TOP MEDIA COMPANIES BY TV REVENUE

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Rank TV revenue TV as % of all media revenue

1997 1996 Company 1997 1996 % chg 1997 1996 +/-chg

1 1 NBC TV (General Electric Co.) $4,803.0 $4,940.0 -2.8% 93.2% 94.5% -1.3

2 2 Walt Disney Co. 4,122.0 4,005.0 2.9 59.8 61.9 -2.1

3 3 CBS Corp. 3,652.0 3,426.0 6.6 66.9 76.8 -9.9

4 4 News Corp. 2,730.0 2,500.0 9.2 49.2 55.5 -6.3

5 5 Tribune Co. 861.0 681.0 26.4 36.4 32.3 4.1

6 6 Gannett Co. 653.1 641.5 1.8 14.5 15.2 -0.7

7 14 A.H. Belo Corp. 536.7 333.4 61.0 43.0 40.4 2.6

8 10 Univision Communications 459.7 370.3 24.1 100.0 100.0 0.0

9 8 Cox Enterprises 450.0 391.0 15.1 13.6 12.7 0.9

10 12 Sinclair Broadcast Group 449.9 338.5 32.9 87.1 89.4 -2.3

11 7 BHC Communications (Chris-Craft) 443.5 446.3 -0.6 100.0 100.0 0.0

12 9 Viacom 422.7 390.3 8.3 15.7 16.2 -0.5

13 11 Hearst Corp. 387.8 370.2 4.7 13.7 14.4 -0.7

14 13 Washington Post Co. 338.4 335.2 1.0 18.8 19.6 -0.8

15 15 E.W. Scripps 331.2 323.5 2.4 30.1 33.4 -3.3

16 16 LIN Television Corp. 291.5 273.4 6.6 100.0 100.0 0.0

17 20 Raycom Media 284.4 200.0 42.2 99.4 97.3 2.1

18 17 Young Broadcasting 263.5 261.5 0.8 100.0 100.0 0.0

19 18 Pulitzer Publishing Co. 211.1 208.5 1.2 36.1 39.0 -2.9

20 19 Telemundo Group 197.6 202.7 -2.5 100.0 100.0 0.0

21 23 Clear Channel Communications 157.1 134.6 16.7 19.1 18.9 0.2

22 22 Meredith Corp. 156.4 145.9 7.2 19.8 18.6 1.2

23 29 Media General 156.3 83.4 87.4 19.7 13.1 6.6

24 21 Chronicle Publishing Co. 148.0 147.0 0.7 32.8 31.5 1.3

25 28 Time Warner 136.0 87.0 56.3 1.0 0.7 0.3

Notes: News Corp.'s growth in TV is attributed partially to the 10 stations of newly acquired New World Communications, folded into financials in its third quarter of fiscal '97. Tribune Co. growth was enhanced by partial-year inclusion in '97 of Renaissance Communications Corp. Actual same property growth at Tribune Co. was 4%. A.H. Belo Corp. in acquisition of PJC got KING-TV in Seattle, where it had KIRO-TV. The company traded KIRO-TV with KMOV-TV, St. Louis, to comply with FCC regulations that prevent dual ownership in the same market of stations. Univision Communications revenues in '96 are shown pro forma as if the company's current makeup existed Jan. 1, 1996. Univision went public in an IPO in September '96 and added the Univision Network to its owned-and-operated TV station group and Galavision beginning in fourth quarter '96. Cox Enterprises TV total does not include returns from its media rep business, TeleRep. Sinclair Broadcast Group's 32.9% growth is credited in part to its $255 million acquisition of nine TV and eight radio stations from Max Media Properties. Returns from these units were consolidated in February, 1997. BHC Communications revenue in TV does not include any of its 50% ownership in UPN, the fifth network, the other half of which it sold to Viacom in January '97. Hearst Corp. figures are pro forma and include its early '97 acquisition of Argyle Television (six small- and mid-market stations) as if it had been made Jan. 1, 1996. Hearst-Argyle Television was spun off in an IPO in '97. LIN Broadcasting, 45% owned by AT&T Corp., is being bought by Chancellor Media Corp. Pulitzer Publishing agreed in May, 1998, to sell its TV and radio units to Hearst Corp. for $1.1 billion. Meredith Corp.'s acquisition of First Media stations on July 1, 1997, is not included in TV totals, which represent a fiscal year closing June 30, 1997. Media General growth in TV revenues attributed largely to inclusion in '97 only of 10 network affiliates obtained in the January '97 purchase of Park Acquisitions, parent of Park Communications. The New York Times Co.'s TV growth is attributed mainly to KFOR-TV, Oklahoma City, and WHO-TV, Des Moines. Both TV stations were consolidated in New York Times Co. returns in July, 1996.

Top media companies by cable revenue

Rank Cable revenue Cable as % of all media revenue

1997 1996 Company 1997 1996 % chg 1997 1996 +/-chg

1 1 Time Warner $10,063.0 $9,000.0 11.8% 75.8% 75.9% -0.1

2 2 Tele-Communications Inc. 6,429.0 5,881.0 9.3 100.0 100.0 0.0

3 3 MediaOne Group 2,323.0 2,125.0 9.3 100.0 100.0 0.0

4 4 Viacom Inc. 2,273.6 2,013.7 12.9 84.3 83.8 0.5

5 5 Comcast Corp. 2,073.0 1,893.8 9.5 100.0 100.0 0.0

6 6 Walt Disney Co. 1,950.0 1,690.0 15.4 28.3 26.1 2.2

7 8 Cablevision Systems Corp. 1,949.4 1,315.1 48.2 100.0 100.0 0.0

8 7 Cox Enterprises 1,610.4 1,460.3 10.3 48.7 47.5 1.2

9 11 News Corp. 1,200.0 520.0 130.8 21.6 11.5 10.1

10 10 Discovery Communications 756.0 557.0 35.7 100.0 100.0 0.0

11 9 USA Networks 742.0 666.5 11.3 93.2 93.9 -0.7

12 21 InterMedia Partners 565.0 276.7 104.2 100.0 100.0 0.0

13 12 Adelphia Communications Corp. 514.9 467.7 10.1 100.0 100.0 0.0

14 14 Charter Communications 493.9 412.9 19.6 98.8 97.9 0.9

15 13 Marcus Cable Co. 479.3 431.3 11.1 100.0 100.0 0.0

16 17 Century Communications Corp. 459.2 368.5 24.6 100.0 100.0 0.0

17 15 Lenfest Group 447.4 397.3 12.6 100.0 100.0 0.0

18 16 Prime Cable 424.0 396.9 6.8 100.0 100.0 0.0

19 22 Lifetime Television 398.1 257.0 54.9 100.0 100.0 0.0

20 20 Jones Intercable 353.8 283.2 24.9 100.0 100.0 0.0

21 19 NBC TV (General Electric Co.) 350.0 290.0 20.7 6.8 5.5 1.3

22 18 A&E Television Networks 349.4 303.8 15.0 100.0 100.0 0.0

23 23 TCA Cable 307.5 253.3 21.4 100.0 100.0 0.0

24 28 CBS Corp. 302.0 191.0 58.1 5.5 4.3 1.2

25 24 Falcon Cable 271.0 250.9 8.0 100.0 100.0 0.0

Notes: Comcast Corp. includes entities: E! Entertainment (79.2% owned as of Dec. 31, 1997), consolidated March 31, 1997, and E.W. Scripps' cable operations acquired Nov. 1, 1996. Just over three-quarters of Cablevision Systems Corp.'s year-to-year revenue gain is credited to '97 acquisitions of TCI-owned systems (890,000 subs) in the New York area, and a boost in its ownership of Madison Square Garden Network and related properties to 89.9% from 50%, which reduced ITT Corp.'s share in MSG to 10.2%. Cablevision sold 40% of Rainbow Media to Fox/Liberty (a joint venture of News Corp. and TCI's Liberty Media Corp.), allowing creation of Fox Sports Network. News Corp. cable shows substantial growth in the current year because of the growing revenue base of Fox News Channel and full inclusion for three quarters of newly acquired International Family Entertainment, a 100 Leading Media Co. last year. Figures for News Corp. are AA estimates for fiscal '98 based on its three-quarter returns. Discovery Communications, 49% owned by Tele-Communications Inc., drew strong growth from Discovery and Learning channels and developmental growth from new offerings: Animal Planet, Travel Channel and six new Discovery-named startup channels covering various topics. In '97, Discovery purchased Travel Channel U.S. from Paxson Communications and Travel Channel Latin America from Landmark Communications. Paxson earlier bought Travel Channel U.S. from Landmark. USA Networks includes the USA Network and Sci-Fi cable channels. Its figures are AA estimates. InterMedia Partners' 104% growth in '97 is attributed to the addition of 430,000 subscribers from seven systems in Kentucky gained from Tele-Communications Inc.'s $970 million purchase of TKR Cable on Jan. 1, 1997, from Knight Ridder. TCI holds 48.7% of InterMedia. Lifetime Television is owned 50/50 by Hearst Corp. and Walt Disney Co. A&E Television Networks is an estimate from Paul Kagan Associates. A&E is owned by Hearst Corp. and Disney (37.5% each), and 25% by General Electric Co. CBS Corp. cable in '97 includes returns from The Nashville Network and Country Music Television picked up from Gaylord Entertainment Co. and folded into its fourth quarter.

TV acquisitions

Buyer Closing Acquisition Value

News Corp. 1/97 New World Communications Group $3,000.0

(10 TV stations)

Hearst-Argyle Television* 5/98 Pulitzer Publishing's 9 TV network 1,150.0

affiliates

Tribune Co. 3/97 Renaissance Communication's 6 TV, 1,130.0

8 radio stations

Chancellor Media Corp.** Pending LIN Television Corp. 12 TV network affiliates 902.7

Sinclair Broadcasting 2/98 Heritage Media Corp.'s 6 TV, 24 radio stations 630.0

from News Corp.

Meredith Corp.*** 7/97 First Media Television's 4 TV stations 435.0

Notes: Dollars are in millions. *Hearst-Argyle Television is a publicly-owned venture formed in '97 after Hearst Corp. bought 6 mid-market TV stations from Argyle Television for $320 million. **Buyout firm Hicks, Muse, Tate & Furst owns a minority interest in both Chancellor and LIN. ***Meredith closed on three of four stations July 1, 1997, and the fourth, a CBS affiliate in Hartford/New Haven, Conn., on Sept. 4, 1997 in a trade with the Washington Post Co.'s Post-Newsweek Stations.

Cable acquisitions

Buyer Closing Acquisition Value

AT&T Pending Tele-Communications Inc. $48,000.0

USA Networks* 1/98 Seagram Co.'s USA and Sci-Fi 4,100.0

networks and Universal Television Group

News Corp.** 6/97 International Family Entertainment (Family 1,900.0

Channel, Fit TV, MTM Productions)

Seagram Cos. 10/97 50% remaining interest it didn't own in USA 1,700.0

Networks (USA and Sci-Fi networks) from Viacom

CBS Corp. 9/97 Gaylord Entertainment Co.'s The Nashville 1,500.0

Network and Country Music Television

Microsoft Corp. 6/97 Investment in Comcast Corp. 1,000.0

Notes: Dollars are in millions. *USA Networks is the new name for Home Shopping Network (HSN Inc.); it purchased Seagram's cable properties after Seagram bought the 50% of USA and Sci-Fi it didn't own from partner, Viacom, in September, 1997. **News Corp. made its

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