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Investing In ® MARKET REPORT 2021 Second Edition

Also available via the Internet through BIA’s MEDIA Access Pro™

BIA • 14901 Bogle Drive, Suite 101, Chantilly, VA 20151-1736 • Phone: 703-818-2425 • Fax: 703-803-3299 • E-mail: [email protected] • Web: www.bia.com Investing in Television® Market Report 2021, 2nd Edition Alphabetic Listing of Markets BIA • Phone: 703-818-2425 • www.bia.com

Rank Market Rank Market Rank Market

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

Investing in Television® Market Report 2021, 2nd Edition Alphabetic Listing of Markets BIA • Phone: 703-818-2425 • www.bia.com Investing in Television® Market Report 2021, 2nd Edition Rank Listing of Markets BIA • Phone: 703-818-2425 • www.bia.com

Rank Market Rank Market Rank Market

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

Investing in Television® Market Report 2021, 2nd Edition Rank Listing of Markets BIA • Phone: 703-818-2425 • www.bia.com Introduction National Indices

Welcome to BIA’s Investing in Television® 2021 Market Report. This is the Comparison of various market, owner and station factors with the entire country premiere market-by-market investment information guide on the television indus- provides useful indicators of its potential. Below are several nationwide bench- try. Based on an annual cycle, it is published quarterly and profiles all 210 U.S. marks: television markets, as well as Puerto Rico. Of the 210 markets profiled in this publication, all 210 markets have 2020 2020 National Income market gross revenue estimates totalling about $18 billion. The combined esti- Per Capita ...... $47,348 mated population of these 210 markets is 334.8 million which represents 99% of National Totals Median Household ...... $98,951 the total U.S. population in 2020. Combined estimated 2020 retail sales for these Average Household ...... $120,556 markets are $5.23 billion which is 99% of estimated total retail expenditures for the 2020 Population1 ...... 335,044,000 country. As of the end of December 2020, there 1,371 full-power commercial 2020 Retail Sales1 ...... $5,227,133,908,000 stations licensed to operate in the U.S. About 87% of these stations are profiled 2020 BIA’s Estimated Gross TV Advertising 2020 National with revenue estimates in these 210 markets. Revenues ...... $18,287,775,000 Ethnic Breakdown TV Households as of 1/1/2021...... 120,927,290 Asian ...... 6.4% Notes for 2021 2020 Ttl Personal Income $15,863,582,334,000 Black ...... 13.1 White ...... 60.7 We have included market level estimates of online advertising Spanish-Speaking ...... 18.9 revenues from 2020 through 2025. We have included station level retransmission consent revenue estimates for 2020, and market level estimates of retransmission National Growth Rates consent revenues from 2020 through 2025. ‘15-’20 ‘20-’25 Population (POP) 0.9% ...... 0.9% BIA profiles only the digital signals of full power television stations and the Households (HH) 1.2 ...... 0.8 analog signals of Class A and LPTV stations that are still operating in analog. Ad- Retail Sales (RS) 1.8 ...... 1.4 ditionally, we have listed the Digital Multicast station signals at the bottom of the Total Personal Income (TPI) 2.2 ...... 2.1 Competitive Overview. .

National Revenue Ratio Averages Market Reports 2015 2020 2025 Revenue/$1,000 Each Market is presented in three main sections: Retail Sales ...... $3.69 .....$3.47 .... $2.84 Revenue/Capita .... $55.00 ..$54.17 .. $45.27 Revenue Overview Analysis — looks at the historic and projected growth of the market’s demographic and economic statistics and estimated revenue pie chart for group owners in the market and market revenue growth chart. 1 per Woods & Poole Economics, Inc.

Market Overview — provides historical overview of the market as well as BIA’s estimated television advertising revenues.

Competitive Overview — profiles the television stations in the local television market.

Investing In Television ® 2021 Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Copyrights

BIA Woods & Poole Economics, Inc.

Copyright © 2021 by BIA Advisory Services, LLC (d/b/a BIA). The market demographic and economic data in this publica- The contents are the property of BIA and are protected by tion is based on 2020 copyright data prepared by Woods & copyright and other intellectual property laws. No part of this Poole Economics, Inc. Any questions or comments regarding material may be reproduced or transmitted by any means, these data should be directed to: electronic or mechanical, including photocopying or recording in an information storage and retrieval system, unless there is Woods & Poole Economics, Inc. written permission from BIA or a license agreement with them 4910 Avenue NW Ste 208 for such use. All rights reserved. Washington, DC 20016-4368 Tel: 800-786-1915 Information in this publication is solely for the internal use of www.woodsandpoole.com clients of BIA and may not be distributed to third parties. The information is not for use as the basis for private offering, in a Disclaimer Notice prospectus, in a valuation or appraisal report, or for develop- Every effort has been made to ensure the accuracy of the information ing derivative works distributed to third parties without written in this publication. Any errors detected or called to our attention, which permission from BIA. Permission is considered upon request and the submittal of an indemnification and release form. Li- in our opinion are material, will be corrected in future releases. BIA censing agreements are available for expanded use or external assumes no liability for any errors or omissions in the information, and distribution. For further information, please call 703-818-2425 shall not be liable for any injuries or damages (including consequential) or email [email protected]. which might result from its use.

BIA ADVISORY SERVICES, BIA FINANCIAL NETWORK, BIAfn, INVESTING IN RADIO, INVESTING IN TELEVISION, INVESTING Special Note for Puerto Rico Market IN NEWSPAPER, and MEDIA ACCESS PRO are trademarks of Some demographic information for Puerto Rico is provided by BIA Financial Network, Inc. the Puerto Rico Planning Board. BIA has estimated some pro- jected demographic figures using historic growth rates. Warning: COPYRIGHT VIOLATIONS WILL BE PROSECUTED. BIA shares 10% of the net proceeds of settlements and jury Questions about the Investing in Television® 2021 Market Report or awards with individuals who provide essential evidence of il- other BIA publications or services should be directed to: legal copying or electronic distribution. To report violations, BIA• 14901 Bogle Drive, Suite 101, Chantilly, 20151-1736 please contact 703-818-2425 or email [email protected]. Phone: (703) 818-2425 • E-mail: [email protected]

Investing In Television ® 2021 Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] TV Market Rank: 208 1 Alpena, MI TV Market Competition Overview BIA Revenue Rank: 209 Confidence Rating: Revenue Information for OTA, Online/Interactive, and Retransmission ($000) 2 Revenue Type 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 -2020 CAGR 2019-2020 % 2020-2025 CAGR Over-the-Air-Revenue 1,800 1,900 1,900 2,200 3,000 2,800 2,600 3,000 2,600 3,000 2,500 9.2% -6.7% -2.2% Online/Interactive Revenue 120 130 140 150 200 300 200 300 300 300 300 20.1% 50.0% 0% Retransmission Revenue N/A 100 200 200 900 300 300 300 300 300 300 N/A -66.7% 0%

2020 TV Market Competition Revenue Demographic Breakout (000)

Gender < 12 12-17 18-24 25-34 35-44 45-54 Over 55 Total

Men 2.2 1.2 1.2 2 2 2.2 8.9 19.7 Women 2.1 1.2 1 1.9 1.9 2.2 9.5 19.8 Nat’l/Reg’l vs. Local Breakout 3 Market Data National/Regional Local TV Households (000) TV Market Counties

33.0% 67.0% 18 2

OTA Adv. Revs. Metrics 2020 Ethnic Population White 96.4% Year TV Rev / Capita TV Rev/(000) of Retail Sales 0.8% 2015 $46.04 $3.44 Black 2020 $70.89 $5.10 Asian 0.6% 2025 $62.34 $4.40 Hispanic 1.5% Income Data

Average Household Income Per Capita Income

$74,759 $36,112 Estimated TV Market Revenues (000)s 5 Market Rank: 208

Market Rank: 209 Sample Revenue Overview Population (000) 2015 Population 39 Retail Sales ($000,000) 2020 Population 40 2015 Retail Sales $523 2015-2020 CAGR 0.2% 2020 Retail Sales $550 2025 Population 40 2015-2020 CAGR 1.0% 2020-2025 CAGR 0.3% 2025 Retail Sales $568

2020-2025 CAGR 0.7% 4 Market Rank: 208 4 Market Rank: 209 Households (000)

2015 Household 18 Total Personal Income ($000,000) 2020 Household 19 2015 Total Personal Income $1,300 2015-2020 CAGR 0.9% 2020 Total Personal Income $1,428 2025 Household 20 2015-2020 CAGR 1.9% 2020-2025 CAGR 0.4% 2025 Total Personal Income $1,546

1.6% 2020-2025 CAGR Copyright © 2020 BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: (703) 818-2425 or [email protected] 5/2021

Investing In Television ® 2021 Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Market Profile Overview

1 Top Header TV Rev/Capita – Local TV Over-the-Air advertising revenue divided by total TV Market Rank : Market rank in number of television households. Population BIA Revenue Rank : Market Rank based on BIA market revenue data. TV Rev/(000) of Retail Sales - Local TV Over-the-Air advertising revenue di- Confidence Rating: Stars indicate BIA’s confidence level for the estimated rev- vided by total local Retail Sales (1,000) enues. Three stars are awarded for a high level of confidence (several reliable 4 outside sources); two stars for moderate confidence (limited outside sources); and Historic and Projected Market Indicators one for cautious confidence (estimated with our own resources). This overview examines historical and projected growth trends for the following 2 four indicators. The growth rate is the compound average annual rate for the Estimated Historic, Present and Projected Revenues: These are BIA’s periods indicated. For comparison of each market’s growth rates with the entire estimates of the gross advertising revenues (presented in thousands [$000s]) for country, see the tables on page 6. This information is licensed from Woods & this market for the period 2014 to 2024. The revenue estimates represent total Poole Economics, Inc. and is reprinted herein with their permission. time sales including local, regional and national spot sales, plus political and TV Market Population: Presented in thousands (000s) of people. network compensation. The figures do not include trade and barter, production or TV Market Households (HH): Presented in thousands (000s) of households. promotional revenues. TV Market Retail Sales: Presented in hundreds of thousands ($000,000s) of Gross revenue estimates are based on several factors including retail sales growth, dollars. historical revenue trends, market development, station entries and regional TV Market Total Personal Income (TPI): Total income available in the market. trends. BIA’s direct consultation with and survey responses from station operators Presented in hundreds of thousands ($000,000s) of dollars. and group owners in most markets yield additional data. Ethnicity Population Historic and Projected Growth Rates: We have also included the compound White: The percentage of Caucasian population in the market. average annual rate for the periods indicated: Historically for the last five years Black: The percentage of African-American population in the market. (2014-2019); Last year (2018-2019); and projected for the next five years (2019- Asian: The percentage of Asian population in the market. 2024). Hispanic Origin: The percentage of Hispanic residents in the market. Hispanic Following is the Retransmission consent revenue estimates for the market. This is defined as being of Hispanic origin or descent. includes 2019 estimates plus projections through 2024. 5 Group Owner Revenue Shares: 3 Market Statistics A pie chart shows the percentage of total estimated market revenues for each Demographic Breakout: This breakdown summarizes the population dispersion of the major owners in the market. The percentages include revenues from sta- by age and gender. The data is presented in thousands for each category grouping tions operated by these groups under a Local Marketing Agreement. These are and each age group is listed as a percentage of the total population. listed under the Parent Company name. TV Households: The number of households in the market presented in thou- sands (000s). Estimated Market Revenues: TV Market Counties: The number of counties covered by the TV Market. This is a graphic representation of the Estimates Historic and Projected Market Avg Household Income: Average 2019 household income in the market. Revenues. This gives a trend of revenues for the prior year and an estimate for Per Capita Income: The average 2019 income per person in the market. the next five years. Nat’l/Reg’l vs Local Breakout: Indicates source of market revenues by per- centage of National/Regional and Local Revenues.

Investing In Television ® 2021 Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] TV Market Rank: 208 BIA Revenue Rank: 209 Alpena, MI TV Market Competition Overview Confidence Rating:

Stations

Sales Price 2020 Station 2020 Adv Rev 2020 Retrans 2019 Station 2019 Adv Rev 2019 Retrans Call Letters Channel Pwr (kW) HAAT CP LMA Type Aff Owner Year Std Date Acquired ($000) Rev ($000) Share Rev ($000) Rev ($000) Share Rev ($000) WBKB-TV Alpena 11 20 662 Full Power Comm CBS Thunder Bay Bcstg 1975 Jan 1983 1,000 e 1,600 57.1% 300 1,700 56.7% 200 WCML Alpena 24 400 1311 NonComm PBS Central MI Univ 1975 0.0% 0.0%

Digital Multicast Stations

2020 Station Rev 2020 Adv 2019 Station 2019 Adv 2020 Station Rev 2020 Adv Rev 2019 Station Rev 2019 Adv Rev Call Letters Channel Aff Owner Call Letters Channel Aff Owner ($000) Rev Share Rev ($000) Rev Share ($000) Share ($000) Share WBKB-D3 11.3 ABC Thunder Bay Bcstg 750 26.8% 800 26.7% WBKB-D2 11.2 F&M Thunder Bay Bcstg 450 16.1% 500 16.7% WCML-D3 24.3 CRT Central MISample Univ 0.0% Market 0.0% Overview

Station Technical Attributes Owner: The most recent owner or proposed purchaser of the station. A proposed Call Letters: The licensed call letters of the television stations licensed to the purchaser is indicated by a “p” following the Date Acq’d. market. Year Std: The year the station first on the air. City of License: The city from which the is licensed to operate Date Acq’d: The date (Year Month) the station was acquired by the most recent as designated by the FCC. or proposed purchaser. Channel: The number of the digital channel for all full power staions. Analog chan- Sales Price: Presented in thousands, this is the price paid for the station. To the nels for some Class A and Low Power stations are indicated by a preceding ^. right of the price you may encounter a code that signifies the type of transaction Visual Power (kW): The power in kilowatts at which the station transmits its (See Keys & Codes). NOTE: Because the actual sales price of a station or group signal. may vary from the reported price, caution should be exercised with respect to HAAT: Height above average terrain of the station’s center of radiation (antenna) the use of these data. with respect to its surrounding terrain in feet. Estimated Station Revenues: BIA estimates gross revenues for the leading CP: A “cp” indicated next to the station’s power signifies that a construction stations in most markets. BIA’s revenue estimates do not include trade/barter, permit has been granted by the FCC to change some aspect of the station’s production or promotion revenues. We utilize direct mail surveys, telemarket- technical operations. ing, market contacts and computer modeling to generate these estimates. LMA: Local Marketing Agreement. The letter indicated in this column coincides Estimated Market Revenue Share: Estimated station revenues shown as a with the other stations in the market that operate with this one under such an percentage of total market revenues for the most recent year profiled. agreement. Historic Revenue Trends: Estimated station revenues shown as percentage CopyrightType: ©Classification 2020 BIA Advisory ofServices, the facilityLLC. Unauthorized as proscribed distribution byprohibited. the FCC. For permission: Different (703) station 818-2425 or permissiof [email protected] market revenues over the previous four years. 5/2021 types have different levels of transmitting power and obligations in serving their Estimated Station Retransmission Consent Revenues: BIA estimates re- local communities. transmission consent revenues for the leadings stations in all markets. Aff: The national network with which the station has an agreement to rebroad- Digital Multicast Signals: The multicast signals of digital commercial stations. cast a significant portion (-plus hours) of the network’s programming (see Keys & Codes).

Investing In Television ® 2021 Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Keys and Codes

General Construction Permit

ADI Aggregated Disposable Income cp A “cp” following the Power column indicates that the station has CA Class A - an upgrade for Low Power Television a constrution permit to change channel, power, or its antenna CD Class A Digital height to upgrade its technical facilities. The station is also au- HAAT Height Above Average Terrain (shown in feet) thorized to operate at the indicated power or height for testing purposes. LC Local Cable Channel LD Low Power Digital LMA Operates under Local Marketing Agreement Station Representatives (Rep) LP Low Power RE Retail Expenditures ABC ABC Television Sales TVHH Estimated Television Households as of 1/1/2019 Asian Asian Marketing & Media Services UHF - stations channel 13 and below AZT Azteca America TV Spot Sales * Denotes a non-commercial station CBSTV CBS Television Stations Codes After Sales Price Contl Continental Television Sales Eagle Eagle TV Sales + Sales price is amount listed plus notes, stock, or debt. FOX Fox Station Sales al Station sold for assumption of liabilities. HRP Harrington, Righter & Parsons, Inc. c# Indicates parent and satellite stations in the market. InHse In House cp Indicates sale of a station construction permit. KatzT Katz Direct Television Sales d Distress sale. Libmn Liberman Television Sales dn Donation. Mllnm Millenium Sales & Marketing e Estimated sales price. NBC NBC National Sales g Group sale. NPM National Public Media g# Parent/satellite of a group sale. Rosln Roslin Television Sales na Not available nc No cash consideration. Telmn p “p” after the date acquired (Date Acq’d) indicates a proposed TelRp TeleRep sale. UNI st Stock transfer. sw Station swap.

Investing In Television ® 2021 Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Station Affiliation

3AB Three Angels Netwk Fav Fave TV NNt NewsNet ABC ABC F&M FOX and Network NTD New Tang Dynasty Act The Action Channel F24 24 NV Nuestra Vision AcW AccuWeather FMC The Family Channel Nws All News AMG Access Media Group FNt FamilyNet PBS Public Broadcasting System AMy Antenna and My Network FNX Pos Ant Antenna TV FOR Foreign Language PUB Public Television AZT Azteca America FOX FOX Qst Quest TV bIN beIN Sports Extra get getTV QVC QVC Shopping Network Biz BizTV Network Gri theGrio QV2 QVC 2 BNC Bounce TV Grt Grit TV REL Religious Bzr H&I Heroes & Icons RTV CBC CBC Television HMy Heroes & Icons and My Network Rvn Rev’n TV CBN CBN News HsC The Channel SBN SonLife Broadcasting Network CBS CBS HSN Network SHP Shopping Networks CCT CCTV News HS2 Home Shopping Network 2 SHQ Shop HQ Che Cheddar HTN Heartland TV Network SLC Shop LC Chg Charge! IBN International Broadcasting Netork SML Smile of a Child Cir Circle ICN ICN TV Network SSN Soul of the South Network Cmt Comet TV INA Independent-Asian Stm CNA CBS, NBC, ABC, FOX. Any combination IND Independent Str Start TV of the first letters of these networks INS Independent-Spanish SWx SWX Right Now means dual affiliation; i.e. C&A would ION Network TBD TBD TV Network mean CBS and ABC. JTV Jewelry TV TBN Trinity Broadcasting Network Coz TV KDS PBS Kids TCN Crt Court TV KOR Korean Programming TCT Total Christian Television CtM Court TV Mystery Laf Laff TEL Telemundo CRT Create LAT LATV - Bilingual Spanish/English TEX Telemundo Exitos TV CRW Create and World Network TEV CTN Christian Television Network LIF Lifestyle Ths This TV CTV Network Loc TrC CW CW Television Network LX LX TRe TrueReal CW+ CW Plus Me Me TV Tws Twist Dbl MMy Me TV and My Network UNI Univision Dec Decades TV Network MGA Mega TV - Spanish UnM UniMas Dfy Defy TV Mov Movies! TV Network USP Untamed Sports DRK Dark MCz My and Cozi TV VTM Vietnamese Programming Dst Daystar TV Network MTh My and This TV WLD World DW My My Network TV Wlk The Walk TV EDU Educational NBC NBC WNt WeatherNation TV ENL Spanish NCP NBC, CBS and PBS Wx Weather EST Estrella TV NHK NHK World WxN Weather & News EXP PBS Explorer NMx TV Yto Youtoo America TV

Investing In Television ® 2021 Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Investing In Television®, 2nd Edition 2021

Television Trends Covered:

� Number and Dollar Value of Television Stations Sold: January – May, 2020 & 2021

� Top Ten Television Station Deals: January – May 2021

� Historic TV Advertising Growth Markets – Top 10: 2015 – 2020

� Future TV Advertising Growth Markets – Top 10: 2020 – 2025

� TV Adv. Revs/Retail Sales Averages by Market Size Range

� TV Adv. Revs/Capita Averages by Market Size Range

© 2021 BIA Advisory Services. All Rights Reserved. January – May 2021 Television Station Industry Snapshot

� Total Number of Television Stations � Total Value of Television Stations Sold: 39 (-35.0% over January – May Sold: $4.14 Billion (+583% over 2020) January – May 2020) � Presque Isle, ME and Bangor, ME � 10 different states included in top are top two fastest growth markets ten fastest growth markets for for 2015-2020 2020 – 2025 � Television Advertising Revenues per � Television Advertising Revenues Retail Sales decreases as you move per Capita also decreases as you to smaller markets but evens out in move to smaller markets but the smallest markets evens out in the smallest markets

© 2021 BIA Advisory Services. All Rights Reserved. # of TV Stations Sold: January – May, 2020 & 2021

2020 – 2021: -35.0% 2020 60 2021

50 48

40

30 26

20

10 7 6 3 3 3 2 1 0 0 January February March April May

© 2021 BIA Advisory Services. All Rights Reserved. $ Value of TV Stations Sold: January – May, 2020 & 2021

2020 2020 – 2021: +583% $3,000 2021 2,825

$2,500

$2,000

$1,500 Millions 934 $1,000 531 $500 380

22 3 0 6 49 6 $0 January February March April May

© 2021 BIA Advisory Services. All Rights Reserved. January – May 2021 Top Television Station Deals

Month # of Stations Price (000s) Buyer Seller Acquired

May 17 $526,000 Inc Meredith Corp

February 20 $49,014 Gray Television Inc April 7 $15,000 Allen Media Bdcstg Gray Television Inc February 1 $4,500 Radiant Life Ministr Venture Technologies March 2 $4,000 Faith Bdcstg Network HC2 Holdings Inc January 1 $3,500 Cunningham Bcstg Horseshoe Curve Comm March 1 $3,000 Mission Bcstg Sinclair Bcst Group February 2 $800 Radiant Life Ministr Independent Comm Inc

Note: Full Power and Satellite TV sales only.

© 2021 BIA Advisory Services. All Rights Reserved. Historical Television Advertising Growth Markets Top Ten Compounded Annual Growth Rates: 2015 – 2020

Compounded Annual Growth Mkt. Rank Market Rate

206 Presque Isle, ME 22.98%

155 Bangor, ME 22.58% 91 Savannah, GA 21.33% 185 Butte-Bozeman, MT 21.21% 148 Sioux City, IA 20.21% 127 Columbus, GA 18.79% 202 Fairbanks, AK 16.17% 136 Wausau-Rhinelander, WI 14.24% 203 Zanesville, OH 14.17% 161 Missoula, MT 14.10%

© 2021 BIA Advisory Services. All Rights Reserved. Future Television Advertising Growth Markets Top Ten Compounded Annual Growth Rates: 2020 - 2025

Compounded Annual Growth Mkt. Rank Market Rate

36 Cincinnati, OH 21.91%

83 Waco-Temple-Bryan, TX 14.18% 105 Lincoln-Hastings-Kearney, NE 13.75% 50 New Orleans, LA 12.10% 115 Lansing, MI 9.94% 109 Sioux Falls-Mitchell, SD 8.45% 100 Tri-Cities, TN-VA 6.26% 106 Evansville, IN 5.95% 66 Spokane, WA 5.46% 21 Portland, OR 5.36%

© 2021 BIA Advisory Services. All Rights Reserved. 2020 TV Advertising Revenues/Retail Sales ($/1,000)

Average by Market Size Range $3.90 $3.81 $3.80 $3.78

$3.70

$3.60

$3.50 $3.43 $3.39 $3.40 $3.33 $3.31 $3.30

$3.20

$3.10

$3.00 1-10 11-25 26-50 51-100 101-150 151+

© 2021 BIA Advisory Services. All Rights Reserved. 2020 TV Advertising Revenues Per Capita

Average by Market Size Range $70.00

$59.16 $60.67 $60.00 $53.38 $51.18 $49.00 $50.50 $50.00

$40.00

$30.00

$20.00

$10.00

$0.00 1-10 11-25 26-50 51-100 101-150 151+

© 2021 BIA Advisory Services. All Rights Reserved. Preview of the Next Quarterly Edition

Investing In Television®, 3rd Edition Television Industry Trends to be Covered:

� Top Ten Television Station Deals: June – August 2021

� Number of Television Stations Sold: June – August, 2020 & 2021

� Dollar Value of Television Stations Sold: June – August, 2020 & 2021

� Top Ten Markets – Revenues per Disposable Income – 2020

� Top Ten Markets – Revenues per TV Household – 2020

© 2021 BIA Advisory Services. All Rights Reserved.