SUMNER M. REDSTONE, chairman
LESLIE MOONVES, president/CEO
TOM KANE, president/CEO, CBS Television Stations

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WCBS New York (CBS, 2) 1 6.553 6.553
KCBS Los Angeles (CBS, 2) 2 5.007 5.007
KCAL Los Angeles (Ind., 9) 2
WBBM Chicago (CBS, 2) 3 3.076 3.076
KYW Philadelphia (CBS, 3) 4 2.606 2.606
WPSG Philadelphia (CW, 57) 4
KTVT Dallas-Fort Worth (CBS, 11) 5 2.159 2.159
KTXA Dallas-Fort Worth (Ind., 21) 5
KPIX San Francisco-Oakland-San Jose (CBS, 5) 6 2.145 2.145
KBCW San Francisco-Oakland-San Jose (CW, 44) 6
WBZ Boston (CBS, 4) 7 2.122 2.122
WSBK Boston (Ind., 38) 7
WUPA Atlanta (CW, 69) 8 1.024 2.048
WKBD Detroit (CW, 50) 11 0.8535 1.707
WWJ Detroit (CBS, 62) 11
WTOG Tampa-St Petersburg,-Sarasota (CW, 44) 13 0.791 1.582
KSTW Seattle-Tacoma (CW, 11) 14 1.58 1.58
WCCO Minneapolis-St. Paul (CBS, 4) 15 1.513 1.513
WFOR Miami-Fort Lauderdale (CBS, 4) 16 1.362 1.362
WBFS Miami-Fort Lauderdale (My, 33) 16
KCNC Denver (CBS, 4) 18 1.31 1.31
KOVR Sacramento-Stockton-Modesto (CBS, 13) 20 1.234 1.234
KMAX Sacramento-Stockton-Modesto (CW, 31) 20
KDKA Pittsburgh (CBS, 2) 22 1.027 1.027
WPCW Pittsburgh (CW, 19) 22
WJZ Baltimore (CBS, 13) 24 0.971 0.971
WGNT Norfolk-Portsmouth-Newport News (CW, 27) 42 0.318 0.636
OTHER MEDIA INTERESTS: CBS Television Network; joint venture with Warner Bros. in The CW; Showtime Networks; CSTV Networks; CBS Paramount Network Television; CBS Television Distribution; CBS Radio; CBS Outdoor; Simon & Schuster; CBS Consumer Products; CBS Interactive; CBS Outernet (provider of media channels to retail outlets); CBS Mobile; CBS Records; CBS Home Entertainment; CBS Films.

2. ION Media Networks Private

(CIG has 100% of voting stock and control of ION Media Networks)
31.86% coverage (FCC)
53 stations
63.07% coverage (total)
601 Clearwater Park Rd.
West Palm Beach, FL 33401
Phone: 561-659-4122
Fax: 561-659-4252
Website: www.ionmedia.tv
BRANDON BURGESS, chairman/CEO, ION Media Networks

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WPXN New York (ION, 31) 1 3.2765 6.553
KPXN Los Angeles (ION, 30) 2 2.5035 5.007
WCPX Chicago (ION, 38) 3 1.538 3.076
WPPX Philadelphia (ION, 61) 4 1.303 2.606
KPXD Dallas-Fort Worth (ION, 68) 5 1.0795 2.159
KKPX San Francisco-Oakland-San Jose (ION, 65) 6 1.0725 2.145
WBPX Boston (ION, 68) 7 1.061 2.122
WPXA Atlanta (ION, 14) 8 1.024 2.048
WPXW Washington, D.C. (ION, 66) 9 1.023 2.046
KPXB Houston (ION, 49) 10 0.909 1.818
WPXD Detroit (ION, 31) 11 0.8535 1.707
KPPX Phoenix (ION, 51) 12 0.799 1.598
WXPX Tampa-St. Petersburg-Sarasota (ION, 66) 13 0.791 1.582
KWPX Seattle-Tacoma (ION, 33) 14 0.79 1.58
KPXM Minneapolis-St. Paul (ION, 41) 15 0.7565 1.513
WPXM Miami-Fort Lauderdale (ION, 35) 16 0.681 1.362
WVPX Cleveland-Akron (ION, 23) 17 0.68 1.36
KPXC Denver (ION, 59) 18 0.655 1.31
WOPX Orlando-Daytona Beach-Melbourne (ION; 56) 19 0.6355 1.271
KSPX Sacramento-Stockton-Modesto (ION; 29) 20 0.617 1.234
KPXG Portland, Ore. (ION, 22) 23 0.51 1.02
WIPX Indianapolis (ION, 63) 26 0.475 0.95
WRPX Raleigh-Durham (ION, 47) 28 0.461 0.922
WFPX Raleigh-Durham (ION, 62) 28
WHPX Hartford-New Haven (ION, 26) 29 0.4465 0.893
WNPX Nashville, Tenn. (ION, 28) 30 0.4285 0.857
KPXE Kansas City, Kan.-Mo. (ION, 50) 31 0.411 0.822
WPXE Milwaukee (ION, 55) 34 0.395 0.79
KUPX Salt Lake City (ION, 16) 35 0.3875 0.775
KPXL San Antonio (ION, 26) 37 0.3515 0.703
WPXP West Palm Beach-Fort Pierce (ION, 67) 38 0.3435 0.687
WZPX Grand Rapids-Kalamazoo-Battle Creek (ION, 43) 39 0.328 0.656
WPXH Birmingham, Ala. (ION, 44) 40 0.324 0.648
WPXV Norfolk-Portsmouth-Newport News (ION, 49) 42 0.318 0.636
KOPX Oklahoma City (ION, 62) 45 0.3 0.6
WGPX Greensboro-High Point-Winston-Salem (ION, 16) 46 0.298 0.596
WPXX Memphis (My, 50) 47 0.296 0.592
WPXC Jacksonville (ION, 21) 49 0.2905 0.581
WPXJ Buffalo, N.Y. (ION, 51) 50 0.282 0.564
WPXQ Providence, R.I.-New Bedford, Mass. (ION, 69) 52 0.278 0.556
WPXL New Orleans (ION, 49) 53 0.266 0.532
WQPX Wilkes Barre-Scranton (ION, 64) 54 0.2625 0.525
WYPX Albany-Schenectady-Troy (ION, 50) 56 0.491 0.491
WPXK Knoxville (ION, 54) 58 0.237 0.474
KTPX Tulsa (ION, 44) 60 0.2305 0.461
WUPX Lexington, Ky. (ION, 67) 63 0.2175 0.435
WLPX Charleston-Huntington, W. Va. (ION, 29) 65 0.2115 0.423
KFPX Des Moines-Ames, Iowa (ION, 39) 71 0.1885 0.377
KGPX Spokane (ION, 34) 77 0.179 0.358
WSPX Syracuse (ION, 56) 80 0.1715 0.343
KPXR Cedar Rapids-Waterloo-Iowa City (ION, 48) 87 0.1505 0.301
WEPX Greenville-New Bern, N.C. (ION, 38) 105 0.1225 0.245
WTPX Wausau-Rhinelander, Wis. (ION, 46) 134 0.162 0.162
OTHER MEDIA INTERESTS: ION Television; low-power TV stations; ION Life digital network; 51% interest in kids' TV network, Qubo.

3. Fox Television Stations NWS

(subsidiary of News Corp. Ltd.)
31.36% coverage (FCC)
27 stations
37.34% coverage (total)
1211 Avenue of the Americas, 21st Floor
New York, NY 10036
Phone: 212-301-5400
Website: www.newscorp.com
K. RUPERT MURDOCH, chairman, News Corp.
ROGER AILES, chairman/CEO, Fox News; chairman, Fox Television Stations; chairman, Twentieth Television
JACK ABERNETHY, CEO, Fox Television Stations
DENNIS SWANSON, president, Fox Television Station Operations

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WNYW New York (Fox, 5) 1 6.553 6.553
WWOR New York (My, 9) 1
KTTV Los Angeles (Fox, 11) 2 5.007 5.007
KCOP Los Angeles (My, 13) 2
WFLD Chicago (Fox, 32) 3 1.538 3.076
WPWR Chicago (My, 50) 3
WTXF Philadelphia (Fox, 29) 4 1.303 2.606
KDFW Dallas-Fort Worth (Fox, 4) 5 2.159 2.159
KDFI Dallas-Fort Worth (My, 27) 5
WFXT Boston (Fox, 25) 7 1.061 2.122
WAGA Atlanta (Fox, 5) 8 2.048 2.048
WTTG Washington, D.C. (Fox, 5) 9 2.046 2.046
WDCA Washington (My, 20) 9
KTXH Houston (My, 20) 10 0.909 1.818
KRIV Houston (Fox, 26) 10
WJBK Detroit (Fox, 2) 11 1.707 1.707
KSAZ Phoenix (Fox, 10) 12 1.598 1.598
KUTP Phoenix (My, 45) 12
WTVT Tampa-St Petersburg-Sarasota (Fox, 13) 13 1.582 1.582
KMSP Minneapolis-St. Paul (Fox, 9) 15 1.513 1.513
WFTC Minneapolis-St. Paul (My, 29) 15
WJW Cleveland-Akron, Ohio (Fox, 8) 17 1.381 1.381
WOFL Orlando-Daytona Beach-Melbourne (Fox, 35) 19 0.6355 1.271
WRBW Orlando-Daytona Beach-Melbourne (My, 65) 19
WUTB Baltimore (My, 24) 24 0.4855 0.971
WHBQ Memphis (Fox, 13) 47 0.592 0.592
KTBC Austin, Tex. (Fox, 7) 51 0.564 0.564
WOGX Gainesville, Fla. (Fox, 51) 162 0.0545 0.109
OTHER MEDIA INTERESTS: Fox Broadcasting Co.; MyNetworkTV; Fox Filmed Entertainment; Fox Television Studios; 20th Century Fox Television; Twentieth Television; 20th Century Fox; cable channels including Fox News Channel, Fox Movie Channel, FX, Speed, Fox College Sports, Fox Reality, Fuel TV, Fox Sports en Español, Fox Sports Net, Fox Soccer Channel, Fox Business Network, regional sports networks, 50% of National Geographic Channel; largest shareholder in Gemstar TV Guide International; international DTH platforms (BSkyB, Star TV, etc.); largest English-language newspaper publisher with properties in Australia, U.K. and the U.S., where it owns Dow Jones and The Wall Street Journal; HarperCollins and other book imprints; Web incubator Slingshot Labs; largest investor in digital pay-TV equipment and software vendor NDS; MySpace.com; Fox Interactive Media; Intermix; ign.com; Fox.com; WSJ.com; Stats.com (joint venture with The Associated Press); Hulu.com (joint venture with NBC Universal; Providence Equity Partners has made a $100 million investment); numerous other Websites tied to channels and newspapers.

4. NBC Universal GE

(subsidiary of 80% owner General Electric; 20% owned by Vivendi Universal)
30.41% coverage (FCC)
25 stations
35.86% coverage (total)
30 Rockefeller Plaza
New York, NY 10112
Phone: 212-664-4444
Fax: 212-664-4085
Website: www.nbc.com
JEFFREY IMMELT, chairman/CEO, GE
BOB WRIGHT, vice chairman, General Electric
JEFF ZUCKER, president/CEO, NBC Universal
JOHN WALLACE, president, NBC Owned & Operated Television Stations

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WNBC New York (NBC, 4) 1 6.553 6.553
WNJU New York (Tel, 47) 1
KNBC Los Angeles (NBC, 4) 2 5.007 5.007
KWHY Los Angeles (Tel, 22) 2
KVEA Los Angeles (Tel, 52) 2
WMAQ Chicago (NBC, 5) 3 3.076 3.076
WSNS Chicago, (Tel, 44) 3
WCAU Philadelphia (NBC, 10) 4 2.606 2.606
KXAS Dallas-Fort Worth (NBC, 5) 5 2.159 2.159
KXTX Dallas-Fort Worth (Tel, 39) 5
KNTV San Francisco-Oakland-San Jose (NBC, 11) 6 2.145 2.145
KSTS San Francisco-Oakland-San Jose (Tel, 48) 6
WNEU Boston (Tel, 60) 7 1.061 2.122
WRC Washington, D.C. (NBC, 4) 9 2.046 2.046
KTMD Houston (Tel, 47) 10 0.909 1.818
KTAZ Phoenix (Tel, 39) 12 0.799 1.598
WTVJ* Miami-Fort Lauderdale (NBC, 6) 16 1.362 1.362
WSCV Miami-Fort Lauderdale (Tel, 51) 16
KDEN Denver (Tel, 25) 18 0.655 1.31
KNSD San Diego (NBC, 39) 27 0.466 0.932
WVIT* Hartford-New Haven (NBC, 30) 29 0.4465 0.893
KVDA San Antonio (Tel, 60) 37 0.3515 0.703
KBLR Las Vegas (Tel, 39) 43 0.3135 0.627
KNSO Fresno-Visalia (Tel, 51) 55 0.252 0.504
KHRR Tucson (Tel, 40) 68 0.198 0.396
*NBC Universal has announced it intends to sell these stations.
OTHER MEDIA INTERESTS: NBC TV Network; Spanish-language Telemundo network; Universal Media Studios; NBC Universal Television Distribution; Universal Pictures; Universal Studios Home Entertainment; cable channels Bravo, Sci Fi Channel, USA Networks, Oxygen Media, Universal HD, CNBC, NBC Weather Plus, Chiller, Sleuth, MSNBC (with Microsoft), A&E Television Networks (joint venture with Disney and Hearst), Sundance Channel (venture with Showtime Networks and Robert Redford), mun2, Telemundo International and international channels; GE Equity and NBC Universal own 37% of ShopNBC; Universal Parks and Resorts; NBC Universal Digital Media; Hulu.com (venture with News Corp.; Providence Equity Partners has $100 million investment); iVillage.com; many Websites tied to channels and products.

5. Tribune Co. Private

(Tribune Employee Stock Ownership Plan owns 100%; EGI-TRB, an entity run by Sam Zell, invested $315 million in the $8.2 billion buyout, which closed on Dec. 20, 2007, and has a warrant allowing Zell to purchase 40% of the company's common equity)
27.53% coverage (FCC)
23 stations
35.48% coverage (total)
435 N. Michigan Ave.
Chicago, IL 60611
Phone: 312-222-3333
Fax: 312-329-0611
Website: www.tribune.com
SAM ZELL, chairman/CEO, Tribune Co.
RANDY MICHAELS, executive VP, Tribune Co.; CEO, Tribune Interactive and Broadcasting
GERALD SPECTOR, executive VP/chief administrative officer, Tribune Co.
ED WILSON, president, Tribune Broadcasting

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WPIX New York (CW, 11) 1 6.553 6.553
KTLA Los Angeles (CW, 5) 2 5.007 5.007
WGN Chicago (CW, 9) 3 3.076 3.076
WPHL Philadelphia (My, 17) 4 1.303 2.606
KDAF Dallas-Fort Worth (CW, 33) 5 1.0795 2.159
WDCW Washington (CW, 50) 9 1.023 2.046
KHCW Houston (CW, 39) 10 0.909 1.818
KCPQ Seattle-Tacoma (Fox, 13) 14 1.58 1.58
KMYQ Seattle-Tacoma (My, 22) 14
WSFL Miami-Fort Lauderdale (CW, 39) 16 0.681 1.362
KWGN Denver (CW, 2) 18 1.31 1.31
KTXL Sacramento-Stockton-Modesto (Fox, 40) 20 0.617 1.234
KPLR St. Louis (CW, 11) 21 1.103 1.103
KRCW Portland, Ore. (CW, 32) 23 0.51 1.02
WTTV Indianapolis (CW, 4) 26 0.95 0.95
WXIN Indianapolis (Fox, 59) 26
KSWB† San Diego (CW, 69) 27 0.466 0.932
WTXX Hartford-New Haven (CW, 20) 29 0.4465 0.893
WTIC Hartford-New Haven. (Fox, 61) 29
WXMI Grand Rapids-Kalamazoo (Fox, 17) 39 0.328 0.656
WPMT Harrisburg-Lancaster-Lebanon, Pa. (Fox, 43) 41 0.321 0.642
WGNO New Orleans (ABC, 26) 53 0.266 0.532
WNOL New Orleans (CW, 38) 53
†Will change affiliation from CW to Fox in August
OTHER MEDIA INTERESTS: 9 metro English-language daily newspapers (including the Chicago Tribune and Los Angeles Times); free-distribution newspapers RedEye and amNewYork; Spanish-language newspapers Hoy in Los Angeles and Chicago and El Sentinel in Orlando and South Florida; Tribune Entertainment; Tribune Media Services; CLTV Chicago cable news channel; WGN-AM in Chicago; Superstation WGN; Food Network (minority stake); Tribune Interactive; has more than 50 Websites including CareerBuilder (41%); Classified Ventures (28%), which owns Apartments.com and Cars.com; ShopLocal (43%); Topix.net (34%); and ForSalesByOwner.com. Plans to complete the sale of the Chicago Cubs, Wrigley Field and related real estate, and its 25% stake in Comcast SportsNet Chicago in the first half of 2008.

6. ABC TV Stations Group DIS

(subsidiary of Walt Disney Co.)
23.17% coverage (FCC)
10 stations
23.42% coverage (total)
77 W. 66th St.
New York, NY 10023
Phone: 212-456-7777
Website: www.abc.com
ROBERT IGER, president/CEO, Disney
WALTER LISS, president, ABC Owned Television Stations

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WABC New York (ABC, 7) 1 6.553 6.553
KABC Los Angeles (ABC, 7) 2 5.007 5.007
WLS Chicago (ABC, 7) 3 3.076 3.076
WPVI Philadelphia (ABC, 6) 4 2.606 2.606
KGO San Francisco-Oakland-San Jose (ABC, 7) 6 2.145 2.145
KTRK Houston (ABC, 13) 10 1.818 1.818
WTVD Raleigh-Durham (ABC, 11) 28 0.922 0.922
KFSN Fresno-Visalia (ABC, 30) 55 0.252 0.504
WJRT Flint-Saginaw-Bay City (ABC, 12) 66 0.417 0.417
WTVG Toledo (ABC, 13) 72 0.376 0.376
OTHER MEDIA INTERESTS: ABC Television Network; ABC Entertainment TV Group (production and primetime development); Walt Disney Television Animation; ABC Studios; Disney-ABC Domestic Television Distribution; Disney-ABC Television International; cable networks: Disney Channel, Toon Disney, ABC Family, SOAPnet, Jetix; 80% of ESPN, 50% of Lifetime Television (with Hearst Corp.), A&E Television Networks (joint venture with NBC and Hearst); international channels; ABC News Radio; Radio Disney; Walt Disney Pictures; Touchstone Pictures; Miramax Films; Buena Vista Motion Picture Group; Walt Disney Studios Home Entertainment; Walt Disney Parks and Resorts; Disney Consumer Products; Disney Publishing Worldwide; Hyperion Books; Walt Disney Internet Group; ABC News Digital Media Group; ABCNews.com; live and on-demand broadband news channel ABC News Now; new-media content studio Stage 9 Digital Media.

7. Univision

(owned by an investor group including Madison Dearborn Partners, Providence Equity Partners, Saban Capital Group, Thomas H. Lee Partners and TPG)
22.97% coverage (FCC)
37 stations
43.96% coverage (total)
605 Third Ave.
New York, NY 10158
Phone: 212-455-5200
Website: www.univision.net
JOE UVA, CEO
RAY RODRIGUEZ, president/COO

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WXTV New York (Uni, 41) 1 3.2765 6.553
WFUT New York (Tlf, 68) 1
KMEX Los Angeles (Uni, 34) 2 2.5035 5.007
KFTR Los Angeles (Tlf, 46) 2
WXFT Chicago (Tlf, 60) 3 1.538 3.076
WGBO Chicago (Uni, 66) 3
WUVP Philadelphia (Uni, 65) 4 1.303 2.606
KUVN Dallas-Fort Worth (Uni, 23) 5 1.0795 2.159
KSTR Dallas-Fort Worth (Tlf, 49) 5
KDTV San Francisco-Oakland-San Jose (Uni, 14) 6 1.0725 2.145
KFSF San Francisco-Oakland-San Jose (Tlf, 66) 6
WUTF Boston (Tlf, 66) 7 1.061 2.122
WUVG Atlanta (Uni, 34) 8 1.024 2.048
WFDC Washington, D.C. (Uni, 14) 9 1.023 2.046
KXLN Houston (Uni, 45) 10 0.909 1.818
KFTH Houston (Tlf, 67) 10
KFPH Phoenix (Tlf, 13) 12 1.598 1.598
KTVW Phoenix (Uni, 33) 12
WFTT Tampa-St. Petersburg-Sarasota (Tlf, 50) 13 0.791 1.582
WLTV Miami-Fort Lauderdale (Uni, 23) 16 0.681 1.362
WAMI Miami-Fort Lauderdale (Tlf, 69) 16
WQHS Cleveland-Akron (Uni, 61) 17 0.68 1.36
KTFD Denver (Tlf, 14) 18 0.655 1.31
WOTF Orlando-Daytona Beach-Melbourne (Tlf, 43) 19 0.6355 1.271
KUVS Sacramento-Stockton-Modesto (Uni, 19) 20 0.617 1.234
KTFK Sacramento-Stockton-Modesto (Tlf, 64) 20
WUVC Raleigh-Durham (Uni, 40) 28 0.461 0.922
KUTH Salt Lake City (Uni, 32) 35 0.3875 0.775
KWEX San Antonio (Uni, 41) 37 0.3515 0.703
KTFQ Albuquerque-Santa Fe (Tlf, 14) 44 0.3005 0.601
KNIC Austin, Texas (Tlf, 17) 51 0.282 0.564
KAKW Austin, Texas (Uni, 62) 51
KFTV Fresno-Visalia (Uni, 21) 55 0.252 0.504
KTFF Fresno-Visalia (Tlf, 61) 55
KFTU Tucson (Tlf, 3) 68 0.396 0.396
KUVE Tucson (Uni, 46) 68
KUVI Bakersfield, Calif. (My, 45) 125 0.0965 0.193
OTHER MEDIA INTERESTS: Univision and TeleFutura broadcast networks; Galavisión cable network; Univision Radio, which owns and/or operates 69 radio stations in 16 of the top 25 U.S. Hispanic markets and four stations in Puerto Rico; Univision Music Group (the largest Latin music operation in the U.S., with labels such as Univision Records, Fonovisa Records, La Calle Records, Disa Records); Univision Online; Univision.com; TuTV (50/50 joint venture with Televisa that owns five Hispanic-targeted cable and satellite networks in the U.S.).

8. Trinity Broadcasting Network Private

17.89% coverage (FCC)
24 stations
35.19% coverage (total)
2442 Michelle Drive
Tustin, CA 92780
Phone: 714-832-2950
Fax: 714-665-2191
Website: www.tbn.org
PAUL F. CROUCH, president
PAUL F. CROUCH Jr., chief of staff
RUTH BROWN, CFO

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WTBY New York (TBN, 54) 1 3.2765 6.553
KTBN Los Angeles (TBN, 40) 2 2.5035 5.007
WWTO Chicago (TBN, 35) 3 1.538 3.076
WGTW Philadelphia (TBN, 48) 4 1.303 2.606
KDTX Dallas-Fort Worth (TBN, 58) 5 1.0795 2.159
WHSG Atlanta (TBN, 63) 8 1.024 2.048
KPAZ Phoenix (TBN, 21) 12 0.799 1.598
KTBW Seattle-Tacoma (TBN, 20) 14 0.79 1.58
WHFT Miami-Fort Lauderdale (TBN, 45) 16 0.681 1.362
WDLI Cleveland-Akron (TBN, 17) 17 0.68 1.36
WHLV Orlando-Daytona Beach-Melbourne (Ind., 52) 19 0.6355 1.271
WCLJ Indianapolis (Ind., 42) 26 0.475 0.95
WPGD Nashville (TBN, 50) 30 0.4285 0.857
WTJP Birmingham, Ala. (TBN, 60) 40 0.324 0.648
KNAT Albuquerque-Santa Fe (Ind., 23) 44 0.3005 0.601
KTBO Oklahoma City (TBN, 14) 45 0.6 0.6
WBUY Memphis (Ind., 40) 47 0.296 0.592
KDOR Tulsa (TBN, 17) 60 0.2305 0.461
WMPV Mobile, Ala.-Pensacola, Fla. (Ind., 21) 61 0.2295 0.459
WKOI Dayton (TBN, 43) 62 0.2265 0.453
KAAH Honolulu (TBN, 26) 73 0.188 0.376
WELF Chattanooga (TBN, 23) 86 0.157 0.314
WMCF Montgomery, Ala. (TBN, 45) 118 0.108 0.216
KTAJ St. Joseph, Mo. (TBN, 16) 201 0.0205 0.041
OTHER MEDIA INTERESTS: more than 240 low-power TV stations; cable channels TBN, The Church Channel, TBN Enlace USA, JCTV, TBN Europe, TBN Africa, TBN Asia-South Pacific; Trinity Christian Center International; Trinity Music City USA; International Production Center; TBN Films; Smile of a Child; TBN Radio Paradise; KTBN short-wave radio; Holyland Experience Theme Park in Orlando

9. Gannett Broadcasting GCI

16.44% coverage (FCC)
21 stations
16.61% coverage (total)
7950 Jones Branch Drive
McLean, VA 22107
Phone: 703-854-6000
Fax: 703-854-2002
Website: www.gannett.com
CRAIG A. DUBOW, chairman/president/CEO, Gannett Co. Inc.
DAVID LOUGEE, president, Gannett Broadcasting

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WXIA Atlanta (NBC, 11) 8 2.048 2.048
WATL Atlanta (My, 36) 8
WUSA Washington, D.C. (CBS, 9) 9 2.046 2.046
KPNX Phoenix (NBC, 12) 12 1.598 1.598
KARE Minneapolis-St. Paul (NBC, 11) 15 1.513 1.513
WKYC Cleveland-Akron (NBC, 3) 17 1.36 1.36
KUSA Denver (NBC, 9) 18 1.31 1.31
KTVD Denver (My, 20) 18
KXTV Sacramento-Stockton-Modesto (ABC, 10) 20 1.234 1.234
KSDK St. Louis (NBC, 5) 21 1.103 1.103
WZZM Grand Rapids-Kalamazoo (ABC, 13) 39 0.656 0.656
WFMY Greensboro-High Pt.-Winston-Salem (CBS, 2) 46 0.596 0.596
WTLV Jacksonville (NBC, 12) 49 0.581 0.581
WJXX Jacksonville (ABC, 25) 49
WGRZ Buffalo (NBC, 2) 50 0.564 0.564
KTHV Little Rock-Pine Bluff (CBS, 11) 57 0.49 0.49
WBIR Knoxville (NBC, 10) 58 0.474 0.474
WCSH Portland-Auburn, Maine (NBC, 6) 76 0.361 0.361
WLTX Columbia, S.C. (CBS, 19) 81 0.17 0.34
WMAZ Macon, Ga. (CBS, 13) 121 0.208 0.208
WLBZ Bangor, Maine (NBC, 2) 152 0.127 0.127
OTHER MEDIA INTERESTS: Captivate, an elevator-based video advertising network; 85 daily U.S. newspapers, including USA Today and USA Weekend; nearly 1,000 non-daily publications; U.K.-based Newsquest PLC, which owns 17 daily newspapers and 300 non-daily publications; Career Builder.com (40.8%); Classified Ventures (23.6%); ShopLocal.com (42.5%); Topix.net (33.7%); Shermans Travel (17.9%); mobile information service 4INFO (minority interest); rich-media firm PointRoll; digital action sports-channel provider X.com; online search and advertising technology provider Planet Discovery; local entertainment Website company Metromix (joint venture with Tribune); Schedule Star (controlling interest), which operates HighSchoolSports.net; USAToday.com and many other Websites linked to TV stations and newspapers.

10. Hearst-Argyle Television Inc. HTV

(75.8% owned by privately held Hearst Corp.)
15.28% coverage (FCC)
27 stations
15.85% coverage (total)
888 Seventh Ave.
New York, NY 10106
Phone: 212-887-6800
Fax: 212-887-6875
Website: www.hearstargyle.com
VICTOR GANZI, president/CEO, Hearst Corp.; chairman, Hearst-Argyle Television
DAVID BARRETT, president/CEO, Hearst-Argyle Television

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WCVB Boston (ABC, 5) 7 2.122 2.122
WMUR Boston (ABC, 9) 7
WESH Orlando-Daytona Beach-Melbourne (NBC, 2) 19 1.271 1.271
WKCF Orlando-Daytona Beach-Melbourne (CW, 18) 19
KCRA Sacramento-Stockton-Modesto (NBC, 3) 20 1.234 1.234
KQCA Sacramento-Stockton-Modesto (My, 58) 20
WTAE Pittsburgh (ABC, 4) 22 1.027 1.027
WBAL Baltimore (NBC, 11) 24 0.971 0.971
KMBC Kansas City, Kan.-Mo. (ABC, 9) 31 0.822 0.822
KCWE Kansas City, Kan.-Mo. (CW, 29) 31
WLWT Cincinnati (NBC, 5) 33 0.802 0.802
WISN Milwaukee (ABC, 12) 34 0.79 0.79
WYFF Greenville-Spartanburg-Asheville (NBC, 4) 36 0.743 0.743
WGAL Harrisburg-Lancaster-Lebanon, Pa. (NBC, 8) 41 0.642 0.642
KOAT Albuquerque-Santa Fe (ABC, 7) 44 0.601 0.601
KOCO Oklahoma City (ABC, 5) 45 0.6 0.6
WXII Greensboro-High Pt.-Winston-Salem (NBC, 12) 46 0.596 0.596
WLKY Louisville, Ky. (CBS, 32) 48 0.2915 0.583
WDSU New Orleans (NBC, 6) 53 0.532 0.532
KCCI Des Moines-Ames, Iowa (CBS, 8) 71 0.377 0.377
KITV Honolulu (ABC, 4) 73 0.376 0.376
KETV Omaha (ABC, 7) 75 0.361 0.361
WMTW Portland-Auburn, Maine (ABC, 8) 76 0.361 0.361
WAPT Jackson, Miss. (ABC, 16) 90 0.148 0.296
WPTZ Burlington, Vt.-Plattsburgh, N.Y. (NBC, 5) 92 0.291 0.291
KHBS Fort Smith-Fayetteville-Springdale (ABC, 40) 102 0.128 0.256
KSBW Monterey-Salinas, Calif. (NBC, 8) 124 0.198 0.198
OTHER MEDIA INTERESTS: Two radio stations; 14 digital simulcast channels; approximately 24% of Internet Broadcasting Systems Inc. (site developer). Parent Hearst Corp. owns: Hearst Entertainment: Lifetime Entertainment Services (50/50 joint venture with Disney); NE England Cable News (joint venture with Comcast); 20% of ESPN; A&E Television Networks (joint venture with NBC and Disney); Cosmopolitan Television, which has cable networks in Spain and Latin America; 12 daily newspapers; 19 U.S. magazines, including Esquire, Town & Country, Good Housekeeping, Harper's Bazaar, Cosmopolitan and more than 200 international editions; King Features; many Websites tied to newspapers, television stations and magazines, and a variety of investments and partnerships in interactive media.

11. Belo Corp. BLC

13.47% coverage (FCC)
21 stations
14.24% coverage (total)
400 S. Record St.
Dallas, TX 75202-4841
Phone: 214-977-6606
Fax: 214-977-6603
Website: www.belo.com
ROBERT W. DECHERD, chairman
DUNIA SHIVE, president, CEO
PETER DIAZ, executive VP, television operations

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WFAA Dallas-Fort Worth (ABC, 8) 5 2.159 2.159
KHOU Houston (CBS, 11) 10 1.818 1.818
KTVK Phoenix (Ind., 3) 12 1.598 1.598
KASW Phoenix (CW, 61) 12
KING Seattle-Tacoma (NBC, 5) 14 1.58 1.58
KONG Seattle-Tacoma (Ind., 16) 14
KMOV St. Louis (CBS, 4) 21 1.103 1.103
KGW Portland, Ore. (NBC, 8) 23 1.02 1.02
WCNC Charlotte, N.C. (NBC, 36) 25 0.481 0.962
KCWX** San Antonio (CW, 2) 37 0.703 0.703
KENS San Antonio (CBS, 5) 37
WVEC Norfolk-Portsmouth-Newport News (ABC, 13) 42 0.636 0.636
WHAS Louisville, Ky. (ABC, 11) 48 0.583 0.583
KVUE Austin, Texas (ABC, 24) 51 0.282 0.564
WWL New Orleans (CBS, 4) 53 0.532 0.532
WUPL New Orleans (My, 54) 53
KMSB Tucson (Fox, 11) 68 0.396 0.396
KTTU Tucson (My, 18) 68
KREM Spokane (CBS, 2) 77 0.358 0.358
KSKN Spokane (CW, 22) 77
KTVB Boise (NBC, 7) 113 0.223 0.223
**Lease management agreement
OTHER MEDIA INTERESTS: Low-power TV stations; owns three cable news channels, including NorthWest Cable News and Texas Cable News; operates four other cable news channels in partnership with Cox Communications; many Websites affiliated with TV properties. In 2008, newspaper and TV operations were split into two companies and A.H. Belo, which owns such newspapers as the Dallas Morning News, Providence Journal, The Press-Enterprise (Riverside, Calif.) and Denton (Texas) Record-Chronicle, is now a separately traded company.

12. Sinclair Broadcast Group SBGI

12.34% coverage (FCC)
55 stations
21.60% coverage (total)
10706 Beaver Dam Rd.
Hunt Valley, MD 21030
Phone: 410-568-1500
Fax: 410-568-1533
Website: www.sbgi.net
DAVID D. SMITH, president/CEO
STEVEN M. MARKS, COO, television

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WTTA Tampa-St Petersburg-Sarasota (My, 38) 13 0.791 1.582
WUCW Minneapolis-St. Paul (CW, 23) 15 0.7565 1.513
KDNL St. Louis (ABC, 30) 21 0.5515 1.103
WPMY Pittsburgh (My, 22) 22 0.5135 1.027
WPGH Pittsburgh (Fox, 53) 22
WBFF Baltimore (Fox, 45) 24 0.4855 0.971
WNUV** Baltimore (CW, 54) 24
WLFL Raleigh-Durham (CW, 22) 28 0.461 0.922
WRDC Raleigh-Durham (My, 28) 28
WZTV Nashville (Fox, 17) 30 0.4285 0.857
WUXP Nashville (My, 30) 30
WNAB** Nashville (CW, 58) 30
WSYX Columbus, Ohio (ABC, 6) 32 0.803 0.803
WTTE** Columbus, Ohio (Fox, 28) 32
WSTR Cincinnati (My, 64) 33 0.401 0.802
WVTV Milwaukee (CW, 18) 34 0.395 0.79
WCGV Milwaukee (My, 24) 34
WLOS Greenville-Spartanburg-Asheville (ABC, 13) 36 0.743 0.743
WMYA** Greenville-Spartanburg-Asheville (My, 40) 36
KABB San Antonio (Fox, 29) 37 0.3515 0.703
KMYS San Antonio (My, 35) 37
WTTO Birmingham, Ala. (CW, 21) 40 0.324 0.648
WABM Birmingham, Ala. (My, 68) 40
WTVZ Norfolk-Portsmouth-Newport News (My, 33) 42 0.318 0.636
KVMY Las Vegas (My, 21) 43 0.3135 0.627
KVCW Las Vegas (CW, 33) 43
KOKH Oklahoma City (Fox, 25) 45 0.3 0.6
KOCB Oklahoma City (CW, 34) 45
WXLV Greensboro-High Pt.-Winston-Salem (ABC, 45) 46 0.298 0.596
WMYV Greensboro-High Pt.-Winston-Salem (My, 48) 46
WUTV Buffalo (Fox, 29) 50 0.282 0.564
WNYO Buffalo (My, 49) 50
WRLH Richmond-Petersburg, Va. (Fox, 35) 59 0.2335 0.467
WEAR Mobile, Ala.-Pensacola, Fla. (ABC, 3) 61 0.459 0.459
WFGX Mobile, Ala.-Pensacola, Fla. (My, 35) 61
WKEF Dayton (ABC, 22) 62 0.2265 0.453
WRGT** Dayton (Fox, 45) 62
WDKY Lexington, Ky. (Fox, 56) 64 0.2175 0.435
WCHS Charleston-Huntington, W. Va. (ABC, 8) 65 0.423 0.423
WVAH** Charleston-Huntington, W. Va. (Fox, 11) 100
WSMH Flint-Saginaw-Bay City, Mich. (Fox, 66) 66 0.2085 0.417
KDSM Des Moines-Ames, Iowa (Fox, 17) 71 0.1885 0.377
WGME Portland-Auburn, Maine (CBS, 13) 76 0.361 0.361
WUHF Rochester, N.Y. (Fox, 31) 78 0.174 0.348
KBSI Paducah, Ky.-Cape Girardeau, Mo. (Fox, 23) 79 0.173 0.346
WNTS** Syracuse (My, 43) 80 0.1715 0.343
WSYT Syracuse (Fox, 68) 80
WICS Champaign-Springfield-Decatur, Ill. (ABC, 20) 84 0.168 0.336
WMSN Madison, Wis. (Fox, 47) 85 0.1655 0.331
KGAN Cedar Rapids-Waterloo-Iowa City (CBS, 2) 87 0.301 0.301
KFXA*** Cedar Rapids-Waterloo-Iowa City (Fox, 28) 87
WTAT** Charleston, S.C. (Fox, 24) 100 0.1305 0.261
WMMP Charleston, S.C. (My, 36) 100
WTWC Tallahassee, Fla.-Thomasville, Ga. (NBC, 40) 108 0.1185 0.237
WYZZ Peoria-Bloomington, Ill. (Fox, 43) 117 0.108 0.216
** Leased management agreement
***KFXA currently operated by Sinclair under joint sales agrement, but Sinclair is awaiting FCC approval to fully acquire the license.
OTHER MEDIA INTERESTS: Equity interests in TV broadcast equipment manufacturer Acrodyne Industries; Sinclair Ventures has equity interests in companies such as G.1440, Jadoo Power Systems and VisionAir.

13. Cox Enterprises Private

10.24% coverage (FCC)
15 stations
10.37% coverage (total)
6205 Peachtree Dunwoody Rd.
Atlanta, GA 30328
Phone: 678-645-0000
Fax: 678-678-0079
Website: www.coxenterprises.com
JAMES C. KENNEDY, chairman/CEO, Cox Enterprises
JIMMY W. HAYES, president/COO, Cox Enterprises
PATRICK J. ESSER, president, Cox Communications
ANDREW S. FISHER, president, Cox Television
BRUCE R. BAKER, executive VP, Cox Television

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
KTVU San Francisco-Oakland-San Jose (Fox, 2) 6 2.145 2.145
KICU San Francisco-Oakland-San Jose (Ind., 36) 6
WSB Atlanta (ABC, 2) 8 2.048 2.048
KIRO Seattle-Tacoma (CBS, 7) 14 1.58 1.58
WFTV Orlando-Daytona Beach-Melbourne (ABC, 9) 19 1.271 1.271
WRDQ Orlando-Daytona Beach-Melbourne (Ind., 27) 19
WPXI Pittsburgh (NBC, 11) 22 1.027 1.027
WSOC Charlotte, N.C. (ABC, 9) 25 0.962 0.962
WAXN Charlotte, N.C. (Ind., 64) 25
WHIO Dayton (CBS, 7) 62 0.453 0.453
KFOX El Paso (Fox, 14) 98 0.134 0.268
WJAC Johnstown-Altoona, Pa. (NBC, 6) 99 0.262 0.262
KRXI Reno (Fox, 11) 110 0.233 0.233
KAME** Reno (My, 21) 110
WTOV Wheeling, W. Va.-Steubenville, Ohio (NBC, 9) 159 0.12 0.12
** Leased management agreement
OTHER MEDIA INTERESTS: Cox Newspapers, which owns 17 daily newspapers and 26 non-daily publications; Cox Radio, which has 67 FM and 13 AM stations; cable operator Cox Communications; AutoTrader.com, Cox Radio Interactive, Manheim Auctions.

14. Local TV LLC Private

(owned by Oak Hill Capital Partners, management and a consortium of bankers and high-yield lenders)
9.92% coverage (FCC)
17 stations
11.00% coverage (total)
1717 Dixie Highway, Suite 650
Fort Wright, KY 41011
859-331-9100
Website: www.localtvllc.com
BOBBY LAWRENCE, CEO
PAM TAYLOR, CFO
LOU KIRCHEN, regional VP
DALE R. WOODS, regional VP

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WJW†† Cleveland-Akron (Fox, 8) 17 1.36 1.36
KDVR †† Denver (Fox, 31) 18 0.655 1.31
KTVI †† St. Louis (Fox, 2) 21 1.103 1.103
WDAF †† Kansas City, Kan.-Mo. (Fox, 4) 31 0.822 0.822
WITI †† Milwaukee (Fox, 6) 34 0.79 0.79
KSTU †† Salt Lake City (Fox, 13) 35 0.775 0.775
WBRC †† Birmingham, Ala. (Fox, 6) 40 0.648 0.648
WTKR Norfolk-Portsmouth-Newport News (CBS, 3) 42 0.636 0.636
KFOR Oklahoma City (NBC, 4) 45 0.6 0.6
KAUT Oklahoma City (My, 43) 45
WGHP†† Greensboro-High Point (Fox, 8) 46 0.596 0.596
WREG Memphis (CBS, 3) 47 0.592 0.592
WNEP Wilkes Barre-Scranton (ABC, 16) 54 0.2625 0.525
WHO Des Moines-Ames, Iowa (NBC, 13) 71 0.377 0.377
WHNT Huntsville-Decatur-Florence (CBS, 19) 83 0.1695 0.339
WQAD Davenport-Rock Island-Moline (ABC, 8) 96 0.274 0.274
KFSM Ft. Smith-Fayetteville-Springdale (CBS, 5) 102 0.256 0.256
†† In December 2007, Fox announced these stations would be sold to Oak Hill Capital Partners; the deal is due to close by the third quarter of 2008.
OTHER MEDIA INTERESTS: Websites tied to TV stations. Private equity group Oak Hill Capital Partners has investments in companies such as cable operator Atlantic Broadband Group LLC.

15. Raycom Private

9.38% coverage (FCC)
35 stations
11.45% coverage (total)
RSA Tower, 20th Floor
201 Monroe St.
Montgomery, AL 36104
Phone: (334) 206-1400
Fax: (334) 206-1555
Website: www.raycommedia.com
PAUL McTEAR, president/CEO
WAYNE DAUGHERTY, executive VP/COO
MARTY EDELMAN, LEON LONG, JEFF ROSSER, VPs, television

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WOIO Cleveland-Akron (CBS, 19) 17 0.68 1.36
WUAB Cleveland-Akron (My, 43) 17
WBTV Charlotte, N.C. (CBS, 3) 25 0.962 0.962
WXIX Cincinnati (Fox, 19) 33 0.401 0.802
WFLX West Palm Beach-Fort Pierce (Fox, 29) 38 0.3435 0.687
WMC Memphis (NBC, 5) 47 0.592 0.592
WAVE Louisville, Ky. (NBC, 3) 48 0.583 0.583
WTNZ Knoxville (Fox, 43) 58 0.237 0.474
WTVR Richmond-Petersburg, Va. (CBS, 6) 59 0.467 0.467
WWBT Richmond-Petersburg, Va. (NBC, 12) 59
KOLD Tucson (CBS, 13) 68 0.396 0.396
WTOL Toledo (CBS, 11) 72 0.376 0.376
KFVE Honolulu (My, 5) 73 0.376 0.376
KHNL Honolulu (NBC, 13) 73
KFVS Paducah, Ky.-Cape Girardeau, Mo. (CBS, 12) 79 0.346 0.346
WIS Columbia, S.C. (NBC, 10) 81 0.34 0.34
KSLA Shreveport (CBS, 12) 82 0.34 0.34
WAFF Huntsville-Decatur-Florence, Ala. (NBC, 48) 83 0.1695 0.339
WLBT Jackson, Miss. (NBC, 3) 90 0.296 0.296
WAFB Baton Rouge (CBS, 9) 94 0.282 0.282
WTOC Savannah (CBS, 11) 97 0.272 0.272
WCSC Charleston, S.C. (CBS, 5) 100 0.261 0.261
WFIE Evansville (NBC, 14) 101 0.1285 0.257
KLTV Tyler-Longview, Texas (ABC, 7) 111 0.231 0.231
WSFA Montgomery, Ala. (NBC, 12) 118 0.216 0.216
WTVM Columbus, Ga. (ABC, 9) 128 0.184 0.184
WECT Wilmington, N.C. (NBC, 6) 135 0.159 0.159
WALB Albany, Ga. (NBC, 10) 146 0.137 0.137
KCBD Lubbock (NBC, 11) 148 0.135 0.135
WPGX Panama City, Fla. (Fox, 28) 154 0.063 0.126
WLOX Biloxi-Gulfport, Miss. (ABC, 13) 160 0.115 0.115
WDAM Hattiesburg-Laurel, Miss. (NBC, 7) 168 0.094 0.094
WDFX Dothan, Ala. (Fox, 34) 172 0.0445 0.089
KPLC Lake Charles, La. (NBC, 7) 176 0.084 0.084
KAIT Jonesboro, Ark. (ABC, 8) 182 0.071 0.071
OTHER MEDIA INTERESTS: Raycom Sports (production, marketing, events management); Raycom Post (a post-production facility); Broadview Media (a post-production/telecommunications company); CableVantage (a cable-advertising sales group).

16. Multicultural Television Broadcasting Private

9.05% coverage (FCC)
6 stations
18.11% coverage (total)
449 Broadway
New York, NY 10013
212-966-1059
Website: www.mrbi.net
SEAN KIM, COO, CFO

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WSAH New York (Ind., 43) 1 3.2765 6.553
KHIZ Los Angeles (Ind., 64) 2 2.5035 5.007
KCNS San Francisco-Oakland-San Jose (Ind., 38) 6 1.0725 2.145
WMFP Boston (Ind., 62) 7 1.061 2.122
WOAC Cleveland-Akron (Ind., 67) 17 0.68 1.36
WRAY Raleigh-Durham, N.C. (Ind., 30) 28 0.461 0.922
OTHER MEDIA INTERESTS: Multicultural Radio Broadcasting Inc. (MRBI) owns and operates 43 radio stations in 10 states; the company's Chinese Media Group includes Sino Radio Broadcasting, Sino Television Broadcasting, Sino Print Publications, Sino Sports Entertainment and Sino Music Entertainment divisions, which serve Chinese audiences; Networks Asia is the national sales organization of MRBI.

17. E.W. Scripps Co. SSP

7.99% coverage (FCC)
10 stations
9.99% coverage (total)
312 Walnut St.
Scripps Center 2800
Cincinnati, OH 45202
Phone: 513-977-3000
Fax: 513-977-3721
Website: scripps.com
WILLIAM R. BURLEIGH, chairman
KENNETH W. LOWE, president/CEO
WILLIAM B. PETERSON, senior VP, Television Station Group

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WXYZ Detroit (ABC, 7) 11 1.707 1.707
KNXV Phoenix (ABC, 15) 12 0.799 1.598
WFTS Tampa-St. Petersburg-Sarasota (ABC, 28) 13 0.791 1.582
WEWS Cleveland-Akron (ABC, 5) 17 1.36 1.36
WMAR Baltimore (ABC, 2) 24 0.971 0.971
KMCI Kansas City, Kan.-Mo. (Ind., 38) 31 0.411 0.822
KSHB Kansas City, Kan.-Mo. (NBC, 41) 31
WCPO Cincinnati (ABC, 9) 33 0.802 0.802
WPTV West Palm Beach-Fort Pierce (NBC, 5) 38 0.687 0.687
KJRH Tulsa (NBC, 2) 60 0.461 0.461
OTHER MEDIA INTERESTS: Cable networks: HGTV, DIY Network, Fine Living, Great American Country, Food Network (about 70%) and Fox-BRV Southern Sports Holdings (7.25%), which owns Sports South and Fox Sports Net South; broadband channels HGTV Pro, HGTV KitchenDesign, HGTV BathDesign, HGTV Simply Quilts, DIY Automotive, DIY Crafts, DIY Gardening, DIY Home Improvement, DIY Tools, DIY Woodworking and GAC Still Rollin'; comic syndicator United Media; daily and community newspapers in 18 markets; Scripps Howard News Service; online comparison-shopping services Shopzilla, UpMyStreet and U.K.-based uSwitch; variety of other Websites, tied to TV, cable and newspaper properties, including Foodtv.com, Comics.com and Snoopy.com.

18. Meredith Corp. MDP

7.63% coverage (FCC)
11 stations
9.03% coverage (total)
1716 Locust St.
Des Moines, IA 50309
Phone: 515-284-3000
Fax: 515-284-2393
Website: www.meredith.com
WILLIAM T. KERR, chairman, Meredith Corp.
STEPHEN M. LACY, president/CEO
PAUL KARPOWICZ, president, Meredith Broadcasting Group

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WGCL Atlanta (CBS, 46) 8 1.024 2.048
KPHO Phoenix (CBS, 5) 12 1.598 1.598
KPTV Portland, Ore. (Fox, 12) 23 1.02 1.02
KPDX Portland, Ore. (My, 49) 23
WFSB Hartford-New Haven (CBS, 3) 29 0.893 0.893
WSMV Nashville (NBC, 4) 30 0.857 0.857
KCTV Kansas City, Kan.-Mo. (CBS, 5) 31 0.822 0.822
KSMO Kansas City, Kan.-Mo. (My, 62) 31
WHNS Greenville-Spartanburg-Asheville (Fox, 21) 36 0.3715 0.743
KVVU Las Vegas (Fox, 5) 43 0.627 0.627
WNEM Flint-Saginaw-Bay City, Mich. (CBS, 5) 66 0.417 0.417
OTHER MEDIA INTERESTS: Low-power TV stations; more than 25 consumer magazines, including Better Homes & Gardens and Family Circle, and about 200 special-interest publications; Meredith Hispanic Ventures publishes five Spanish-language titles; Meredith Books; over 30 Websites.

19. Media General MEG

7.55% coverage (FCC)
20 stations
7.89% coverage (total)
333 E. Franklin St.
Richmond, VA 23219
Phone: 804-649-6000
Fax: 804-775-4603
Website: www.mediageneral.com
J. STEWART BRYAN III, chairman, Media General Inc.
MARSHALL N. MORTON, president/CEO
JAMES A. ZIMMERMAN, VP, Media General; president, Broadcast Division

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WFLA Tampa-St. Petersburg-Sarasota (NBC, 8) 13 1.582 1.582
WCMH Columbus, Ohio (NBC, 4) 32 0.803 0.803
WSPA Greenville-Spartanburg-Asheville (CBS, 7) 36 0.743 0.743
WNEG*** Greenville-Spartanburg-Asheville (CBS, 32) 36
WYCW Greenville-Spartanburg-Asheville (CW, 62) 36
WVTM Birmingham, Ala. (NBC, 13) 40 0.648 0.648
WCWJ*** Jacksonville, Fla. (CW, 17) 49 0.2905 0.581
WJAR Providence-New Bedford (NBC, 10) 52 0.556 0.556
WKRG Mobile, Ala.-Pensacola, Fla. (CBS, 5) 61 0.459 0.459
WSLS Roanoke-Lynchburg, Va. (NBC, 10) 67 0.400 0.400
WJTV Jackson, Miss. (CBS, 12) 90 0.296 0.296
WJHL Tri-Cities, Tenn.-Va. (CBS, 11) 91 0.292 0.292
WSAV Savannah (NBC, 3) 97 0.272 0.272
WCBD Charleston, S.C. (NBC, 2) 100 0.261 0.261
WBTW Myrtle Beach-Florence, S.C. (CBS, 13) 103 0.248 0.248
WNCT Greenville-New Bern-Washington (CBS, 9) 105 0.245
WNCN Greenvile-New Bern-Washington, (NBC, 17) 105
WJBF Augusta, Ga. (ABC, 6) 115 0.222 0.222
WRBL Columbus, Ga. (CBS, 3) 128 0.184 0.184
WHLT Hattiesburg-Laurel, Miss. (CBS, 22) 168 0.047 0.094
***Media General has said it is considering the sale of these properties.
OTHER MEDIA INTERESTS: Parent owns 25 daily newspapers, including The Tampa Tribune; more than 100 weekly newspapers and periodicals; online interests include Blockdot.com, Boxerjam.com, and more than 75 other Websites tied to TV and newspaper holdings.

20. Post-Newsweek Stations WPO

(subsidiary of The Washington Post Co.)
7.44% coverage (FCC)
6 stations
7.44% coverage (total)
550 W. Lafayette Blvd.
Detroit, MI 48226-3123
Phone: (313) 223-2260
Fax: (313) 223-2263
Website: www.washpostco.com
DONALD E. GRAHAM, chairman/CEO, The Washington Post Co.
ALAN FRANK, president/CEO, Post-Newsweek Stations

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
KPRC Houston (NBC, 2) 10 1.818 1.818
WDIV Detroit (NBC, 4) 11 1.707 1.707
WPLG Miami-Fort Lauderdale (ABC, 10) 16 1.362 1.362
WKMG Orlando-Daytona Beach-Melbourne (CBS, 6) 19 1.271 1.271
KSAT San Antonio (ABC, 12) 37 0.703 0.703
WJXT Jacksonville, Fla. (Ind., 4) 49 0.581 0.581
OTHER MEDIA INTERESTS: Parent owns The Washington Post and other daily and weekly newspapers; Newsweek magazine; Arthur Frommer's Budget Travel magazine; educational and career service provider Kaplan Inc.; cable operator Cable One; Washingtonpost.Newsweek Interactive, which oversees online properties such as Washingtonpost.com, Newsweek.com, Slate.com and Budget Travel Online

21. LIN TV Corp. TVL

7.43% coverage (FCC)
26 stations
8.56% coverage (total)
1 Richmond Square
Providence, RI 02906
Phone: (401) 454-2880
Fax: (401) 454-5286
Website: www.lintv.com
VINCENT SADUSKY, president/CEO
BART CATALANE, senior VP/chief financial officer
SCOTT BLUMENTHAL, executive VP, television
GREG SCHMIDT, executive VP, digital media
DENISE PARENT, VP, general counsel and secretary
ROBB RICHTER, VP, Internet

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WISH Indianapolis (CBS, 8) 26 0.95 0.95
WNDY Indianapolis (My, 23) 26
WTNH Hartford-New Haven (ABC, 8) 29 0.893 0.893
WCTX Hartford-New Haven (My, 59) 29
WWHO Columbus, Ohio (CW, 53) 32 0.4015 0.803
WOOD Grand Rapids-Kalamazoo (NBC, 8) 39 0.656 0.656
WOTV Grand Rapids-Kalamazoo (ABC, 41) 39
WAVY Norfolk-Portsmouth-Newport News (NBC, 10) 42 0.636 0.636
WVBT Norfolk-Portsmouth-Newport News (Fox, 43) 42
KASA Albuquerque-Santa Fe (Fox, 2) 44 0.601 0.601
KRQE Albuquerque-Santa Fe (CBS, 13) 44
WIVB Buffalo (CBS, 4) 50 0.564 0.564
WNLO Buffalo (CW, 23) 50
KXAN Austin, Texas (NBC, 36) 51 0.282 0.564
KNVA** Austin, Texas (CW, 54) 51
WPRI Providence-New Bedford (CBS, 12) 52 0.556 0.556
WNAC** Providence-New Bedford (My, 64)
WALA Mobile, Ala.-Pensacola, Fla. (Fox, 10) 61 0.459 0.459
WBPG Mobile, Ala.-Pensacola, Fla. (CW, 55) 61
WDTN Dayton (NBC, 2) 62 0.453 0.453
WLUK Green Bay-Appleton, Wis. (Fox, 11) 70 0.39 0.39
WUPW Toledo (Fox, 36) 72 0.188 0.376
WANE Fort Wayne (CBS, 15) 107 0.121 0.242
WWLP Springfield-Holyoke, Mass. (NBC, 22) 109 0.117 0.234
WTHI Terre Haute (CBS, 10) 151 0.129 0.129
WLFI Lafayette, Ind. (CBS, 18) 189 0.0295 0.059
**Lease management agreement
OTHER MEDIA INTERESTS: Local weather cable channels; owns 20% of NBC's KXAS Dallas and KNSD San Diego; 30 Websites.

22. Entravision Communications Corp. EVC

6.58% coverage (FCC)
20 stations
12.75% coverage (total)
2425 Olympic Blvd., Suite 6000 W
Santa Monica, CA 90404
Phone: 310-447-3870
Fax: 310-447-3899
Website: www.entravision.com
WALTER F. ULLOA, chairman/CEO
PHILIP C. WILKINSON, president/COO

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WUNI Boston (Uni, 27) 7 1.061 2.122
WJAL Washington, D.C. (Ind., 68) 9 1.023 2.046
WVEA Tampa-St. Petersburg-Sarasota (Uni, 62) 13 0.791 1.582
KTFD** Denver (Tlf, 14) 18 0.655 1.31
KCEC Denver (Uni, 50) 18
WVEN Orlando-Daytona Beach-Melbourne (Uni, 26) 19 0.6355 1.271
WOTF**** Orlando-Daytona Beach-Melbourne (Tlf, 43)
XHAS San Diego (Tel, 33) 27 0.466 0.932
WUVN Hartford-New Haven (Uni, 18) 29 0.4465 0.893
KINC Las Vegas (Uni, 15) 43 0.3135 0.627
KLUZ Albuquerque-Santa Fe (Uni, 41) 44 0.3005 0.601
XRIO Harlingen-Weslaco, Texas (Tr3, 2) 88 0.3 0.3
KNVO Harlingen-Weslaco, Texas (Uni, 48) 88
KINT El Paso (Uni, 26) 98 0.134 0.268
KTFN El Paso (Tlf, 65) 98
KPMR Santa Barbara-Santa Maria (Uni, 38) 122 0.103 0.206
KSMS Monterey-Salinas (Uni, 67) 124 0.099 0.198
KORO Corpus Christi (Uni, 28) 129 0.087 0.174
KUPB Odessa-Midland, Texas (Uni, 18) 157 0.061 0.122
KVYE Yuma, Ariz.-El Centro, Calif. (Uni, 7) 165 0.1 0.1
** Lease management agreement
****Joint sales agreement
OTHER MEDIA INTERESTS: 25 low-power TV stations; 47 radio stations; Spanish-language radio network; company holds a minority, limited voting interest in licensees of XHAS and XUPN, and provides programming and related services under a time-brokerage arrangement; sale pending for outdoor operations, which has more than 10,000 billboards.

23. Pappas Telecasting Companies Private

6.40% coverage (FCC)
16 stations
12.10% coverage (total)
500 S. Chinowth Rd.
Visalia, CA 93277
Phone: 559-733-7800
Fax: 559-733-7878
Website: www.pappastv.com
HARRY J. PAPPAS, chairman/CEO
DENNIS J. DAVIS, president/COO
HOWARD H. SHRIER, senior executive VP/COO, TV stations group
STEVEN E. ALFIERIS, VP/special counsel
DALE SCHERBRING, VP/director of engineering

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
KAZA Los Angeles (Azt, 54) 2 2.5035 5.007
KTNC San Francisco-Oakland-San Jose (TuV, 42) 6 1.0725 2.145
KAZH Houston (TuV, 57) 10 0.909 1.818
WCWG Greensboro-High Pt.-Winston-Salem (CW, 20) 46 0.298 0.596
KMPH Fresno-Visalia (Fox, 26) 55 0.252 0.504
KFRE Fresno-Visalia (CW, 59) 55
WWAZ Green Bay-Appleton, Wis. (Ind, 68) 70 0.195 0.39
KCWI Des Moines-Ames, Iowa (CW, 23) 71 0.1885 0.377
KDBC El Paso (CBS, 4) 98 0.268 0.268
KTVG** Lincoln-Hastings-Kearney, Neb. (Fox, 4) 104 0.246 0.246
KHGI Lincoln-Hastings-Kearney, Neb. (ABC, 13) 104
KSNB** Lincoln-Hastings-Kearney, Neb. (Fox, 17) 104
KREN Reno (CW, 27) 110 0.1165 0.233
KCWK Yakima-Pasco-Richland, Wash. (CW, 9) 126 0.189 0.189
WLGA Columbus, Ga. (CW, 66) 128 0.092 0.184
KPTH Sioux City, Iowa (Fox, 44) 143 0.0695 0.139
** Lease management agreement
OTHER MEDIA INTERESTS: Low-power TV stations; owns 16 on-air digital channels and operates three others under lease management agreements; AM radio stations KTRB (AM) and KMPH (AM); construction permits for 10 additional TV stations. In December, Pappas hired Moelis & Co. to assess strategic alternatives for the company, a move that could result in the sale of a portion of its television assets.

24. Young Broadcasting YBTVA

5.79% coverage (FCC)
11 stations
5.83% coverage (total)
599 Lexington Ave.
New York, NY 10022
Phone: 212-754-7070
Fax: 212-758-1229
Website: www.youngbroadcasting.com
VINCENT J. YOUNG, chairman/CEO
DEBORAH A. McDERMOTT, president

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
KRON San Francisco-Oakland-San Jose (My, 4) 6 2.145 2.145
WKRN Nashville (ABC, 2) 30 0.857 0.857
WTEN Albany-Schenectady-Troy, N.Y. (ABC, 10) 56 0.491 0.491
WATE Knoxville (ABC, 6) 58 0.474 0.474
WRIC Richmond-Petersburg, Va. (ABC, 8) 59 0.467 0.467
WBAY Green Bay-Appleton, Wis. (ABC, 2) 70 0.39 0.39
KWQC Davenport-Rock Island-Moline (NBC, 6) 96 0.274 0.274
WLNS Lansing, Mich. (CBS, 6) 112 0.226 0.226
KELO Sioux Falls-Mitchell, S.D. (CBS, 11) 114 0.223 0.223
KLFY Lafayette, La. (CBS, 10) 123 0.201 0.201
KCLO Rapid City, S.D. (CBS, 15) 175 0.042 0.084
OTHER MEDIA INTERESTS: Satellite TV stations; television rep firm Adam Young Inc.

25. Nexstar Broadcasting Group NXST

5.59% coverage (FCC)
32 stations
7.97% coverage (total)
5215 N. O'Conner Blvd, Suite 1400
Irving, TX 75039
Phone: 972-373-8800
Fax: 972-373-8888
Website: www.nexstar.tv
PERRY A. SOOK, chairman/president/CEO
MATT DEVINE, CFO

Station Market (affiliate, ch.) DMA Coverage
FCC% Total%
WHAG Washington (NBC, 25) 9 1.023 2.046
WLYH Harrisburg-Lancaster-Lebanon (CW, 15) 41 0.321 0.642
WBRE Wilkes Barre-Scranton (NBC, 28) 54 0.2625 0.525
KARK Little Rock-Pine Bluff, Ark. (NBC, 4) 57 0.49 0.49
KSFX Springfield, Mo. (Fox, 27) 74 0.182 0.364
WROC Rochester, N.Y. (CBS, 8) 78 0.348 0.348
KTAL Shreveport (NBC, 6) 82 0.34 0.34
WCIA Champaign-Springfield-Decatur (CBS, 3) 84 0.336 0.336
WTAJ Johnstown-Altoona, Pa. (CBS, 10) 99 0.262 0.262
WTVW Evansville (Fox, 7) 101 0.257 0.257
WFFT Fort Wayne (Fox, 55) 107 0.121 0.242
WMBD Peoria-Bloomington, Ill. (CBS, 31) 117 0.108 0.216
WYZZ**** Peoria-Bloomington, Ill. (Fox, 43) 117
KAMR Amarillo (NBC, 4) 131 0.17 0.17
WQRF Rockford, Ill. (Fox, 39) 132 0.0835 0.167
KTVE**** Monroe, La.-El Dorado, Ark. (NBC, 10) 136 0.158 0.158
KARD Monroe, La.-El Dorado, Ark. (Fox, 14) 136
KBTV Beaumont-Port Arthur, Texas (NBC, 4) 141 0.146 0.146
WJET Erie (ABC, 24) 142 0.07 0.14
WFXP** Erie (Fox, 66) 142
KSNF Joplin, Mo.-Pittsburg, Kan. (NBC, 16) 145 0.069 0.138
KLBK Lubbock (CBS, 13) 148 0.135 0.135
KFDX Wichita Falls, Tex.-Lawton, Okla. (NBC, 3) 149 0.135 0.135
WTWO Terre Haute (NBC, 2) 151 0.129 0.129
KMID Odessa-Midland, Texas (ABC, 2) 157 0.122 0.122
KTAB Abilene-Sweetwater, Texas (CBS, 32) 164 0.0505 0.101
WFXV Utica, N.Y. (Fox, 33) 169 0.047 0.094
KHMT** Billings, Mont. (Fox, 4) 170 0.093 0.093
KSVI Billings, Mont. (ABC, 6) 170
WDHN Dothan, Ala. (ABC, 18) 172 0.0445 0.089
KLST San Angelo, Texas (CBS, 8) 197 0.047 0.047
KQTV St. Joseph, Mo. (ABC, 2) 201 0.041 0.041
** Lease management agreement
**** Joint sales agreement
OTHER MEDIA INTERESTS: Websites tied to TV stations.
September
October

News Technology Summit

DoubleTree by Hilton Baltimore--BWI Airport, Linthicum, MD