DATA: 100 Leading Media Cos. 2004 edition

RANK				TOTAL NET U.S. MEDIA REVENUE					NET REVENUE FROM THE U.S. BY MEDIUM IN 2003
100 LEADING MEDIA COMPANIES
Ranked by total net U.S. media revenue in 2003
2003	2002	MEDIA COMPANY	HEADQUARTERS	2003	2002	% CHG	WORLDWIDE PARENT REVENUE	WORLDWIDE NET INCOME	NEWSPAPER	MAGAZINE	TV	RADIO	CABLE	OTHER
1	1	Time Warner	New York	$29,247	$28,203	3.7	$39,565	$2,639	$0	$4,514	$660	$0	$15,473	$8,600
2	2	Comcast Corp.	Philadelphia	17,492	16,002	9.3	18,348	3,240	0	0	0	0	17,492	0
3	3	Viacom	New York	17,252	15,939	8.2	26,585	1,417	0	51	7,761	2,098	5,595	1,748
4	4	Walt Disney Co.	Burbank, Calif.	11,239	9,991	12.5	27,061	1,267	0	298	4,806	612	5,523	0
5	5	NBC Universal (General Electric Co.)	Fairfield, Conn.	8,177	8,325	-1.8	134,187	15,002	0	0	6,193	0	1,984	0
6	6	Cox Enterprises	Atlanta	8,108	7,348	10.3	10,796	NA	1,400	0	523	426	5,759	0
7	8	DirecTV Group	El Segundo, Calif.	7,696	6,445	19.4	10,121	-362	0	0	0	0	0	7,696
8	7	News Corp.	New York/Sydney	7,532	6,884	9.4	19,217	1,428	168	5	4,422	0	2,313	624
9	9	Gannett Co.	McLean, Va.	6,330	6,076	4.2	6,711	1,211	5,610	0	720	0	0	0
10	10	Clear Channel Communications	San Antonio, Texas	6,138	5,851	4.9	8,931	1,146	0	0	268	3,695	0	2,175
11	11	Advance Publications	Newark, N.J.	5,909	5,409	9.2	5,909	NA	2,128	2,197	0	0	1,585	0
12	14	EchoStar Communications Corp.	Englewood, Colo.	5,410	4,430	22.1	5,739	225	0	0	0	0	0	5,410
13	12	Tribune Co.	Chicago	5,398	5,199	3.8	5,595	891	4,017	20	1,323	38	0	0
14	13	Charter Communications	St. Louis	4,819	4,566	5.5	4,819	-238	0	0	0	0	4,819	0
15	15	Hearst Corp.	New York	4,045	3,731	8.4	NA	NA	1,458	1,900	687	0	0	0
16	17	Cablevision Systems Corp.	Bethpage, N.Y.	3,694	3,292	12.2	4,177	-297	0	0	0	0	3,694	0
17	16	Adelphia Communications Corp.	Greenwood Village, Colo.	3,584	3,426	4.6	3,584	NA	0	0	0	0	3,584	0
18	18	The New York Times Co.	New York	3,227	3,079	4.8	3,227	303	3,008	0	130	15	0	74
19	19	Knight Ridder	San Jose, Calif.	2,848	2,835	0.4	2,946	296	2,768	0	0	0	0	80
20	20	Bloomberg	New York	2,380	2,240	6.3	3,400	NA	0	0	0	11	63	2,306
21	21	The Washington Post Co.	Washington	2,001	1,963	1.9	2,839	241	873	354	315	0	459	0
22	22	Dow Jones & Co.	New York	1,549	1,559	-0.7	1,549	171	1,227	0	0	0	0	322
23	24	E.W. Scripps Co.	Cincinnati	1,531	1,402	9.2	1,875	271	692	0	304	0	535	0
24	23	Belo	Dallas	1,436	1,428	0.6	1,436	129	746	0	647	0	19	25
25	25	Univision Communications	Los Angeles	1,392	1,292	7.7	1,311	155	0	0	1,059	278	39	16
26	41	Yahoo! Inc.	Sunnyvale, Calif.	1,355	807	68	1,625	238	0	0	0	0	0	1,355
27	28	Discovery Communications	Silver Spring, Md.	1,264	1,121	12.8	1,995	NA	0	0	0	0	1,264	0
28	26	Primedia	New York	1,241	1,280	-3.1	1,346	39	0	1,079	0	0	55	107
29	27	Advo	Windsor, Conn.	1,163	1,130	2.9	1,163	50	0	0	0	0	0	1,163
30	29	McClatchy Co.	Sacramento, Calif.	1,098	1,069	2.8	1,099	150	1,098	0	0	0	0	0
31	31	Meredith Corp.	Des Moines, Iowa	1,080	957	12.8	1,080	91	0	808	272	0	0	0
32	32	MediaCom Communications Corp.	Middletown, N.Y.	1,005	923	8.9	1,005	-63	0	0	0	0	1,005	0
33	72	Google	Mountain View, Calif.	962	348	176.5	962	106	0	0	0	0	0	962
34	30	International Data Group	Boston	930	963	-3.4	2,410	NA	0	760	0	0	0	170
35	34	A&E Television Networks	New York	905	846	7	905	NA	0	23	0	0	882	0
36	38	Insight Communications Co.	New York	903	812	11.2	903	-14	0	0	0	0	903	0
37	37	Valassis Communications	Livonia, Mich.	878	816	7.5	917	104	0	0	0	0	0	878
38	35	Media General	Richmond, Va.	837	832	0.7	837	59	544	0	286	0	0	7
39	49	MSN Network (Microsoft Corp.)	Redmond, Wash.	836	565	48	32,187	9,993	0	0	0	0	0	836
40	33	Reader's Digest Association	Pleasantville, N.Y.	835	854	-2.3	2,388	67	0	835	0	0	0	0
41	44	Freedom Communications	Irvine, Calif.	824	768	7.3	0	NA	714	0	110	0	0	0
42	42	Lifetime Entertainment Services	New York	813	787	3.3	813	NA	0	12	0	0	802	0
43	43	Lamar Advertising Co.	Baton Rouge, La.	810	776	4.4	810	-47	0	0	0	0	0	810
44	36	Gruner & Jahr USA (Bertelsmann)	New York/Hamburg	788	830	-5	19,175	237	0	788	0	0	0	0
45	39	McGraw-Hill Cos.	New York	773	809	-4.6	4,828	688	0	668	105	0	0	0
46	47	MediaNews Group	Denver	744	723	3	744	36	738	0	7	0	0	0
47	46	Landmark Communications	Norfolk, Va.	743	728	2.1	0	NA	448	0	65	0	231	0
48	45	Sinclair Broadcast Group	Baltimore	724	731	-1	739	24	0	0	724	0	0	0
49	40	Gemstar-TV Guide International	Los Angeles	680	809	-15.9	879	-577	0	365	0	0	153	162
50	55	Lee Enterprises	Davenport, Iowa	657	524	25.4	657	78	648	0	0	0	0	8
51	48	Reed Elsevier	New York/London	601	648	-7.3	8,103	1,088	0	601	0	0	0	0
52	50	Emmis Communications Corp.	Indianapolis	592	562	5.3	592	2	0	76	236	280	0	0
53	54	Copley Press	La Jolla, Calif.	573	530	8.1	536	NA	573	0	0	0	0	0
54	57	Zuckerman Media Properties	New York	540	516	4.7	NA	NA	333	207	0	0	0	0
55	51	Westwood One	New York	539	551	-2.1	539	100	0	0	0	539	0	0
56	53	Morris Communications	Augusta, Ga.	533	530	0.5	NA	NA	438	24	0	12	0	59
57	56	Hachette Filipacchi Media U.S. (Lagardere)	New York/Paris	531	517	2.7	14,916	381	0	531	0	0	0	0
58	52	American Media	Lantana, Fla.	516	535	-3.6	516	24	0	516	0	0	0	0
59	58	Journal Communications	Milwaukee	468	464	0.8	798	67	317	0	73	78	0	0
60	59	Hollinger International	Chicago	445	442	0.8	1,037	25	445	0	0	0	0	0
61	61	Pulitzer	St. Louis	423	416	1.6	423	42	423	0	0	0	0	0
62	60	Block Communications	Toledo, Ohio	420	419	0.3	420	-41	251	0	39	0	110	20
63	63	Community Newspaper Holdings	Birmingham, Ala.	410	390	5.1	NA	NA	410	0	0	0	0	0
64	62	Entercom Communications Corp.	Bala Cynwyd, Pa.	401	391	2.5	401	72	0	0	0	401	0	0
65	64	Journal Register Co.	Trenton, N.J.	389	388	0.2	406	72	389	0	0	0	0	0
66	71	Susquehanna Media Co.	York, Pa.	376	349	7.9	376	36	0	0	0	229	137	10
67	65	Catalina Marketing Corp.	St. Petersburg, Fla.	368	372	-1.1	473	-19	0	0	0	0	0	368
68	67	Raycom Media	Montgomery, Ala.	361	360	0.3	NA	NA	0	0	361	0	0	0
69	74	Harte-Hanks	San Antonio, Texas	360	335	7.4	945	87	360	0	0	0	0	0
70	76	Rodale Press	Emmaus, Pa.	355	309	15	NA	NA	0	355	0	0	0	0
71	70	LIN TV Corp.	Providence, R.I.	350	350	0	350	-90	0	0	350	0	0	0
72	80	National Geographic Society	Washington	347	292	18.8	NA	NA	0	225	0	0	122	0
73	66	Seattle Times Co.	Seattle	346	361	-4.2	NA	NA	346	0	0	0	0	0
74	75	Citadel Broadcasting Corp.	Las Vegas, Nev.	345	310	11.6	372	-90	0	0	0	345	0	0
75	68	United Business Media	Manhasset, N.Y./London	345	359	-3.9	1,228	-68	0	345	0	0	0	0
76	78	RCN Corp.	Princeton, N.J.	339	299	13.2	485	-499	0	0	0	0	244	95
77	69	Forbes Inc.	New York	318	354	-10.4	NA	NA	0	318	0	0	0	0
78	77	Dispatch Printing Co.	Columbus, Ohio	312	302	3.2	NA	NA	210	0	90	9	3	0
79	73	VNU	New York/Haarlem, Netherlands	312	339	-8	4,430	148	0	312	0	0	0	0
80	82	Dennis Publishing	New York	305	287	6.4	NA	NA	0	305	0	0	0	0
81	79	Radio One	Lanham, Md.	303	296	2.5	303	54	0	0	0	303	0	0
82	81	InterActiveCorp	New York	298	287	3.8	6,328	154	0	269	0	0	0	29
83	83	Stephens Media Group	Las Vegas	293	279	5.1	NA	NA	293	0	0	0	0	0
84	86	Cumulus Media	Atlanta	282	253	11.6	282	5	0	0	0	282	0	0
85	85	Times Publishing Co.	St. Petersburg, Fla.	280	258	8.6	280	NA	280	0	0	0	0	0
86	84	Paxson Communications Corp.	West Palm Beach, Fla.	271	277	-2.2	271	-76	0	0	271	0	0	0
87	112	Wehco Media	Little Rock, Ark.	266	260	2.2	NA	NA	266	0	0	0	0	0
88	106	Gray Television	Albany, Ga.	266	169	57.7	295	14	23	0	243	0	0	0
89	113	Ogden Newspapers	Wheeling, W. Va.	261	256	1.9	NA	NA	261	0	0	0	0	0
90	88	American Express Publishing Corp.	New York	259	233	11.2	25,900	2,990	0	259	0	0	0	0
91	89	Playboy Enterprises	Chicago	249	232	7.5	316	-8	0	115	0	0	95	39
92	87	CNET Networks	San Francisco	246	237	3.9	246	-26	0	49	0	0	0	197
93	95	MSNBC	New York	241	215	12.1	NA	NA	0	0	0	0	241	0
94	94	Entravision Communications Corp.	Santa Monica, Calif.	238	218	8.9	238	2	0	0	121	87	0	30
95	90	Schurz Communications	South Bend, Ind.	235	227	3.8	NA	NA	128	0	45	6	56	0
96	93	Crain Communications	Detroit	234	221	5.9	234	NA	0	232	0	1	0	0
97	114	Herald Media	Boston	224	223	0.7	NA	NA	224	0	0	0	0	0
98	91	Church of Jesus Christ of Latter-day Saints	Salt Lake City	224	226	-0.9	NA	NA	0	0	26	198	0	0
99	98	Jefferson-Pilot Communications	Greensboro, N.C.	214	208	2.9	3,573	492	0	0	71	139	0	4
100	101	Sunbeam Television Corp.	Miami	209	202	3.2	NA	NA	0	0	209	0	0	0

Notes: Dollars in millions. Media defined as media content and distribution businesses supported by advertising. Media revenue, considered estimates, are generally for latest available fiscal year. Parent returns are as reported; parent revenue may be smaller than media total because media are pro forma where possible and often represent corporate segment totals without eliminations. Non-U.S. media returns are excluded where possible.

The 50/50 joint venture media companies-No. 42 Lifetime Entertainment Services and No. 93 MSNBC-stand alone because their co-parents do not claim their revenue in accordance with GAAP rules. No. 35 A&E Television Networks, owned by three media companies, each with a minority interest, also stands alone. Sources: BIA Financial Network (radio, TV, newspapers), Kagan World Media (cable), TNS Media Intelligence/CMR, Audit Bureau of Circulations and public documents.