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AdAgeSPECIALREPORT 8.23.04 10 0 LEADING

MEDIACOMPANIES TOP 10: 1. 2. 3. 4. Online Time Warner Corp. Viacom Co. Download the full pdf version of this 5. NBC Universal 6. 7. DirecTV Group Special Report at QwikFIND 8.News Corp. 9. Co. 10.Clear Channel Communications aap87x

$209 bil. media pie Top to bottom Print powers TV tonnage Media family trees INSIDE Cable captures 36% From Time Warner’s Gannett, Time Warner Viacom, Comcast Corp. Holdings of the Top 15 of Top 100 media $29.25 bil. to Sunbeam claim newspaper, grab broadcast TV, media companies in revenue with $75.24 bil. TV’s $209 mil. revenue magazine leadership cable top dollar pullout poster Page S-2 Pages S-4, S-6 Page S-7 Page S-8 After page 14 August 23, 2004 | Advertising Age |S-2 100 LEADING AdAgeSPECIALREPORT MEDIA COMPANIES Cable, satellite TV fuel Top 100 100 Leading Media Cos. speed internet and even digital phone service. anemic 1.5% to $10.08 billion in revenue U.S. MEDIA REVENUE SPLITS Time Warner Cable expects to offer digital from 20 leading media companies with radio. FOR 100 LEADING MEDIA COS. phone service systemwide by the end of the National spot radio has seen a recent spike in gain 7.3% to reach year. ad revenue, however, with a 25.4% gain in Net revenue hits $208.9 billion as cable’s Growth at the “other” TV medium, May, and a 5.6% gain over the first five share expands to 36.0% of total from 34.8% $209 billion in revenue broadcast TV, registered only 2.1% to $33.52 months of this year, according to Cable networks Newspapers $29.57 billion; 14.1% By SCOTT MACDONALD billion in revenue for the 32 companies in the TNSMI/CMR. $34.26 billion; 16.4% Top 100 with broadcast TV. In fact, ad spending across all categories of But this year is looking better for the consumer media is up more than 10% through other Magazines $18.63 billion; $19.41 billion; 9.3% able and direct broadcast satellite medium, its ad revenue up 9% in the first five May 2004, according to TNSMI/CMR, with 8.9% TV are setting the media pace. The two months for network and spot combined, the biggest gainers being Spanish-language segments combined accounted for 42% according to TNS Media Intelligence/CMR. newspapers, up more than 100% from a low Cof total media revenue of the 100 The Olympics and the fall elections promise to base year, Internet, up 25%, and syndicated Leading Media Companies in Advertising power broadcast through the rest of the year. TV, up 17.5%. Age’s annual report, up from 40% in 2002. Co.’s freshly minted, 80%- Revenue for magazines was up only 2.8% Revenue for cable, which includes both owned NBC Universal hopes to reap Olympic for 33 leading media companies, although ad multiple system operators and cable TV bounty. The company was formed when NBC spending in consumer magazines was up networks, grew 11% in 2003 to $75.24 billion bought Vivendi Universal Entertainment from 7.1% through May. Countering the Top from the 32 companies in the Top 100 with French conglomerate Vivendi Universal in 100’s lackluster showing were a 13.3% cable, beating last year’s 10.3% growth. DBS May. Vivendi, ranked No. 26 last year, retains increase in magazine revenue at No. 11 even topped that with 20.5% combined a 20% interest in NBC Universal. Advance Publications, 12.4% at No. 15 growth, to $13.11 billion, from the two mega- Hearst Corp., and 15% at No. 31 Meredith Outdoor $4.81 billion; players, No. 7 DirecTV Group and No. 12 CABLE BOOSTS NBC Corp. Martha Stewart Living Omnimedia, 2.3% EchoStar Communications Corp. NBC strengthened its No. 5 ranking this year No. 95 in last year’s report, fell off the list year Cable systems $45.67 billion; Internet Overall, media revenue for all companies with cable network properties USA Network, due to a 25.6% decline in magazine revenue. 21.9% $12.95 billion; in the Top 100 rose 7.3% in 2003 to $208.90 Sci Fi and Trio, acquired in the transaction. The Newspapers grew a collective 4% among 6.2% Radio billion, beating last year’s 6.3% jump, with company slotted them alongside its Bravo and 36 Top 100 companies; category leader $10.08 billion; 4.8% Broadcast TV growth reported across all media segments. CNBC networks in its NBC Universal Cable Gannett Co. advanced 5.8%. For the first half $33.52 billion; 16.1% In the top-heavy media world, No. 1 Time division. Revenue produced by Universal of 2004, newspaper advertising grew 3.8% as Warner, at $29.25 billion in 2003 media Studios and theme parks, also part of the retail (48% of total) moved 2.6% and Notes: Data based on media splits in net revenue from this year’s 100 revenue, surpasses the distant No. 2 Comcast acquisition, are not counted in this report. classified (35% of total) grew 5.5%, according Leading Media Cos. “Other” media include FSIs, direct broadcast Corp. by more than $11 billion. Time Warner’s Radio as a medium grew the least, an to the Newspaper Association of America. I satellite and ad-supported electronic data delivery. cable segment, packed with content and distribution businesses, makes up more than half its media revenue. Even without the $8.6 PUBLICLY HELD MEDIA COMPANIES BY RETURN ON SALES billion in revenue that its America Online division contributes, Time Warner would RANKED BYNET INCOME AS A PERCENT OF REVENUE IN 2003 easily rank No. 1. The top four companies in RANK WORLDWIDE % RETURN ON SALES TOTAL COMPANY REVENUE NET INCOME (LOSS) the ranking make up over one-third of the total 2003 2002 MEDIA COMPANY HEADQUARTERS 2003 2002 +/- CHG 2003 2002 2003 2002 revenue of the Top 100. 1 4 Westwood One New York 18.5 19.8 -1.3 $539 $551 $100 $109 2 5 Gannett Co. McLean, Va. 18.0 18.1 0.0 6,711 6,422 1,211 1,160 NON-MEDIA BUSINESS EXCLUDED 3 NA Entercom Communications Corp. Bala Cynwyd, Pa. 17.9 -21.2 39.1 401 391 72 (83) In this report, media are U.S. content and 4 34 Radio One Lanham, Md. 17.7 2.4 15.4 303 296 54 7 distribution businesses supported by ad 5 11 17.7 12.1 5.7 406 408 72 49 revenue. Foreign operations of U.S. media Journal Register Co. Trenton, N.J. companies are excluded where possible, as are 6 NA Comcast Corp. Philadelphia 17.7 -90.0 107.6 18,348 16,754 3,240 (15,071) non-U.S. media operations of foreign-based 7 20 Tribune Co. 15.9 8.2 7.7 5,595 5,384 891 443 companies. Non-media businesses, as well as 8 26 Yahoo! Inc. Sunnyvale, Calif. 14.6 4.5 10.1 1,625 953 238 43 movie distribution, TV production and 9 10 E.W. Scripps Co. Cincinnati 14.5 12.2 2.2 1,875 1,536 271 188 Yellow Pages, also are excluded. As an 10 8 14.2 12.4 1.8 4,828 4,640 688 577 example, book publishing, film and video McGraw-Hill Cos. New York returns are removed from Time Warner’s 11 9 McClatchy Co. Sacramento, Calif. 13.7 12.3 1.4 1,099 1,067 150 131 total worldwide revenue, leaving $29.25 12 13 Reed Elsevier London 13.4 10.1 3.3 8,103 7,426 1,088 750 billion in media—74% of the worldwide total. 13 NA Clear Channel Communications , 12.8 -190.6 203.5 8,931 8,421 1,146 (16,054) Earlier this year, Comcast, cable’s largest 14 NA Liberty Corp. Greenville, S.C. 11.9 -7.0 18.9 200 207 24 (14) player and largely a distribution entity, made an 15 6 Davenport, Iowa 11.9 15.2 -3.4 657 524 78 80 attempt to gain a crucial content component by 16 21 11.9 7.9 3.9 1,311 1,091 155 87 proposing to buy No. 4 Walt Disney Co. for $54 Communications billion. Disney rejected the unsolicited offer, 17 12 Valassis Communications Livonia, Mich. 11.3 11.2 0.1 917 853 104 95 which would have put a combined Comcast- 18 7 Dow Jones & Co. New York 11.0 12.9 -1.9 1,549 1,559 171 202 Disney neck-and-neck with Time Warner in 19 3 Google Mountain View, Calif. 11.0 28.6 -17.7 962 348 106 100 terms of media revenue. 20 18 San Jose, Calif. 10.0 8.8 1.3 2,946 2,927 296 257 Comcast could pick off No. 17 Adelphia 21 19 10.0 8.3 1.6 423 416 42 35 Communications Corp., currently in Pulitzer St. Louis bankruptcy proceedings, in a possible sale at 22 31 Susquehanna Media Co. York, Pa. 9.6 3.2 6.4 376 349 36 11 year-end, but Adelphia comes with 5.3 23 15 Co. New York 9.4 9.7 -0.4 3,227 3,079 303 300 million subscribers, and no content. Comcast 24 14 Harte-Hanks San Antonio, Texas 9.2 10.0 -0.7 945 909 87 91 draws 95% of its revenue from its 21.5 25 17 Dallas 8.9 9.2 -0.2 1,436 1,428 129 131 million subscriber MSO. Notes: Dollars in millions. Return on sales is worldwide net income divided by worldwide sales. Companies shown are from the 100 Leading Media Cos. All figures were obtained from public documents. MSN Network Cable companies are increasingly offering (Microsoft Corp.), NBC Universal (General Electric Co.), American Express Publishing Corp. and Jefferson-Pilot Communications are not included in the return-on-sales chart because returns from their respective more than just TV as they expand into high- parent companies are largely non-media. August 23, 2004 | Advertising Age |S-4 100 LEADING AdAgeSPECIALREPORT MEDIA COMPANIES

100 LEADING MEDIA COMPANIES RANKED BY TOTAL NET U.S. MEDIA REVENUE IN 2003 RANK TOTAL NET U.S. MEDIA REVENUE WORLDWIDE WORLDWIDE NET REVENUE FROM THE U.S. BY MEDIUM IN 2003 2003 2002 MEDIA COMPANY HEADQUARTERS 2003 2002 % CHG PARENT REVENUE 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 000017,492 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 000007,696 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 000005,410 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 00004,819 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 00003,694 0 17 16 Adelphia Communications Corp. Greenwood Village, Colo. 3,584 3,426 4.6 3,584 NA 00003,584 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 000080 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 0000322 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 68.0 1,625 238 000001,355 27 28 Discovery Communications Silver Spring, Md. 1,264 1,121 12.8 1,995 NA 00001,264 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 000001,163 30 29 McClatchy Co. Sacramento, Calif. 1,098 1,069 2.8 1,099 150 1,098 00000 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 00001,005 0 33 72 Google Mountain View, Calif. 962 348 176.5 962 106 00000962 34 30 International Data Group 930 963 -3.4 2,410 NA 0 760 0 0 0 170 35 34 A&E Networks New York 905 846 7.0 905 NA 0 23 0 0 882 0 36 38 Insight Communications Co. New York 903 812 11.2 903 -14 00009030 37 37 Valassis Communications Livonia, Mich. 878 8167.591710400000878 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 48.0 32,187 9,993 00000836 40 33 Reader’s Digest Association Pleasantville, N.Y. 835 854 -2.3 2,388 67 0 835 0000 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 7764.4810-4700000810 44 36 Gruner & Jahr USA (Bertelsmann) New York/Hamburg 788 830 -5.0 19,175 237 0 788 0000 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 7233.07443673807000 47 46 Landmark Communications Norfolk, Va. 743 728 2.1 0 NA 448 0 65 0 231 0 48 45 Baltimore 724 731 -1.0 739 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 00008 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. Sources: BIA Financial Network (radio, TV, newspapers), Kagan World Media (cable), TNS Media Intelligence/CMR, Audit Bureau of Circulations and public documents. Continued on Page S-6. August 23, 2004 | Advertising Age |S-6 100 LEADING AdAgeSPECIALREPORT MEDIA COMPANIES

100 LEADING MEDIA COMPANIES Ranking continued from Page S-4 RANK TOTAL NET U.S. MEDIA REVENUE WORLDWIDE WORLDWIDE NET REVENUE FROM THE U.S. BY MEDIUM IN 2003 2003 2002 MEDIA COMPANY HEADQUARTERS 2003 2002 % CHG PARENT REVENUE NET INCOME NEWSPAPER MAGAZINE TV RADIO CABLE OTHER 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. 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 57300000 54 57 Zuckerman Media Properties New York 540 516 4.7 NA NA 3332070000 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 0000 58 52 American Media Lantana, Fla. 516 535 -3.6 516 24 0 516 0000 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 00000 61 61 Pulitzer St. Louis 423 4161.64234242300000 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 41000000 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 3880.24067238900000 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 00000368 68 67 Raycom Media Montgomery, Ala. 361 360 0.3 NA NA 00361000 69 74 Harte-Hanks San Antonio, Texas 360 3357.49458736000000 70 76 Rodale Press Emmaus, Pa. 355 309 15.0 NA NA 03550000 71 70 LIN TV Corp. Providence, R.I. 350 350 0.0 350 -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 Times Co. Seattle 346 361 -4.2 NA NA 34600000 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 0000 76 78 RCN Corp. Princeton, N.J. 339 299 13.2 485 -499 000024495 77 69 Forbes Inc. New York 318 354 -10.4 NA NA 03180000 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 -8.0 4,430 148 0 312 0000 80 82 Dennis Publishing New York 305 287 6.4 NA NA 03050000 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 29300000 84 86 Atlanta 282 253 11.6 282 500028200 85 85 Times Publishing Co. St. Petersburg, Fla. 280 258 8.6 280 NA 28000000 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 26600000 88 106 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 26100000 90 88 American Express Publishing Corp. New York 259 233 11.2 25,900 2,990 0 259 0000 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 00002410 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 02320100 97 114 Herald Media Boston 224 223 0.7 NA NA 22400000 98 91 Church of Jesus Christ of Latter-day Saints Salt Lake City 224 226 -0.9 NA NA 002619800 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. 209 202 3.2 NA NA 00209000 Notes: Dollars in millions.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. Non-U.S. media returns are excluded where possible. Parent returns are as reported and may be smaller than media total because media are pro forma where possible and often represent corporate segment totals without eliminations. August 23, 2004 | Advertising Age |S-7

TOP 25 NEWSPAPER COMPANIES TOP 5 YELLOW PAGES COS. RANKED BY NET U.S. NEWSPAPER REVENUE IN 2003 RANKED BY NET U.S. DIRECTORY PUBLISHING REVENUE IN 2003 RANK NEWSPAPER NET REVENUE DIRECTORY PUBLISHING REVENUE 2003 2002 COMPANY 2003 % CHG TOP NEWSPAPER CIRCULATION RANK COMPANY 2003 % CHG 1 1 Gannett Co. $5,610 5.8 USA Today 2,251,035 1 SBC Communications $4,478 -4.4 2 4,114 -4.0 2 2 Tribune Co. 4,017 2.4 983,727 Verizon Communications 3 BellSouth Corp. 1,906 -5.6 3 3 3,008 5.0 1,133,763 The New York Times Co. The New York Times 4 Dex Media* 1,631 5.4 4 4 Knight Ridder 2,768 -0.4 The Philadelphia Inquirer 387,692 5 Yellow Book USA (Yell Group) 1,023 32.2 5 5 Advance Publications 2,128 5.6 The Ledger (Newark, N.J.) 407,945 Notes: Dollars are in millions. Yellow and White Pages, though an ad medium, are not included as media in the 100 Media Cos. report. Data collected from annual reports. *Dex Media revenue is pro forma for 2003. Dex Media, 6 7 Hearst Corp. 1,458 10.5 Houston Chronicle 549,300 formerly Qwest Dex, was purchased in late 2003 by the Carlyle Group and Welsh, Carson, Anderson & Stowe. 7 6 Cox Enterprises 1,400 3.7 The Atlanta Journal-Constitution 401,077 8 8 Dow Jones & Co. 1,227 -1.9 The Wall Street Journal 2,101,017 9 9 McClatchy Co. 1,098 2.8 Star Tribune () 377,058 10 10 The Washington Post Co. 873 3.7 The Washington Post 772,553 11 11 Belo 746 1.7 The Dallas Morning News* 529,879 12 12 MediaNews Group 738 2.6 Denver Post 286,197 13 14 Freedom Communications 714 7.9 310,001 Word 14 13 E.W. Scripps Co. 692 1.5 Rocky Mountain News 286,004 15 17 Lee Enterprises 648 25.0 North County Times (Oceanside, Calif.) 94,360 play 16 15 Copley Press 573 8.1 San Diego Union-Tribune 355,771 17 16 Media General 544 2.9 Tampa Tribune 238,877 18 20 Landmark Communications 448 5.1 The Virginian-Pilot 201,300 19 18 Hollinger International 445 0.8 Chicago Sun-Times* 486,936 20 19 Morris Communications 438 1.1 Jacksonville Times-Union 169,093 21 21 Pulitzer 423 1.6 St. Louis Post-Dispatch 281,198 22 22 Community Newspaper Holdings 410 5.1 Tribune-Democrat (Johnstown, Pa.) 41,973 23 23 Journal Register Co. 389 0.2 New Haven Register 92,022 24 25 Harte-Hanks 360 7.4 PennySaver (S. Calif. shopper) 10,000,000 25 24 Seattle Times Co. 346 -4.2 Seattle Times 237,303 Notes: Dollars in millions. Newspaper revenue considered estimates and obtained from public documents and BIA Financial Network. Top newspaper and circulation from Audit Bureau of Circulations’ FAS-FAX March 31, 2004. *Newspapers overstated their circulation. Their numbers are under review. TOP 25 MAGAZINE COMPANIES RANKED BY NET U.S. MAGAZINE REVENUE IN 2003 RANK MAGAZINE NET REVENUE 2003 2002 COMPANY 2003 % CHG TOP MAGAZINE GROSS AD REVENUE 1 1 Time Warner $4,514 2.1 People $744 2 2 Advance Publications 2,197 13.3 Parade 613 3 3 Hearst Corp. 1,900 12.4 Good Housekeeping 402 4 4 Primedia 1,079 -3.4 Motor Trend 133 5 5 Reader’s Digest Association 835 -2.3 Reader’s Digest 242 6 8 Meredith Corp. 808 15.0 Better Homes & Gardens 654 7 6 Gruner & Jahr USA (Bertelsmann) 788 -5.0 Family Circle 302 8 7 International Data Group 760 -5.1 PC World 96 9 9 McGraw-Hill Cos. 668 -4.4 BusinessWeek 336 10 10 Reed Elsevier 601 -7.3 EDN 35 11 12 Hachette Filipacchi Media U.S. (Lagardere) 531 2.7 Woman’s Day 319 12 11 American Media 516 -3.6 Shape 110 13 13 Gemstar-TV Guide International 365 -12.5 TV Guide 382 14 18 Rodale Press 355 15.0 Men’s Health 109 15 16 The Washington Post Co. 354 1.3 Newsweek 431 16 14 United Business Media 345 -3.9 InformationWeek 121 17 15 Forbes Inc. 318 -10.4 Forbes 246 18 17 VNU 312 -8.0 Adweek 25 19 19 Dennis Publishing 305 6.4 Maxim 177 20 20 Walt Disney Co. 298 15.7 ESPN the Magazine 211 21 21 InterActiveCorp 269 5.0 Entertainment NA 22 22 American Express Publishing Corp. 259 11.2 Travel & Leisure 117 23 23 Crain Communications 232 6.0 Automotive News 38 24 24 National Geographic Society 225 4.9 National Geographic 69 25 26 Zuckerman Media Properties 207 4.1 U.S. News & World Report 201 Notes: Dollars in millions. Magazine totals on which the Top 25 are ranked are considered estimates. Top magazine and gross ad revenue are from Publishers Information Bureau (for consumer magazines) and TNS Media Intelligence/CMR for business publications. August 23, 2004 | Advertising Age |S-8 100 LEADING AdAgeSPECIALREPORT MEDIA COMPANIES

TOP BOOK PUBLISHERS TOP 25 BROADCAST TV COMPANIES RANKED BY WORLDWIDE REVENUE IN 2003 RANKED BY NET U.S. TV REVENUE IN 2003 BOOK PUBLISHING REVENUE RANK BROADCAST NET TV REVENUE RANK PUBLISHER 2003 % CHG 2003 2002 COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM GROSS REVENUE 1 Random House (Bertelsmann) $2,027 6.9 1 1 Viacom $7,761 4.1 CBS TV Network $5,828 2 1,177 2.4 HarperCollins (News Corp.) 2 2 NBC Universal (General Electric Co.) 6,193 -4.5 NBC TV Network 5,576 3 Time Warner book publishing 1,019 0.5 3 3 4,806 7.3 5,127 4 Simon & Schuster (Viacom) 711 3.0 Walt Disney Co. ABC TV Network 4 4 4,422 4.3 3,001 Notes: Book publishing is not considered media in determining the Top 100 media companies. Time Warner totals News Corp. Fox TV Network include Time Warner Book Group, Little Brown & Co. and Time Life even though it was sold in 2004. Other 5 5 Tribune Co. 1,323 8.3 WPIX (WB) 250 “publishing” excluded as media: Professional publisher Elsevier ($2.29 billion in 2003) at Reed Elsevier, and educational divisions, Harcourt Education ($1.49 billion) at Reed Elsevier, Kaplan ($838 million) at Washington 6 6 Univision Communications 1,059 6.7 Univision/TeleFutura networks 511 Post Co. and McGraw Hill Education ($2.29 billion). Dollars are in millions. Data collected from annual reports. 7 8 Sinclair Broadcast Group 724 -1.0 KOVR-TV (CBS) 41 8 7 Gannett Co. 720 -6.7 KUSA-TV (NBC) 92 9 9 Hearst Corp. 687 -4.8 WCVB-TV (ABC) 117 10 11 Time Warner 660 12.1 WB Network 1,024 11 10 Belo 647 -1.6 WFAA-TV (ABC) 126 12 12 Cox Enterprises 523 -2.9 KTVU-TV (FOX) 144 13 13 Raycom Media 361 0.3 WXIX-TV (FOX) 34 Numbers 14 14 350 0.0 42 LIN TV Corp. WISH-TV (CBS) game 15 15 The Washington Post Co. 315 -8.3 WDIV-TV (NBC) 97 16 16 E.W. Scripps Co. 304 -0.3 WXYZ-TV (ABC) 88 17 17 Media General 286 -4.3 WFLA-TV (NBC) 73 18 20 Meredith Corp. 272 6.9 WFSB-TV (CBS) 48 19 18 Paxson Communications Corp. 271 -2.2 WPXN-TV (PAX) 13 90,000,000 + 20 19 Clear Channel Communications 268 -2.1 WKRC-TV (CBS) 38 1 21 26 243 65.7 20 in-store impressions per month Gray Television WOWT-TV (NBC) 22 21 Emmis Communications Corp. 236 0.5 WKCF-TV (WB) 45 23 23 Sunbeam Television Corp. 209 3.2 WHDH-TV (NBC) 141 24 22 Young Broadcasting* 208 -7.7 KRON-TV (Independent) 61 50,000,000 25 24 Allbritton Communications Co.* 203 3.3 WJLA-TV (ABC) 103 active members Notes: Dollars in millions. Broadcast TV net revenue considered estimates and are largely found in public documents. Gross revenue (last column) is gross “ad” revenue for the broadcast networks—CBS, NBC, ABC, Fox, WB and Univision/TeleFutura—as provided by TNS Media Intelligence/CMR. Individual stations are by total gross revenue obtained from BIA Financial Network. *Allbritton Communications Co. and Young Broadcasting are not Top 100 Media companies, but are next in line after the Top 100. TOP 10 CABLE NETWORK OWNERS 5,000,000 + RANKED BY NET U.S. CABLE NETWORK REVENUE IN 2003 monthly direct mail RANK CABLE NETWORK NET REVENUE 2003 2002 COMPANY 2003 % CHG TOP CABLE NETWORK NET REVENUE 1 1 Time Warner $7,774 10.0 TNT $1,502 $ 2 2 Viacom 5,595 19.4 Nickelodeon 1,244 75,660 3 3 Walt Disney Co. 5,523 18.1 ESPN 2,872 mean household income2 4 4 News Corp. 2,313 18.0 Fox Sports Net 1,190 5 5 NBC Universal (General Electric Co.) 1,984 7.8 USA Network 933 6 6 Discovery Communications 1,264 12.8 Discovery Channel 541 97% 7 7 Cablevision Systems Corp. 979 12.2 American Movie Classics 285 8 10 Comcast Corp. 885 15.7 E! Entertainment Television 319 direct mail open rate3 9 8 A&E Television Networks 882 7.2 A&E Channel 480 10 9 Lifetime Entertainment Services 802 1.9 Lifetime Channel 734 #1 4 TOP 10 CABLE SYSTEM OWNERS incentive supplier 3 years running RANKED BY NET U.S. CABLE SYSTEM REVENUE IN 2003 RANK CABLE SYSTEM NET REVENUE 2003 2002 COMPANY 2003 % CHG CABLE SYSTEM SUBSCRIBERS 1 1 Comcast Corp. $16,607 9.0 Comcast Cable 21,500,000 2 2 Time Warner 7,699 9.4 Time Warner Cable 10,900,000 3 3 Cox Enterprises 5,759 14.3 Cox Cable 6,600,000 4 4 Charter Communications 4,819 5.5 Charter Cable 6,540,000 ® 5 5 Adelphia Communications Corp. 3,584 4.6 Adelphia 5,400,000 6 6 Cablevision Systems Corp. 2,715 12.2 Cablevision 2,944,000 7 7 Advance Publications 1,585 8.9 Bright House Networks 2,100,000 8 8 MediaCom Communications Corp. 1,005 8.9 MediaCom 592,000 1. & 3. Based on Blockbuster transaction data for 2003. This transaction data was adjusted by average shopping group size from 9 9 Insight Communications Co. 903 11.2 Insight 1,391,500 the Nielsen Media Research March/August 2003 Blockbuster TV Intercept Studies. 2. MRI 2003 Doublebase, base of adults 18+. 4. Incentive Magazine, May 2003. 10 10 The Washington Post Co. 459 7.0 Cable One 721,000 BLOCKBUSTER name, design and related marks are trademarks of Blockbuster Inc. © 2004 Blockbuster Inc. All rights reserved. Notes: Dollars in millions. Net revenue from top cable network owners are considered estimates and are from Kagan World Media. Leading cable systems in bottom chart were pulled largely from public documents as were subscriber totals. August 23, 2004 | Advertising Age |S-9

TOP 15 RADIO COMPANIES TOP U.S. ENTERTAINMENT COS. RANKED BY NET U.S. RADIO REVENUE IN 2003 RANKED BY WORLDWIDE REVENUE IN 2003 RANK RADIO NET REVENUE NET REVENUE 2003 2002 COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM GROSS REVENUE RANK ENTERTAINMENT DIVISION 2003 % CHG 1 1 Clear Channel Communications $3,695 -0.6 WLTW-FM, New York $69.6 1 Disney Entertainment $13,776 4.7 2 10,967 9.2 2 2 Viacom 2,098 -1.1 WINS-AM, New York 60.0 Warner Bros. Entertainment Group 3 NBC Universal Entertainment 5,638 7.8 3 3 612 5.7 40.4 Walt Disney Co. WPLJ-FM, New York 4 Fox Filmed Entertainment 4,894 16.5 4 4 Westwood One 539 -2.1 CBS Radio News* NA 5 Viacom Entertainment 3,390 13.4 5 5 Cox Enterprises 426 1.2 WSB-AM, Atlanta 44.5 Notes: Dollars are worldwide and in millions. Media tallies for the Top 100 do not count entertainment divisions which include movie studios–Walt Disney, Miramax, Hollywood, Touchstone and Dimension at Disney, Warner Bros. and New 6 6 Entercom Communications Corp. 401 2.5 WEEI-AM, Boston 30.2 Line Cinema at Time Warner, Universal Pictures at NBC Universal, Twentieth Century Fox at News Corp. and Paramount 7 7 Citadel Broadcasting Corp. 345 11.6 WIVK-FM, Knoxville, Tenn. 12.6 at Viacom– their related TV production and home video products, and parks/resorts. Data from public records. 8 8 Radio One 303 2.5 KKBT-FM, Los Angeles 44.9 9 11 Cumulus Media 282 11.6 WEBE-FM, Stamford, Conn. 11.5 10 10 Emmis Communications Corp. 280 9.8 KPWR-FM, Los Angeles 57.4 11 9 Univision Communications 278 8.2 KSCA-FM, Los Angeles 32.0 12 12 Susquehanna Media Co. 229 5.9 KNBR-AM, San Francisco 30.0 Serious 13 13 Church of Jesus Christ of Latter-day Saints 198 5.3 WTOP-FM, Washington D.C. 37.1 14 14 Salem Communications Corp. 170 9.1 KLTY-FM, Dallas/Fort Worth 15.0 15 15 Greater Media 148 4.8 WMJX-FM, Boston 24.0 Notes: Dollars in millions. Salem Communications Corp. and Greater Media did not rank among the 100 Leading Media Cos., but have enough revenue from radio to rank on Marketing this chart. *Westwood One does not own stations but provides content to over 7,000 radio stations. Gross revenue from BIA Financial Network. TOP 10 INTERNET COMPANIES RANKED BY NET U.S. INTERNET MEDIA REVENUE IN 2003 Solutions RANK INTERNET NET REVENUE 2003 COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM 1 Time Warner $8,600 -5.4 America Online from a 2 Yahoo! Inc. 1,355 68.0 Yahoo.com 3 Google 962 176.5 Google.com 4 MSN Network (Microsoft Corp.) 836 48.0 MSN Network company 5 Dow Jones & Co. 322 4.0 The Wall Street Journal Online 6 CNET Networks 197 7.5 CNET.com known 7 International Data Group 170 4.9 PCWorld.com 8 Primedia 107 4.7 About.com 9 RCN 95 8.4 RCN Internet for 10 Knight Ridder 80 44.2 Real Cities Network Notes: Dollars in millions. Revenue considered estimates. Companies listed are from the 100 Leading Media Cos. Data from public documents. fun! TOP OUTDOOR COMPANIES RANKED BY NET U.S. REVENUE IN 2003 Sound like an oxymoron? It isn’t. ® RANK OUTDOOR NET REVENUE At BLOCKBUSTER our customers 2003 COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM know us for fun. Yet corporate clients 1 Clear Channel Communications $2,175 16.9 Clear Channel Outdoor know we mean business. 2 Viacom 1,748 7.0 Viacom Outdoor From advertising channels that 3 Lamar Advertising Co. 810 4.4 Lamar Media Corp. deliver millions of impressions per Notes: Dollars in millions. Revenue considered estimates and from public documents. Companies listed are from the 100 Leading Media Cos. month to award-winning incentives, BLOCKBUSTER Marketing Solutions OTHER MEDIA LEADERS gives you all the tools you need for fully-integrated marketing programs RANKED BY NET U.S. REVENUE IN 2003 designed to drive success. DIRECT BROADCAST SATELLITE (DBS) Ready to get down to business? RANK DBS NET REVENUE Give us a call. We’ll roll up our sleeves 2003 COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM SUBSCRIBERS and customize a program for your 1 DirecTV Group $7,696 19.4 DirecTV 12,200,000 organization. No kidding around. 2 EchoStar Communications Corp. 5,410 22.1 DISH Network 9,425,000 Notes: Dollars in millions. DirecTV Group split off from General Motors Corp. at the end of 2003 and News Corp. acquired 34% of the stock in the new company. Call 1-800-733-1950 or visit blockbustersolutions.com/serious. FREE-STANDING INSERTS (FSI) Mention Promo Code AAG43. RANK FSI NET REVENUE GROSS AD REVENUE 2003 COMPANY 2003 % CHG 2003 2002 % CHG 1 Valassis Communications $878 7.5 $233.3 $250.7 -6.9 2 News America Marketing (News Corp.) 624 15.6 294.0 226.2 30.0 ® Notes: Dollars in millions. FSI net revenue considered estimates. Gross ad revenue provided by TNS Media Intelligence/CMR.

BLOCKBUSTER name, design and related marks are trademarks of Blockbuster Inc. © 2004 Blockbuster Inc. All rights reserved.