Investing in Newspaper® MARKET REPORT 2015

Investing In Newspaper® MARKET REPORT 2015

Also available on CD ROM and via the Internet through BIA/Kelsey’s MEDIA Access Pro™

BIA/Kelsey • 15120 Enterprise Ct., Chantilly, VA 20151-1217 • Phone: 703-818-2425 • Fax: 703-803-3299 • E-mail: [email protected] • Web: www.biakelsey.com Investing in Newspaper® Market Report 2015 Alphabetic Listing of Markets BIA/Kelsey • Phone: 703-818-2425 • www.biakelsey.com

Rank Market Rank Market Rank Market 164 Abilene-Sweetwater, TX 88 Chattanooga, TN 162 Gainesville, FL 152 Albany, GA 197 Cheyenne, WY-Scottsbluff, NE 210 Glendive, MT 58 Albany-Schenectady-Troy, NY 3 Chicago, IL 185 Grand Junction-Montrose, CO 47 Albuquerque-Santa Fe, NM 132 Chico-Redding, CA 40 Grand Rapids-Kalamazoo-Battle Creek, MI 179 Alexandria, LA 36 Cincinnati, OH 191 Great Falls, MT 208 Alpena, MI 169 Clarksburg-Weston, WV 68 Green Bay-Appleton, WI 130 Amarillo, TX 19 Cleveland-Akron, OH 46 Greensboro-High Point-Winston Salem, NC 147 Anchorage, AK 89 Colorado Springs-Pueblo, CO 99 Greenville-New Bern-Washington, NC 9 Atlanta, GA 77 Columbia, SC 37 Greenville-Spartanburg, SC-Asheville, NC 112 Augusta, GA 138 Columbia-Jefferson City, MO 190 Greenwood-Greenville, MS 39 Austin, TX 126 Columbus, GA 86 Harlingen-Weslaco-Brownsville-McAllen, TX 127 Bakersfield, CA 32 Columbus, OH 45 Harrisburg-Lancaster-Lebanon-York, PA 26 Baltimore, MD 133 Columbus-Tupelo-West Point, MS 178 Harrisonburg, VA 156 Bangor, ME 129 Corpus Christi, TX 30 Hartford-New Haven, CT 93 Baton Rouge, LA 5 Dallas-Ft. Worth, TX 167 Hattiesburg-Laurel, MS 141 Beaumont-Port Arthur, TX 100 Davenport, IA-Rock Island-Moline, IL 206 Helena, MT 193 Bend, OR 64 Dayton, OH 69 Honolulu, HI 166 Billings, MT 17 Denver, CO 10 Houston, TX 160 Biloxi-Gulfport, MS 72 Des Moines-Ames, IA 79 Huntsville-Decatur-Florence, AL 159 Binghamton, NY 12 Detroit, MI 163 Idaho Falls-Pocatello, ID 43 Birmingham, AL 173 Dothan, AL 27 Indianapolis, IN 158 Bluefield-Beckley-Oak Hill, WV 139 Duluth, MN-Superior, WI 94 Jackson, MS 109 Boise, ID 91 El Paso, TX 176 Jackson, TN 7 Boston, MA 175 Elmira, NY 48 Jacksonville, FL 182 Bowling Green, KY 150 Erie, PA 104 Johnstown-Altoona, PA 52 Buffalo, NY 120 Eugene, OR 181 Jonesboro, AR 98 Burlington, VT-Plattsburgh, NY 195 Eureka, CA 151 Joplin, MO-Pittsburg, KS 186 Butte-Bozeman, MT 103 Evansville, IN 207 Juneau, AK 196 Casper-Riverton, WY 202 Fairbanks, AK 31 Kansas City, KS-MO 90 Cedar Rapids-Waterloo-Iowa City-Dubuque, IA 116 Fargo-Valley City, ND 61 Knoxville, TN 85 Champaign-Springfield-Decatur, IL 70 Flint-Saginaw-Bay City, MI 128 La Crosse-Eau Claire, WI 95 Charleston, SC 54 Fresno-Visalia, CA 187 Lafayette, IN 66 Charleston-Huntington, WV 62 Ft. Myers-Naples, FL 124 Lafayette, LA 24 Charlotte, NC 101 Ft. Smith-Fayetteville-Springdale-Rogers, AR 174 Lake Charles, LA 183 Charlottesville, VA 111 Ft. Wayne, IN 114 Lansing, MI 184 Laredo, TX 200 Ottumwa, IA-Kirksville, MO 110 Sioux Falls-Mitchell, SD 41 Las Vegas, NV 81 Paducah-Cape Girardeau-Harrisburg-Mt Vernon 96 South Bend-Elkhart, IN 63 Lexington, KY 148 Palm Springs, CA 73 Spokane, WA 188 Lima, OH 154 Panama City, FL 75 Springfield, MO 105 Lincoln-Hastings-Kearney, NE 194 Parkersburg, WV 115 Springfield-Holyoke, MA 56 Little Rock-Pine Bluff, AR 117 Peoria-Bloomington, IL 201 St. Joseph, MO 2 Los Angeles, CA 4 Philadelphia, PA 21 St. Louis, MO 49 Louisville, KY 11 Phoenix, AZ 84 Syracuse, NY 144 Lubbock, TX 22 Pittsburgh, PA 106 Tallahassee, FL-Thomasville, GA 119 Macon, GA 23 Portland, OR 13 Tampa-St Petersburg-Sarasota, FL 82 Madison, WI 80 Portland-Auburn, ME 155 Terre Haute, IN 199 Mankato, MN 205 Presque Isle, ME 76 Toledo, OH 180 Marquette, MI 53 Providence, RI-New Bedford, MA 136 Topeka, KS 140 Medford-Klamath Falls, OR 170 Quincy, IL-Hannibal, MO-Keokuk, IA 118 Traverse City-Cadillac, MI 50 Memphis, TN 25 Raleigh-Durham, NC 97 Tri-Cities, TN-VA 189 Meridian, MS 172 Rapid City, SD 71 Tucson, AZ 16 Miami - Ft. Lauderdale, FL 107 Reno, NV 60 Tulsa, OK 35 Milwaukee, WI 57 Richmond-Petersburg, VA 192 Twin Falls, ID 15 Minneapolis - St. Paul, MN 67 Roanoke-Lynchburg, VA 108 Tyler-Longview, TX 142 Minot-Bismarck-Dickinson, ND 153 Rochester, MN-Mason City, IA-Austin, MN 171 Utica, NY 165 Missoula, MT 78 Rochester, NY 203 Victoria, TX 59 Mobile, AL-Pensacola, FL 135 Rockford, IL 87 Waco-Temple-Bryan, TX 137 Monroe, LA-El Dorado, AR 20 Sacramento-Stockton-Modesto, CA 8 Washington, DC 125 Monterey-Salinas, CA 143 Salisbury, MD 177 Watertown, NY 121 Montgomery, AL 34 Salt Lake City, UT 134 Wausau-Rhinelander, WI 102 Myrtle Beach-Florence, SC 198 San Angelo, TX 38 West Palm Beach-Ft. Pierce, FL 29 Nashville, TN 33 San Antonio, TX 157 Wheeling, WV- Steubenville, OH 51 New Orleans, LA 28 San Diego, CA 65 Wichita - Hutchinson, KS 1 New York, NY 6 San Francisco-Oakland-San Jose, CA 145 Wichita Falls, TX -Lawton, OK 42 Norfolk-Portsmouth-Newport News, VA 123 Santa Barbara-Santa Maria-San Luis Obispo, CA 55 Wilkes Barre-Scranton, PA 209 North Platte, NE 92 Savannah, GA 131 Wilmington, NC 146 Odessa-Midland, TX 14 Seattle-Tacoma, WA 122 Yakima-Pasco-Richland-Kennewick, WA 44 Oklahoma City, OK 161 Sherman, TX - Ada, OK 113 Youngstown, OH 74 Omaha, NE 83 Shreveport, LA 168 Yuma, AZ-El Centro, CA 18 Orlando-Daytona Beach-Melbourne, FL 149 Sioux City, IA 204 Zanesville, OH

Investing in Newspaper® Market Report 2015 Alphabetic Listing of Markets BIA/Kelsey • Phone: 703-818-2425 • www.biakelsey.com ® Investing in Newspaper Market Report 2015 Rank Listing of Markets BIA/Kelsey • Phone: 703-818-2425 • www.biakelsey.com

Rank Market Rank Market Rank Market

1 New York, NY 36 Cincinnati, OH 71 Tucson, AZ 2 Los Angeles, CA 37 Greenville-Spartanburg, SC-Asheville, NC 72 Des Moines-Ames, IA 3 Chicago, IL 38 West Palm Beach-Ft. Pierce, FL 73 Spokane, WA 4 Philadelphia, PA 39 Austin, TX 74 Omaha, NE 5 Dallas-Ft. Worth, TX 40 Grand Rapids-Kalamazoo-Battle Creek, MI 75 Springfield, MO 6 San Francisco-Oakland-San Jose, CA 41 Las Vegas, NV 76 Toledo, OH 7 Boston, MA 42 Norfolk-Portsmouth-Newport News, VA 77 Columbia, SC 8 Washington, DC 43 Birmingham, AL 78 Rochester, NY 9 Atlanta, GA 44 Oklahoma City, OK 79 Huntsville-Decatur-Florence, AL 10 Houston, TX 45 Harrisburg-Lancaster-Lebanon-York, PA 80 Portland-Auburn, ME 11 Phoenix, AZ 46 Greensboro-High Point-Winston Salem, NC 81 Paducah-Cape Girardeau-Harrisburg-Mt Vernon 12 Detroit, MI 47 Albuquerque-Santa Fe, NM 82 Madison, WI 13 Tampa-St Petersburg-Sarasota, FL 48 Jacksonville, FL 83 Shreveport, LA 14 Seattle-Tacoma, WA 49 Louisville, KY 84 Syracuse, NY 15 Minneapolis - St. Paul, MN 50 Memphis, TN 85 Champaign-Springfield-Decatur, IL 16 Miami - Ft. Lauderdale, FL 51 New Orleans, LA 86 Harlingen-Weslaco-Brownsville-McAllen, TX 17 Denver, CO 52 Buffalo, NY 87 Waco-Temple-Bryan, TX 18 Orlando-Daytona Beach-Melbourne, FL 53 Providence, RI-New Bedford, MA 88 Chattanooga, TN 19 Cleveland-Akron, OH 54 Fresno-Visalia, CA 89 Colorado Springs-Pueblo, CO 20 Sacramento-Stockton-Modesto, CA 55 Wilkes Barre-Scranton, PA 90 Cedar Rapids-Waterloo-Iowa City-Dubuque, IA 21 St. Louis, MO 56 Little Rock-Pine Bluff, AR 91 El Paso, TX 22 Pittsburgh, PA 57 Richmond-Petersburg, VA 92 Savannah, GA 23 Portland, OR 58 Albany-Schenectady-Troy, NY 93 Baton Rouge, LA 24 Charlotte, NC 59 Mobile, AL-Pensacola, FL 94 Jackson, MS 25 Raleigh-Durham, NC 60 Tulsa, OK 95 Charleston, SC 26 Baltimore, MD 61 Knoxville, TN 96 South Bend-Elkhart, IN 27 Indianapolis, IN 62 Ft. Myers-Naples, FL 97 Tri-Cities, TN-VA 28 San Diego, CA 63 Lexington, KY 98 Burlington, VT-Plattsburgh, NY 29 Nashville, TN 64 Dayton, OH 99 Greenville-New Bern-Washington, NC 30 Hartford-New Haven, CT 65 Wichita - Hutchinson, KS 100 Davenport, IA-Rock Island-Moline, IL 31 Kansas City, KS-MO 66 Charleston-Huntington, WV 101 Ft. Smith-Fayetteville-Springdale-Rogers, AR 32 Columbus, OH 67 Roanoke-Lynchburg, VA 102 Myrtle Beach-Florence, SC 33 San Antonio, TX 68 Green Bay-Appleton, WI 103 Evansville, IN 34 Salt Lake City, UT 69 Honolulu, HI 104 Johnstown-Altoona, PA 35 Milwaukee, WI 70 Flint-Saginaw-Bay City, MI 105 Lincoln-Hastings-Kearney, NE 106 Tallahassee, FL-Thomasville, GA 141 Beaumont-Port Arthur, TX 176 Jackson, TN 107 Reno, NV 142 Minot-Bismarck-Dickinson, ND 177 Watertown, NY 108 Tyler-Longview, TX 143 Salisbury, MD 178 Harrisonburg, VA 109 Boise, ID 144 Lubbock, TX 179 Alexandria, LA 110 Sioux Falls-Mitchell, SD 145 Wichita Falls, TX -Lawton, OK 180 Marquette, MI 111 Ft. Wayne, IN 146 Odessa-Midland, TX 181 Jonesboro, AR 112 Augusta, GA 147 Anchorage, AK 182 Bowling Green, KY 113 Youngstown, OH 148 Palm Springs, CA 183 Charlottesville, VA 114 Lansing, MI 149 Sioux City, IA 184 Laredo, TX 115 Springfield-Holyoke, MA 150 Erie, PA 185 Grand Junction-Montrose, CO 116 Fargo-Valley City, ND 151 Joplin, MO-Pittsburg, KS 186 Butte-Bozeman, MT 117 Peoria-Bloomington, IL 152 Albany, GA 187 Lafayette, IN 118 Traverse City-Cadillac, MI 153 Rochester, MN-Mason City, IA-Austin, MN 188 Lima, OH 119 Macon, GA 154 Panama City, FL 189 Meridian, MS 120 Eugene, OR 155 Terre Haute, IN 190 Greenwood-Greenville, MS 121 Montgomery, AL 156 Bangor, ME 191 Great Falls, MT 122 Yakima-Pasco-Richland-Kennewick, WA 157 Wheeling, WV- Steubenville, OH 192 Twin Falls, ID 123 Santa Barbara-Santa Maria-San Luis Obispo, CA 158 Bluefield-Beckley-Oak Hill, WV 193 Bend, OR 124 Lafayette, LA 159 Binghamton, NY 194 Parkersburg, WV 125 Monterey-Salinas, CA 160 Biloxi-Gulfport, MS 195 Eureka, CA 126 Columbus, GA 161 Sherman, TX - Ada, OK 196 Casper-Riverton, WY 127 Bakersfield, CA 162 Gainesville, FL 197 Cheyenne, WY-Scottsbluff, NE 128 La Crosse-Eau Claire, WI 163 Idaho Falls-Pocatello, ID 198 San Angelo, TX 129 Corpus Christi, TX 164 Abilene-Sweetwater, TX 199 Mankato, MN 130 Amarillo, TX 165 Missoula, MT 200 Ottumwa, IA-Kirksville, MO 131 Wilmington, NC 166 Billings, MT 201 St. Joseph, MO 132 Chico-Redding, CA 167 Hattiesburg-Laurel, MS 202 Fairbanks, AK 133 Columbus-Tupelo-West Point, MS 168 Yuma, AZ-El Centro, CA 203 Victoria, TX 134 Wausau-Rhinelander, WI 169 Clarksburg-Weston, WV 204 Zanesville, OH 135 Rockford, IL 170 Quincy, IL-Hannibal, MO-Keokuk, IA 205 Presque Isle, ME 136 Topeka, KS 171 Utica, NY 206 Helena, MT 137 Monroe, LA-El Dorado, AR 172 Rapid City, SD 207 Juneau, AK 138 Columbia-Jefferson City, MO 173 Dothan, AL 208 Alpena, MI 139 Duluth, MN-Superior, WI 174 Lake Charles, LA 209 North Platte, NE 140 Medford-Klamath Falls, OR 175 Elmira, NY 210 Glendive, MT

Investing in Newspaper® Market Report 2015 Rank Listing of Markets BIA/Kelsey • Phone: 703-818-2425 • www.biakelsey.com Information About Investing in Newspaper® Market Report Page 6 Introduction National Indices

Welcome to BIA/Kelsey’s Investing in Newspaper® 2015 Market Report. This is Comparison of various market, owner and station factors with the entire country provides the premiere market-by-market investment information guide on the newspaper industry. useful indicators of its potential. Below are several nationwide benchmarks: It is published annually and profiles the newspaper markets based on Television Market definition. All 210 markets profiled in this publication have 2014 market total gross revenue National Totals estimates totalling $21.7 billion. The combined estimated 2014 population of these 2014 Population1 ...... 318,521,268 1 210 markets is 317.7 million. Combined estimated 2014 Retail Sales for these mar- 2014 Retail Sales ...... $4,739,145,970,638 2014 National Income Per Capita ...... $42,366 kets are $4.617 billion. There are 1,295 daily and 5,533 weekly newspapers profiled 2014 BIA’s Estimated Newspaper Circulation Revenues ...... $6,785,287,000 Median Household ...... $80,115 in these markets. 2014 BIA’s Estimated Newspaper Average Household ...... $108,809 Advertising Revenues ...... $14,559,340,000 Notes for 2015 2014 BIA’s Estimated Newspaper Total Revenues ...... $21,724,560,000 2014 National The daily newspapers are listed in descending order by daily circulation while 2014 Total Personal Income1 ...... $13,494,362,684,447 Ethnic Breakdown the weekly newspapers are listed alphabetically. Current Total Estimated Daily Asian ...... 5.7% Newspaper Circulation ...... 40,868,900 Black ...... 12.9 Current Total Estimated Sunday White ...... 63.1 Market Reports Newspaper Circulation ...... 45,169,000 Spanish-Speaking ...... 17.4 Current Total Estimated Weekly Newspaper Circulation ...... 41,533,565 Each Market is presented in three main sections: Newspaper Overview — looks at the historic and projected growth of the market’s demographic and economic statistics as well as BIA/Kelsey’s estimated newspaper circulation, advertising and total revenues. National Growth Rates Circulation Detail — highlights individual newspaper’s estimated current and historic ‘09-’14 ‘14-’19 circulation details. If all newspapers for the market cannot fit on one page, the dai- Population (POP) 0.9% ...... 0.9% lies and weeklies are listed separately. The weeklies follow the Financial and Owner Households (HH) 1.3 ...... 1.0 Overview for the dailies. Retail Sales (RS) 3.5 ...... 1.7 Financial and Owner Overview — profiles details on each newspaper and its owner. Total Personal Income (TPI) 4.3 ...... 2.4

National Revenue Ratio Averages 2014 Revenue/$1,000 Retail Sales ...... $4.71 Revenue/Capita ...... $68.37

1 per Woods & Poole Econimics, Inc.

Investing In Newspaper® 2015. Copyright© BIA Advisory Services LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Copyrights BIA/Kelsey Woods & Poole Economics, Inc.

Copyright © 2015 by BIA Advisory Services, LLC (d/b/a BIA/Kelsey). The market demographic and economic data in this publication is based The contents are the property of BIA/Kelsey and are protected by on 2014 copyright data prepared by Woods & Poole Economics. Any copyright and other intellectual property laws. No part of this mate- questions or comments regarding these data should be directed to: rial may be reproduced or transmitted by any means, electronic or mechanical, including photocopying or recording in an information Woods & Poole Economics, Inc. storage and retrieval system, unless there is written permission from 4910 Massachusetts Avenue NW Ste 208 BIA/Kelsey or a license agreement with them for such use. All rights Washington, DC 20016-4368 reserved. Tel: 800-786-1915 www.woodsandpoole.com Information in this publication is solely for the internal use of clients of BIA/Kelsey and may not be distributed to third parties. The information is not for use as the basis for private offering, in a prospectus, in a valuation or appraisal report, or for developing derivative works distributed to third parties without written permission from BIA/Kelsey. Disclaimer Notice Permission is considered upon request and the submittal of an in- demniﬁcation and release form. Licensing agreements are available Every effort has been made to ensure the accuracy of the information in this publication. Any errors detected or called to our attention, for expanded use or external distribution. For further information, which in our opinion are material, will be corrected in future releases. please call 703-818-2425 or email [email protected]. BIA/Kelsey assumes no liability for any errors or omissions in the information, and shall not be liable for any injuries or damages (in- BIA ADVISORY SERVICES, BIA FINANCIAL NETWORK, BIAfn, cluding consequential) which might result from its use. INVESTING IN RADIO, INVESTING IN TELEVISION, INVESTING IN NEWSPAPER, RADIO YEARBOOK, TELEVISION YEARBOOK, and MEDIA ACCESS PRO are trademarks of BIA Financial Network, Inc. Questions about the Investing in Newspaper® 2015 Market Report or Warning: COPYRIGHT VIOLATIONS WILL BE PROSECUTED. BIA/ other BIA/Kelsey publications or services should be directed to: Kelsey shares 10% of the net proceeds of settlements and jury awards BIA/Kelsey. • 15120 Enterprise Ct., Chantilly, Virginia 20151-1217 with individuals who provide essential evidence of illegal copying or Phone: (703) 818-2425 • E-mail: [email protected] electronic distribution. To report violations, please contact 703-818- 2425 or email [email protected].

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Buffalo, NY Market Newspaper Overview Mkt Rank: 52 BIA Revenue Rank: 36 Demographic and Economic Overview (000s, except Retail Sales and Total Pers. Inc. in $000,000s) Market Newspaper Financials (all figures in 000's) Growth Growth 2009 2014 2014 2019 Rate Rate Circulation Advertising Total ESTIMATED 1 1,608 1,595 -0.2% 1,595 1,589 -0.1% Revenue Revenue Revenue Population REVENUES 3 Households 663 674 0.3% 674 681 0.2% $35,205 $98,090 $135,330 17,726 20,147 2.6% 20,147 20,922 0.8% Retail Sales Number Total Total Tot. Pers. Inc. 51,289 63,075 4.2% 63,075 68,298 1.6% 2014 Papers Circulation Penetation Pop Rank # 54 12 262,400 TV Households 619 White 82.8% Avg Household $ 93,617 Revenue/Retail Sales $6.72/1,000 Dailies 38.9 HH Rank # 52 Black 9.8% Per Capita $ 39,538 Revenue/Capita $84.85 Sunday 303,900 45.1 RS Rank # 61 # Market 2 Revenue/Household 10 Asian 2.2% 4.4% $200.79 Weeklies 33 410,146 60.9 TPI Rank # 55 Counties Hispanic Origin Buffalo, NY Circulation Detail BIA/Kelsey Estimated Current Circulation 2014 2013 No. Days Newspaper Publish Daily Mkt Share Mkt Pene Sunday Mkt Share Mkt Pene Est Daily Est Sunday Est Daily Est Sunday Buffalo News, The 7 D | 153,000 58.3 22.7 | 225,000 74.0 33.4 | 152,959 250,000 | 142,750 227,395 Kane Republican, The 6 D | 21,500 8.2 3.2 | | 21,500 | 21,500 Post-Journal, The 7 D | 14,700 5.6 2.2 | 16,500 5.4 2.4 | 14,716 16,484 | 14,716 16,484 Niagara Gazette 4 7 D | 14,000 5.3 5 2.1 | 13,500 4.4 2.0 | 13,994 13,496 | 13,994 13,496 Olean Times-Herald 7 D | 11,200 4.3 1.7 | 12,400 4.1 1.8 | 11,246 12,438 | 11,246 12,438 Bradford Era, The 6 D | 10,700 4.1 1.6 | | 10,700 | 10,700 Daily News, The 6 D | 10,000 3.8 1.5 | 11,800 3.9 1.8 | 10,000 11,800 | 10,000 11,800 Union-Sun & Journal 6 D | 8,200 3.1 1.2 | Sample 7,400 2.4 1.1 | 8,206 7,439 | 8,206 7,439 Evening Observer 7 D | 8,100 3.1 1.2 | 8,400 2.8 1.2 | 8,300 8,691 | 8,300 8,691 Tonawanda News 6 D | 5,000 1.9 0.7 | 4,500 1.5 0.7 | 5,008 4,487 | 5,008 4,487 Daily Reporter & Sunday Spectator 5 D | 4,200 1.6 0.6 | 4,400 1.4 0.7 | 3,870 4,300 | 3,870 4,300 Journal-Register, The 4 D | 1,800 0.7 0.3 | | 1,814 | 1,814

Investing In Newspaper® 2015. Copyright© BIA Advisory Services LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Investing In Newspaper® 2015 Copyright © 2015 BIA Advisory Services, LLC. Unauthorized distribution prohibited. (703) 818-2425 www.biakelsey.com Mkt Rank: 52 Newspaper Overview and Circulation Detail

1 Historic and Projected Market Indicators 3 Market Newspaper Financials This overview examines historical and projected growth trends for the follow- Market accumulation of revenues of all newspapers for Circulation, Advertising, ing four indicators. The growth rate is the compound average annual rate for the and Total Revenues. Also gives accumulated Daily, Sunday and Weekly circulation periods indicated. For comparison of each market’s growth rates with the entire totals and total market penetration (percent of total households in the market). country, see the tables on page 6. This information is licensed from Woods & Poole Ratios: Current Newspaper market revenue to retail sales, revenue per capita, and Economics, Inc. and is reprinted herein with their permission. revenue per household are presented. Market Population: Presented in thousands (000s) of people. Market Households (HH): Presented in thousands (000s) of households. Market Retail Sales (RS): Presented in hundreds of thousands ($000,000s) of dol- 4 Newspaper Rankings lars. Newspapers are listed in descending order by Estimated Daily Circulation for Market Total Personal Income (TPI): After tax disposable income available in the the Daily newspapers. If the total number of newspapers can ﬁt on one page, the market. Presented in hundreds of thousands ($000,000s) of dollars. weekly newspapers are also included on this page. The Weekly newspapers are listed alphabetically. The number of days per week the paper is published and the “D” (daily) or “W” (weekly) indicator is listed. 2 Market Rankings and Statistics Pop Rank: The market’s ranking by total 2014 population. 5 BIA/KelseyEstimated Current Circulation HH Rank: The market’s ranking by total 2014 households. Current estimated Daily and Sunday circulation, market circulation share, and RS Rank: The market’s ranking by total 2014 retail sales. market penetration (percent households). TPI Rank: The market’s ranking by total 2014 Total Peronsal Income available in the market. TV Households: The number of television households in the market presented in thousands (000s). Market Counties: The number of counties covered by the Market. White: The percentage of Caucasian population in the market. Black: The percentage of African-American population in the market. Asian: The percentage of Asian population in the market. Avg Household: The average 2014 household income in the market. Per Capita: The average 2014 income per person in the market. Hispanic Origin: The percentage of Hispanic residents in the market.

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Buffalo, NY Financial and Owner Overview Mkt Rank: 52

Est '14 Est '14 Est '14 Sales Owner Est No. Days Circ Rev Ad Rev Total Rev Price Date Owner # Total Rev Owner Newspaper City and State Publish (000) 1/ (000) 1/ (000) 1/ (000) Acq'dJOA Owner Papers (000) 1/ Rev Rank Buffalo News, The Buffalo, NY 7 D 18,218 70,817 89,040 Berkshire Hathaway Inc 1 89,040 40 Kane Republican, The 7 Kane, PA 6 D 164 2988 470 g 0305 Horizon Publications 2003 Inc 12 9,440 160 Post-Journal, The Jamestown, NY 7 D 1,936 3,261 5,200 Ogden Newspapers 72 155,830 31 Niagara Gazette Niagara Falls, NY 7 D 1,779 1,810 3,590 30,000e 9703 Community Newspaper Holdings Inc 122 270,750 20 Olean Times-Herald Olean, NY 7 D 1,070 2,230 3,300 Bradford Publishing Company 3 6,700 216 Bradford Era, The Bradford, PA 6 D 983 1,412 2,400 9 Bradford Publishing Company 10 3 6,700 216 Daily News, The Batavia, NY 6 D 1,651 1,032 2,790 Johnson Newspaper Corp 17 21,620 88 Union-Sun & Journal Lockport, NY 6 D 849 834 1,690 9701 Community Newspaper Holdings Inc 122 270,750 20 Evening Observer Dunkirk, NY 7 D 917 1,176 2,100 Ogden Newspapers 72 155,830 31 Tonawanda News North Tonawanda, NY 6 D 604 419 1,030 Community Newspaper Holdings Inc 122 270,750 20 Daily Reporter & Sunday Spectator Wellsville, NY 5 D 166 571 740 g 0506 GateHouse Media Inc 310 547,200 11 Journal-Register, The Medina, NY 4 D 178 133 320 9701 Community Newspaper Holdings Inc 122 270,750 20 Sample

7 Daily Newspaper Name, City & State Date Acq’d: The date (Year Month) the newspaper was acquired by the most recent Provides the newspaper’s name and the city and state in which it is located. Lists the purchaser. A new owner is presented only when the sales transaction is finalized. number of days published and the Daily (D) or Weekly (W) indicator. 10 Daily Newspaper Ownership Information 8 Daily Newspaper Financial Information JOA: Joint Operating Agreement. Shows as percentage of control over combined op- Estimated Circulation Revenue: Presented in thousands ($000), BIA/Kelsey’s estimate erations. of revenue derived from newspaper circulation for the year indicated. Owner: Name of the newspaper’s current owner. Estimated Advertising Revenue: Presented in thousands ($000), BIA/Kelsey’s estimate Owner # Papers: Total number of daily newspapers owned by the owner at time of of revenue derived from newspaper advertising for the year indicated. publication. Estimated Total Revenue: Presented in thousands ($000), BIA/Kelsey’s estimate Owner Est Total Rev: Presented in thousands ($000), this figure represents the total of total revenue derived from all sources for the year indicated. (NOTE: Includes revenue of daily newspapers owned by the subject owner. circulation, and advertising plus other miscellaneous revenue sources.) Owner Rev Rank: BIA/Kelsey’s ranking by revnue of this owner as compared to all daily newspaper owners. 9 Daily Newspaper Ownership Changes Sales Price: Presented in thousands ($000), this is the price paid for the newspaper. To the right of the price you may encounter a code that signifies the type of transactions (see Keys & Codes on page 12). 1/ See introduction section for interpretation of revenue estimates. InvestingInvesting In Newspaper In Newspaper®® 2015. 2015 CopyrightCopyright© BIA © Advisory 2015 BIA Advisory Services Services, LLC. LLC.Unauthorized Unauthorized distribution distribution prohibited. prohibited. (703) For 818-2425 permission: www.biakel 703-818-2425sey.com or [email protected] Rank: 52 Buffalo, NY Market Newspaper Overview Market Rank: 52 BIA Revenue Rank: 36 Demographic and Economic Overview (000s, except Retail Sales and Total Pers. Inc.I in $000,000s) Market Newspaper Financials (all figures in 000's) Growth Growth 2009 2014 Rate 2014 2019 Rate Circulation Advertising Total ESTIMATED Population 1,608 1,595 -0.2% 1,595 1,589 -0.1% Revenue 11 Revenue Revenue REVENUES Households 663 674 0.3% 674 681 0.2% $35,205 $98,090 $135,330 Retail Sales 17,726 20,147 2.6% 20,147 20,922 0.8% Number Total Total Tot. Pers. Inc. 51,289 63,075 4.2% 63,075 68,298 1.6% 7 2014 Papers Circulation Penetation Pop Rank # 54 12 262,400 TV Households 619 White 82.8% Avg Household $ 93,617 Revenue/Retail Sales $6.72/1,000 Dailies 38.9 HH Rank # 52 Black 9.8% Per Capita $ 39,538 Revenue/Capita $84.85 Sunday 303,900 45.1 RS Rank # 61 # Market Revenue/Household 10 Asian 2.2% 4.4% $200.79 Weeklies 33 410,146 60.9 TPI Rank # 55 Counties Hispanic Origin Buffalo, NY Weeklies Circulation Detail BIA/Kelsey Estimated Circulation Est '14 Est '14 Est '14 Owner Est 12 No. Days Circ Rev Ad Rev Total Rev Owner # Total Rev Newspaper City and State Publish Paid Free Mkt Pene (000) 1/ (000) 1/ (000) 1/ Owner Papers (000) Akron Bugle Akron, NY 1 W 1,593 0.2 102 149 290 Kasperek, Marilyn 1 290 Alden Advertiser Alden, NY 1 W 3,102 0.5 204 204 440 Weisbeck Printing and Publishing 1 440 Alfred Sun,The Alfred, NY 1 W 824 0.1 47 15614 250 Snyder, David 1 250 Amherst Bee Buffalo, NY 1 W 4,658 21,780 3.9 1,087 950 2,100 Bee Group Newspapers 15 9 5,560 Arcade Herald Arcade, NY 1 W 4,658 0.7 278 239 530 Neighbor to Neighbor News Inc 3 1,130 Bradford Journal-Miner Bradford, PA 1 W 5,335 Sample 0.8 278 232 530 Nichols, Grant and Debra 1 530 Buffalo Rocket Buffalo, NY 1 W 9,900 1.5 600 750 Rocket Communications 1 750 Cheektowaga Bee Cheekotowaga, NY 1 W 8,384 1.2 137 615 890 Bee Group Newspapers 9 5,560 Cuba Patriot & Free Press Cuba, NY 1 W 4,046 0.6 233 235 490 Empire Phoenix Corp 1 490 Depew Bee Depew, NY 1 W 1,117 13 0.2 107 217 380 Bee Group Newspapers 9 5,560 East Aurora Advertiser East Aurora, NY 1 W 3,722 312 0.6 204 153 370 Neighbor to Neighbor News Inc 3 1,130 East Aurora Bee East Aurora, NY 1 W 1,117 990 0.3 29 115 230 Bee Group Newspapers 9 5,560 Elma Review Elma, NY 1 W 1,006 0.1 47 144 230 Neighbor to Neighbor News Inc 3 1,130 Island Dispatch Grand Island, NY 1 W 1,504 0.2 23 201 230 Niagara Frontier Publications 3 1,020 Ken-Ton Bee Kenmore, NY 1 W 6,241 0.9 63 365 480 Bee Group Newspapers 9 5,560 Lackawanna Front Page Lackawanna, NY 1 W 12,575 1.9 382 433 850 Front Page Group Inc. 2 1,680 11Lancaster Bee Lancaster, NY 1 W 3,540 0.5 14 153 Weekly 187 Newspaper 360 Bee Group Financial Newspapers Information 9 5,560 Lewiston-PorterMarket Sentinel Overview Lewiston, NY 1 W 10,800 1.6 311 430 Niagara Frontier Publications 3 1,020 If theMayville total Sentinel number of newspapersMayville, cannot NY fit on one page,1 W the weeklies 873 listings follow 0.1 Estimated 47 Circulation 144 Revenue: 230 Ogden Presented Newspapers in thousands ($000), 72 155,830BIA/Kelsey’s Metro Community News Cheektowaga, NY 2 W 226,000 33.5 estimate of revenue 4,200 derived 4,210 fromMetro Group newspaper Inc circulation for 2 the year 5,500 indicated. theNiagara-Wheatfield Financial Overview Tribune in a slightlyWheatfield, different NY format.1 TheW Market Overview 10,395 is repro 1.5 - 243 360 Niagara Frontier Publications 3 1,020 ducedOrchard on Park the Bee first page of the WeekliesOrchard Park, listing. NY For explanation1 W see 2,981 Items 1 through 0.43 on Estimated 93 Advertising 205 Revenue: 350 Bee Group Presented Newspapers in thousands ($000), 9 BIA/Kelsey’s 5,560 Perry Herald Perry, NY 1 W 755 0.1 estimate 278 of revenue 188 derived 500 fromSturm, Lorrainenewspaper advertising for 1 the year 500 indicated. pagePort 9.Allegany Reporter-Argus Port Allegany, PA 1 W 1,656 107 0.3 47 144 260 Community Media Group 40 27,900 Potter Leader Enterprise Coudersport, PA 1 W 6,707 1.0 Estimated 353 Total 308 Revenue: 690 PresentedCommunity Media in thousandsGroup ($000), 40 BIA/Kelsey’s 27,900 estimate Rocket-Courier Bradford, PA 1 W 4,850 0.7 of total 209 revenue 254 derived from480 Keeler all sourcesNewspapers for the year indicated. 1 (NOTE: 480 Includes 12SalamancaWeekly Press NewspaperSalamanca, Name, NY City & 1StateW 1,940 0.3 240 560 1,000 Bradford Publishing Company 3 6,700 South Buffalo News Buffalo, NY 1 W 11,737 1.7 circulation, 390 and 409 advertising 830 plusFront Pageother Group miscellaneous Inc. revenue 2 sources.) 1,680 ProvidesSpectrum, the The newspaper’s nameBuffalo, and the NY city and state in3 Wwhich it is located. The 8,910 Weekly 1.3 680 870 Univ of Buffalo 1 870 Springville, NY 376 newspapersSpringville Journal are listed alphabetically. The number of 1daysW per week 11,640 the paper is pub1.7 - 15 541 950 Community Papers of Western NY 1 950 lished and “W” (weekly) indicator is listed. Weekly Newspaper Ownership Information 1/ See introduction section for interpretation of revenue estimates. Owner: Name of the newspaper’s current owner. Investing In Newspaper® 2015 Copyright © 2015 BIA Advisory Services, LLC. Unauthorized distribution prohibited. (703) 818-2425 www.biakelsey.com Market Rank: 52 13 BIA/Kelsey Estimated Current Circulation Owner # Papers: Total number of weekly newspapers owned by the owner at time Current estimated Paid and Free circulation and market penetration (percent house- of publication. holds). Owner Est Total Rev: Presented in thousands ($000), this figure represents the total revenue of weekly newspapers owned by the subject owner.

Investing In Newspaper® 2015. Copyright© BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Page 11 Information About Investing in Newspaper® Market Report Page 12

Keys and Codes General Codes After Sales Price

TPI Total Personal Income + Sales price is amount listed plus notes, stock, or debt.

JOA Joint Operating Agreement d Distress sale.

RS Retail Sales dn Donation.

TVHH Estimated Television Households e Estimated sales price.

g Group sale.

nc No cash consideration.

st Stock transfer.

sw Swap.

u Sales prices undisclosed.

Investing In Newspaper® BIA/Kelsey

. Newspaper Advertising Revenues 2009-2014

. Newspaper Advertising Revenue Growth Rates 2009-2014

. 2013-2014 Advertising Revenue Growth Rates by Region

Weekly Daily

$24

$20

$16

$12

$ Billion $ $17.9 $16.6 $14.9 $14.0 $13.1 $12.3 $8

$4 $2.8 $2.7 $2.4 $2.3 $2.3 $2.3 $0 2009 2010 2011 2012 2013 2014

-5%

-6.00% -6.40% -5.90% -7.40% -10% -10.30%

-15% Growth Rate Growth -20%

-25%

-26.70% -30% 2009 2010 2011 2012 2013 2014

-5.0% -5.1% -5.0%

-5.4% -4.9%