exv99wxcyx9y

ANALYSIS OF FCC LICENSES

COX RADIO, INC.

AS OF DECEMBER 31, 2008

TABLE OF CONTENTS


Introduction			1
Station Summary			2
Industry Overview			4
Marketplace Overview			6
Sources			8
FAS 142 Overview			8
Bond & Pecaro’s Experience			10

Executive Summary			11
Valuation Methods			11
Conclusion			11
Conditions and Limitations			12

FAS 142 FCC License Analysis			16
Discounted Cash Flow Analysis			17
Valuation Conclusion			26

Exhibits

A.   Weighted Average Cost of Capital Calculation
B.   Cox Radio FCC License Valuation Tables
C.   Qualifications of Timothy S. Pecaro and Benjamin K. Steinbock

[Bond & Pecaro Logo]

ANALYSIS OF FCC LICENSES

COX RADIO, INC.

VARIOUS MARKETS

AS OF DECEMBER 31, 2008

INTRODUCTION

Bond & Pecaro, Inc. has been retained by Cox Radio, Inc. (“Cox”) to assist the company in its FAS Statement 142 compliance activities. FAS 142 addresses the impairment of intangible assets and goodwill. The subject assets at issue in this report are the FCC licenses of the radio stations owned by Cox. Headquartered in Atlanta, Georgia, Cox owns 86 radio stations in 19 markets. The effective date of this analysis is December 31, 2008.

For the purposes of this analysis, it is assumed that the subject assets are installed as part of an operating business. Fair market value is defined as the price in cash or cash equivalents that would convey between a willing buyer and a willing seller, neither being under compulsion and both being fully informed. Under FAS Statement 157, Fair Value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.”¹ In this report, fair market value and Fair Value are used interchangeably.

In this analysis, Cox Radio, Inc.’s FCC licenses have been valued using an income approach. The Fair Values of the FCC licenses can be expressed by discounting these future benefits. The discounted cash flow analyses assume that the FCC licenses are held by hypothetical start-up stations, a method commonly referred to as the “greenfield approach.” This income approach is a direct method to valuing the FCC licenses of the Stations. The values


¹		Financial Accounting Standards Board of the Financial Accounting Foundation, Statement of Financial Accounting Standards No. 157, Fair Value Measurements.

[Bond & Pecaro Logo]

- 1 -

yielded by the discounted cash flow analyses of the Stations represent the portion of the Stations’ value attributable solely to its FCC licenses.

Station Summary

Cox owns the following radio stations (“the Stations”) in the following markets:


Market		Station
Athens		WGMG-FM
Athens		WNGC-FM
Athens		WPUP-FM
Athens		WGAU-AM
Athens		WRFC-AM
Atlanta		WALR-FM
Atlanta		WBTS-FM
Atlanta		WSRV-FM
Atlanta		WSB-FM
Atlanta		WSB-AM
Birmingham		WAGG-AM
Birmingham		WBHJ-FM
Birmingham		WBHK-FM
Birmingham		WBPT-FM
Birmingham		WNCB-FM
Birmingham		WZZK-FM
Birmingham		WPSB-AM
Dayton		WHIO-FM
Dayton		WHIO-AM
Dayton		WHKO-FM
Dayton		WZLR-FM
Greenville		WJMZ-FM
Greenville		WHZT-FM
Honolulu		KCCN-FM
Honolulu		KKNE-AM
Honolulu		KRTR-AM
Honolulu		KINE-FM
Honolulu		KPHW-FM
Honolulu		KRTR-FM
Houston		KHPT-FM
Houston		KKBQ-FM
Houston		KHTC-FM
Houston		KTHT-FM
Jacksonville		WAPE-FM
Jacksonville		WFYV-FM
Jacksonville		WJGL-FM
Jacksonville		WMXQ-FM

[Bond & Pecaro Logo]

- 2 -


Market		Station
Jacksonville		WOKV-AM
Jacksonville		WOKV-FM
Long Island		WBAB-FM
Long Island		WBLI-FM
Long Island		WHFM-FM
Louisville		WPTI-FM
Louisville		WRKA-FM
Louisville		WSFR-FM
Louisville		WVEZ-FM
Miami		WEDR-FM
Miami		WFLC-FM
Miami		WHQT-FM
Miami		WHDR-FM
Orlando		WCFB-FM
Orlando		WDBO-AM
Orlando		WHTQ-FM
Orlando		WMMO-FM
Orlando		WPYO-FM
Orlando		WWKA-FM
Richmond		WDYL-FM
Richmond		WKHK-FM
Richmond		WKLR-FM
Richmond		WMXB-FM
San Antonio		KCYY-FM
San Antonio		KISS-FM
San Antonio		KKYX-AM
San Antonio		KONO-FM
San Antonio		KPWT-FM
San Antonio		KSMG-FM
Southern Connecticut		WFOX-FM
Southern Connecticut		WCTZ-FM
Southern Connecticut		WNLK-AM
Southern Connecticut		WSTC-AM
Southern Connecticut		WEZN-FM
Southern Connecticut		WPLR-FM
Southern Connecticut		WYBC-FM
Tampa		WDUV-FM
Tampa		WHPT-FM
Tampa		WPOI-FM
Tampa		WSUN-FM
Tampa		WWRM-FM
Tampa		WXGL-FM
Tulsa		KJSR-FM
Tulsa		KRAV-FM

[Bond & Pecaro Logo]

- 3 -


Market		Station
Tulsa		KRMG-AM
Tulsa		KKCM-FM
Tulsa		KWEN-FM

Industry Overview

According to the Federal Communications Commission (FCC), the commercial broadcasting industry in the United States consists of 582 VHF television stations, 796 UHF television stations, 4,778 AM radio stations, and 6,382 FM radio stations.¹ Each station has been granted a license by the FCC that provides authorization to operate and stipulates certain technical parameters such as antenna height and transmitting power. These stations provide entertainment, news, music, and other forms of programming to the public free of charge. In order to cover the costs of operation, commercial stations sell advertising time to local and national businesses, government agencies, and political organizations that seek to deliver information to the general public.

In 2002, as an outgrowth of its Congressionally-mandated biennial ownership review, the FCC began a proceeding to review all of its ownership rules affecting broadcasting and, on June 2, 2003, adopted new rules governing local and national television ownership, local radio ownership, and local cross- ownership of radio stations, television stations, and daily newspapers. Before the new rules took effect, however, the United States Court of Appeals for the Third Circuit imposed a stay on their effectiveness pending review.

In the rules adopted in June 2003, the FCC had proposed to increase the national television station ownership limit from 35% to 45% of national television households. While the review proceedings were pending before the Third Circuit, however, Congress enacted legislation that increased the national television ownership cap to 39%. This statutory enactment resolved, at least for the time being, the issue of the national television station ownership cap.


¹		As of June 30, 2008.

[Bond & Pecaro Logo]

- 4 -

In June 2004, the Third Circuit issued a decision remanding the FCC’s new rules for further consideration by the agency in light of the court’s opinion. The court’s June 2004 opinion giving the FCC direction for further consideration of the rules generally expressed approval of continuation of the 50% ownership attribution discount for UHF television station ownership under the national television cap, the elimination of the outright ban on newspaper/broadcast cross- ownership, and the restriction on the ownership by a single entity of more than one of the top-four television stations in a market. Most of the rules regarding radio and television station numerical ownership limits were remanded for further justification.

In its June 2004 decision, the court continued the stay of the FCC’s new rules pending the FCC’s response to the court’s remand. In September 2004, however, the court partially lifted the stay to allow most of the FCC’s new local radio ownership rules to go into effect, including the use of Arbitron Metro Markets (where available) in lieu of the former contour-based market definition and the inclusion of non-commercial stations in counting the number of radio stations in the local market.

As a result of the actions by the court and by Congress, the FCC continues to enforce the broadcast ownership rules that existed before its June 2003 order, except for those local radio ownership rules that the court allowed to take effect and except for the new national television station ownership cap that Congress revised by statute. It remains to be seen what rule changes the FCC will propose in response to the court’s remand order and whether those rules will withstand further judicial review.

It is estimated that over 600 million radio receivers are in use by the American public. Approximately 98% of all households in the United States are equipped with television receivers; 75% of all households own more than one television set.

[Bond & Pecaro Logo]

- 5 -

The link between audience size and advertising revenues is fundamental to the broadcasting industry. Broadcasters constantly seek to provide programming that will develop the widest appeal among radio listeners and television viewers. The more effectively the broadcaster is able to meet the preferences of the public, the larger the station’s audience will be. The larger the audience that a station can offer to advertisers, the more advertisers will be willing to pay for time on the station. This relationship between audience size and advertising revenues is axiomatic in the broadcasting industry and is the primary determinant of success or failure among station operators.

In recent years, the broadcasting industry has become increasingly competitive. The FCC has issued additional licenses for radio and television stations in almost every market in the country. Moreover, traditional broadcast operators have come under increasing pressure from satellite-distributed program services, cable television systems, compact discs (CDs), digital video disks (DVDs), portable music devices (iPods), Internet businesses, and other competing technologies.

In order to build the largest audience share possible, stations invest heavily in tangible assets, such as tall towers and powerful transmitters, and intangible assets such as on-air talent and programming agreements. Similarly, investments in equipment and intangible assets, such as managerial talent, may be oriented toward controlling costs and increasing profitability.

It is in this marketplace, one defined by a strong relationship between audience size and revenue on one hand, and increasing competition on the other, that the Stations operate.

Marketplace Overview

Even prior to the subprime mortgage crisis and the associated global economic malaise, 2008 was shaping up to be a difficult year for radio broadcasters. The slowing advertising market combined with the perception — due in large part to the

[Bond & Pecaro Logo]

- 6 -

aforementioned increase in media competition — that radio broadcasting is a waning medium has lead to substantial decreases in the value of radio properties, both in the public and private markets. The financial crisis has served to aggravate this decline, as advertising revenue expectations have fallen even further and the paralysis of the credit markets has brought transactions to a virtual standstill. A few key metrics of the radio broadcast industry stand out:

	-		The Radio Advertising Bureau estimates that total radio revenues are down 7.0% in 2008. BIA Advisory Services also forecasts a 7.0% decrease in 2008 and expects a 10.0% decrease in 2009. The most recent estimates from SNL Kagan have total (including non-spot) radio revenues down 8% - 9% in 2008 and a further 10.0% decrease has been forecast in 2009.¹ Between 2008 and 2018, SNL Kagan forecasts radio revenues to grow at only 0.8% per year. The lone bright spot comes from non-spot revenue, which is expected to be up 10.5% in 2008 and grow at an estimated 4.7% annually through 2018.

	-		Radio revenue as a share of total U.S. advertising dollars is expected to continue to decline. Slightly over 9.0% of total advertising spending in 2002, radio advertising is forecast to drop to 7.0% of total advertising dollars by 2010.

	-		Public and private radio values continue to fall, with the decreases dramatically outpacing any revenue or cash flow declines. In the public markets, the index of publicly-traded pure-play radio broadcast companies shows that radio stocks have fallen 87.8% in the last year alone. On the private market side, deal volume has dropped significantly, with 455 transactions taking place through September 2008, as compared to 1,131 transactions over the same period in 2007 and 678 transactions in 2006. At the same time, station values as a multiple of cash flow have also dropped. Stations have changed hands at an average of 10.7x cash flow in 2008, compared with 11.8x in 2007, 12.0x in 2006, and 13.2x in 2005.

Overall, these factors have combined to present a pessimistic view of the radio broadcast industry, which in turn has served to depress both public and private radio station values.


¹		SNL Kagan, Broadcast Investor: Deals and Finance, December 17, 2008.

[Bond & Pecaro Logo]

- 7 -

Sources

In performing this analysis, various data sources were employed. These include Arbitron Radio USA; 2008 Broadcasting & Cable Yearbook; SNL Kagan’s Radio/TV Station Annual Outlook: Market-by-Market Revenue Projections; Market Statistics Demographics USA 2008, County Edition; various issues of Kagan Research B-Stats and Broadcast Investor. Deal and Finance; other industry publications; and internal financial statements, reports, and documents provided by Cox. These materials are assumed to be accurate with respect to factual matters.

FAS 142 Overview

In July 2001, the Financial Accounting Standards Board (FASB) formally issued the standards in Statement 142, Goodwill and Other Intangible Assets. With certain limited exceptions, Statement 142 applies to fiscal years beginning after December 15, 2001.

Intangible Assets

FAS 142 requires that intangible assets without determinable lives be reviewed for impairment. A recognized intangible asset should be amortized over its anticipated useful life. Such amortization must reflect any anticipated residual value associated with the asset. By contrast, an intangible asset with an indefinite useful life should not be amortized until its life can be determined. Both types of intangible assets must be tested for impairment annually or more frequently in cases where impairment may have occurred.

Regarding these assets, the appropriate tests differ. For assets with determinable lives, the sum of the undiscounted cash flows over the life of the asset is compared to the carrying value, in accordance with Statement 144.¹ If the sum of the undiscounted cash flows does not exceed the carrying value, impairment exists and the Fair Value must be determined, with a loss equaling


¹		Financial Accounting Standards Board of the Financial Accounting Foundation, Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets.

[Bond & Pecaro Logo]

- 8 -

the difference between the Fair Value and the carrying amount recognized. For intangible assets without determinable lives (those that are not subject to amortization), the test consists of comparing the Fair Value of the asset to its carrying amount. Where necessary, an impairment loss equal to the difference must be recognized.

Regarding the combination of intangible assets for Statement 142 analysis, at their March 2002 meeting the FASB Emerging Issues Task Force (EITF) addressing Issue 02-7² released a consensus opinion. That opinion states:

	-		Separately recorded indefinite-lived intangible assets should be combined into a single unit of accounting if operated as a single asset.

	-		Determination is a matter of judgment.

	-		Certain indicators should be considered in making the determination.

Indicators that the assets should be combined include:

	-		The intangible assets were purchased in order to construct or enhance a single asset.

	-		Had the intangible assets been acquired in the same acquisition they would have been recorded as one asset.

	-		The intangible assets as a group represent the highest and best use of the assets.

	-		The marketing or branding strategy provides evidence that the intangible assets are complimentary.

Indicators that the assets should not be combined include:

	-		The intangible assets generate cash flows independent of any other intangible asset.

	-		Each intangible asset would likely be sold separately.

	-		The entity has adopted or is considering a plan to dispose of one or more intangible asset group separately.

	-		The intangible asset is used exclusively by different Statement 144 asset groups.

	-		Factors that might limit the useful life of one of the intangible assets would not similarly limit the useful lives of the other intangible assets combined in the unit of accounting.

Finally, Statement 142 states that if goodwill and another asset of a reporting unit are tested for impairment at the same time, the other asset shall be tested for impairment before


²		The Financial Accounting Standards Board, Emerging Issues Task Force, Issue 02-7, Meeting March 2002.

[Bond & Pecaro Logo]

- 9 -

goodwill. If the other asset is impaired, the impairment loss would be recognized prior to goodwill being tested for impairment.¹

Bond & Pecaro’s Experience

The professional staff of Bond & Pecaro has been retained to appraise over 5,000 media and communications businesses. Because of our prior experience in the radio broadcasting industry, we are uniquely qualified to value the radio station assets owned and operated by Cox. Members of the firm have extensive experience in the areas of broadcast engineering, market research, valuation related tax matters, and financial analysis. Senior members of our staff testify routinely as expert witnesses on issues related to the value of communications companies and their tangible and intangible assets.

The firm’s clients include AT&T, Belo, Cable One, CBS, Citadel, Clear Channel, Comcast, Conde Nast, Cox Enterprises, Discovery, Entercom, Fox, Gray, The Hearst Corporation, LIN, National Geographic, NBC, Newhouse, The New York Times, Paramount, Radio One, Regent, Time-Warner, Viacom, The Washington Post, Young Broadcasting, and many others.


¹		Financial Accounting Standards Board of the Financial Accounting Foundation, Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets, pg. 11.

[Bond & Pecaro Logo]

- 10 -

ANALYSIS OF FCC LICENSES

COX RADIO, INC.

VARIOUS MARKETS

AS OF DECEMBER 31, 2008

EXECUTIVE SUMMARY

An analysis has been prepared to determine the fair value of the Cox FCC licenses. The effective date of this analysis is December 31, 2008.

Valuation Methods

FAS Statement 142 requires that intangible assets that have indefinite useful lives will not be amortized but rather will be tested at least annually for impairment.

FCC Licenses

An analysis was undertaken to determine the value of the FCC licenses at the market level for the subject Radio Stations.

In these analyses, Cox Radio, Inc.’s FCC licenses have been valued using an income approach. The income approach measures the expected economic benefits that these assets bring to their holder. The Fair Values of the FCC licenses can be expressed by discounting these future benefits.

Conclusion

An analysis was undertaken to determine the value of the FCC licenses at the Cox Radio Stations. The following table summarizes the values of the Cox FCC licenses by market:

[Bond & Pecaro Logo]

- 11 -


	FCC License
	Appraised
Market	Value
Athens	$	26,692.3
Atlanta		274,234.6
Birmingham		26,686.9
Dayton		11,810.3
Greenville		9,413.8
Honolulu		5,898.2
Houston		73,414.6
Jacksonville		19,631.3
Long Island		56,886.9
Louisville		5,159.9
Miami		131,504.0
Orlando		117,388.8
Richmond		13,882.6
San Antonio		47,342.5
Tampa		81,254.6
Tulsa		26,195.0
Bridgeport		15,782.4
New Haven		19,230.9
Stamford-Norwalk		5,183.0

Total	$	967,592.5

Conditions and Limitations

Cox Radio, Inc. recognizes and confirms that Bond & Pecaro, Inc., in connection with performing the valuation services hereunder, (i) reviewed certain historical business, financial, and other company information that was publicly available or furnished to Bond & Pecaro, Inc. by members of Cox’s management; (ii) reviewed certain financial forecasts and other data provided to Bond & Pecaro, Inc. by members of Cox’s management; and (iii) conducted discussions with members of Cox’s management with respect to the business prospects and financial forecasts of Cox. In connection with such review and discussions, Bond & Pecaro, Inc. has relied upon the accuracy and completeness of the foregoing financial and other information, and Bond & Pecaro, Inc. has not assumed any responsibility for any independent verification of such information. With

[Bond & Pecaro Logo]

- 12 -

respect to Cox’s financial projections, Bond & Pecaro, Inc. has assumed that such projections have been reasonably prepared and reflect the best current estimates and judgment of Cox management as to the future financial performance of Cox.

This analysis is based upon a number of projections. Projections are inherently subject to varying degrees of uncertainty. Their accuracy depends, among other things, upon the reliability of the underlying assumptions and the occurrence of events beyond the control of Bond & Pecaro, Inc.

Cox acknowledges that the valuation of the intangible assets described herein is a subjective appraisal based upon Bond & Pecaro, Inc.’s experience and judgment in valuation and that it is dependent upon certain economic, market, financial, and other conditions. It should be understood that the valuation is an estimate and not a precise calculation. As such, Cox acknowledges and agrees that Bond & Pecaro, Inc. shall not be liable to Cox or its respective officers, directors, advisors, representatives, agents, and employees or any third party for, or in connection with, (i) the valuation; (ii) any services provided in relation to the valuation; or (iii) any indirect, special, or consequential damages, even if Cox is advised of the possibility thereof.

Cox shall indemnify and hold harmless Bond & Pecaro, Inc. and its respective officers, directors, advisors, representatives, agents, and employees, each such party an “Indemnified Person”, from and against any and all losses, claims, damages, liabilities, joint or several, related to or arising out of the valuation, including an Indemnified Person’s services relating to the valuation. Cox shall also reimburse each Indemnified Person for all expenses, including, but not limited to, reasonable fees and expenses of legal counsel, and usual and customary expenses for an Indemnified Person’s involvement in discovery proceedings or testimony incurred in connection with any threatened, or commenced, inquiry, investigation, action, or legal, administrative, or judicial proceedings related to or arising out of the valuation and any related services provided by

[Bond & Pecaro Logo]

- 13 -

Bond & Pecaro, Inc. The reimbursement obligations contained herein shall apply whether or not Bond & Pecaro, Inc. or any other Indemnified Person is a formal party to any proceeding. Notwithstanding the foregoing, Cox shall not be liable to an Indemnified Person for the foregoing claims and expenses to the extent that such claims and expenses are finally and judicially determined to have resulted directly and primarily from the bad faith, gross negligence, or willful misconduct of an Indemnified Person.

Bond & Pecaro, Inc. makes no representations or warranties as to the accuracy or completeness of the information or projections and assumptions contained herein, or otherwise furnished in connection with this analysis. Neither Bond & Pecaro, Inc. nor its personnel assume any liability for damages, direct or indirect, arising out of or related to this report, the information or assumptions or projections contained herein, any omissions from this report, or any information otherwise provided regarding this report.

Neither this firm nor any of its employees has any present or anticipated economic interest in Cox Radio, Inc., its individual radio stations, or any of its related subsidiaries. The compensation received by the firm was in no way contingent upon the values or the conclusions developed herein.

This appraisal was prepared for Cox Radio, Inc. in connection with its compliance with the requirements of FAS Statement 142. The report is not to be otherwise cited or disseminated without the prior written consent of Bond & Pecaro, Inc.

All information and conclusions contained in this report are based upon the best knowledge and belief of the undersigned, whose qualifications are attached hereto. The appraiser did not receive significant professional assistance regarding the preparation of this report other than from members of Bond & Pecaro’s staff.

[Bond & Pecaro Logo]

- 14 -

Recipients of this report agree that all of the information contained herein is of a confidential nature. This report may not be reproduced in whole or in part, or distributed to others. Each recipient agrees to treat it in a confidential manner, and will not, directly or indirectly, disclose or permit its agents or affiliates to disclose any such information without the prior written consent of Bond & Pecaro, Inc.

BOND & PECARO, INC.
1920 N Street, N.W.
Suite 350
Washington, D.C. 20036
(202) 775-8870
February 19, 2009


		/s/ Timothy S. Pecaro Timothy S. Pecaro

[Bond & Pecaro Logo]

- 15 -

ANALYSIS OF FCC LICENSES

COX RADIO, INC.

VARIOUS MARKETS

AS OF DECEMBER 31, 2008

FCC LICENSE VALUATION ANALYSIS

The valuation method used in this appraisal is based on the premise that the only assets unbuilt start-up stations would possess are FCC licenses. Other station assets, such as tangible assets, advertising contracts, programming contracts, employment agreements, leases, service contracts, going concern value, assembled staff, and the like, are all obtained or developed after station operations commence.

Discounted cash flow analyses were performed to establish the values of the FCC licenses within each market cluster. The results of the discounted cash flow analyses reflect the values attributable solely to each market’s FCC licenses.

The discounted cash flow model incorporates variables such as the forecast growth rate of each radio market, including consideration of population growth, household income, retail sales, and other factors influencing advertising expenditures; the existing and likely media competition within the market area, not limited to local radio stations, but also considering cable systems, television stations, and newspapers within the market; and market radio net revenues and the audience and revenue shares it is reasonable to expect the Cox stations to achieve over the projection period. The variables used in the analyses reflect historical market growth trends and market conditions.

The discounted cash flow projection period of ten years was determined to be an appropriate time horizon for the analyses. Broadcast station operators and investors typically expect to recover their investments within a ten-year period. It is during this period that

[Bond & Pecaro Logo]

- 16 -

projections regarding market revenues, station market shares, and operating profit margins can be made with the highest degree of accuracy.

Over this ten-year period, radio market revenues, market revenue shares, and operating profit margins were used to project operating profits. Federal and state taxes were deducted from the projected operating profits to determine after- tax net income. Depreciation expenses were added back to the after-tax income stream and projected capital expenditures and changes in working capital were subtracted to calculate the Stations’ net after-tax cash flow in each market.

The yearly stream of cash flows was adjusted to present value using a discount rate of 10.5%. The discount rate used is based upon an after-tax rate calculated for the broadcast industry as of December 31, 2008.

Additionally, it was necessary to project the Stations’ terminal values at the end of the ten year projection period. In order to determine these values, depreciation expenses were deducted from the Year 11 operating cash flow to determine taxable income. Income taxes, capital expenditures, and net changes in working capital were then deducted, and depreciation expense was added back, to determine an estimated after-tax free cash flow to use in perpetuity. The after-tax free cash flow was divided by a capitalization rate to determine the terminal value. These results were then discounted to present value at a rate of 10.5%.

Discounted Cash Flow Analysis

The assumptions used in the cash flow models reflect historical performance and trends in the Cox market clusters, as well as industry norms for similar stations. These assumptions, especially those pertaining to station revenue shares and operating profit margins, are, in part, reflective of the actual and forecast performance of Cox Radio as station owner. However, based on radio industry data, the revenue shares and operating margins used in the cash flow models all

[Bond & Pecaro Logo]

- 17 -

fall within a reasonable range of what could be expected from a typical market participant. The assumptions for the respective markets in this analysis are as follows:

Initial Capital Investment

As shown in Tables 1-38 in Exhibit B, an initial capital investment would be required to construct a start-up physical plant for the stations in each Cox market. The respective initial capital investments would be allocated toward securing land, buildings, broadcast equipment, office equipment, and related tangible property. Additionally, these funds would cover normal organizational expenditures. The investment reflects the appraiser’s judgment of the cost of these assets and organizational requirements as of December 31, 2008 and is consistent with the actual acquisition costs of the subject assets.

Market Revenue Projections

Radio market revenues have been based on estimated 2008 net revenues for each market through analysis of year-end 2007 and year-to-date 2008 market revenue data from Miller, Kaplan, Arase, & Co. (“Miller, Kaplan”) and market revenue projections contained in SNL Kagan Radio/TV Station Annual Outlook report. 2008 annual market revenues were calculated by applying the year-to- date percentage change of year-to-date 2008 versus 2007 to the 2007 annual revenues for each market. Additionally, a share analysis was conducted to determine the estimated impact of those stations in each market that did not report revenue data to Miller, Kaplan. The estimated share of revenue from non- reporting stations was then added to the gross total reported by Miller, Kaplan. Agency commissions were then deducted from the adjusted gross revenues at a rate of 12.0%. In order to provide an additional point of reference, the resulting net revenue estimate was averaged with the SNL Kagan 2008 net revenue estimate. In several markets, Miller,

[Bond & Pecaro Logo]

- 18 -

Kaplan data was not available, so 2008 markets revenues have been based only on SNL Kagan data. The complete calculation of the base year market revenues is detailed in Table 1.

2008 total market revenues were determined based on this data and market revenues were forecast over the 10-year projection period to reflect the expected long-term growth rates for the radio broadcast industry and each market. The Communications Industry Forecast 2008-2012 from Veronis Suhler Stevenson projects that broadcast radio revenue will decline 2.0% in 2009. More recent forecast from SNL Kagan and BIA project 10.0% and 9.0% declines, respectively, in 2009. Based on consultation with Cox Radio and other radio broadcasters, and giving weight to the current economic environment, the appraiser believes that an 8.0% decline is appropriate for 2009 revenue projections in each market. Consistent with other industry analysts, we have forecast a slight recovery beginning in 2010. Over the 10-year projection period, radio revenue growth rates have been projected to return to growth rates equal to the expected long-term growth rate in each market. The long-term growth rates have been estimated based on historical and expected performance in each market and are equal to or slightly below inflation. In determining radio revenue growth rates in each market, the appraiser has reviewed revenue growth forecasts from industry analysts including Kagan, Veronis Suhler, Morgan Stanley, and the Radio Advertising Bureau.

[Bond & Pecaro Logo]

- 19 -

Table 1

2008 Net Radio Revenue Projections
(Dollar amounts in thousands)


												Adj. Audience			Est. Adj.
	2007 YTD		2008 YTD		Sept. 07 -			2007		Est. 2008		Share of Non-			2008		Est. 2008		Est. 2008		Average
	MK Revs		MK Revs		Sept. 08			Gross MK		Gross MK		Reporting			Gross Total		NET Total		Kagan NET		2008 Net
Market	Thru Sept.		Thru Sept.		Growth			Revenues		Revenues		Stations			Revenues		Revenues¹		Revenues¹		Revenues
Athens²								Miller Kaplan Data Unavailable												N/A		N/A
Atlanta	$	278,837	$	240,107		-13.9	%	$	375,501	$	323,345		3.6	%	$	334,985	$	294,787	$	356,840	$	325,800
Birmingham		34,620		32,990		-4.7	%		46,972		44,760		10.8	%		49,595		43,643		43,736		43,700
Dayton		27,411		25,928		-5.4	%		37,333		35,313		7.8	%		38,068		33,500		35,376		34,400
Greenville		29,645		27,221		-8.2	%		39,376		36,156		11.6	%		40,350		35,508		39,776		37,600
Honolulu		27,038		26,429		-2.3	%		36,887		36,056		5.7	%		38,111		33,538		33,880		33,700
Houston		251,639		245,493		-2.4	%		337,832		329,581		10.3	%		363,528		319,904		334,840		327,400
Jacksonville		50,555		46,177		-8.7	%		67,319		61,489		4.0	%		63,949		56,275		59,752		58,000
Long Island		39,767		40,057		0.7	%		53,292		53,681		4.4	%		56,043		49,317		47,344		48,300
Louisville		37,262		35,683		-4.2	%		50,085		47,963		2.9	%		49,354		43,431		44,880		44,200
Miami		217,105		198,026		-8.8	%		295,869		269,868		6.3	%		286,870		252,446		267,784		260,100
Orlando		115,398		105,927		-8.2	%		153,346		140,761		8.4	%		152,584		134,274		120,912		127,600
Richmond		43,567		39,831		-8.6	%		57,543		52,609		1.3	%		53,292		46,897		52,448		49,700
San Antonio		76,506		78,527		2.6	%		101,721		104,408		8.8	%		113,596		99,964		101,992		101,000
Tampa		118,751		105,689		-11.0	%		158,154		140,758		9.0	%		153,426		135,015		137,808		136,400
Tulsa								Miller Kaplan Data Unavailable												42,680		42,700
Bridgeport								Miller Kaplan Data Unavailable												9,856		9,900
New Haven								Miller Kaplan Data Unavailable												16,808		16,800
Stamford-Norwalk								Miller Kaplan Data Unavailable												17,776		17,800


¹		Athens is not a ranked radio market, and as such, there is no market revenue data available. The FCC license revenues are based on the CXR clusters’ actual revenues. The base revenues have been adjusted upward to reflect the fact that the WNGC signal could be moved to downtown Atlanta and compete in the 9^th ranked Atlanta market.

²		Gross revenues adjusted for agency commissions at a rate of 12.0%.

[Bond & Pecaro Logo]

- 20 -

Market Revenue Share Projections

Market revenue share projections are based upon the average adjusted audience share from Arbitron’s most recent ratings periods for comparable stations operating in each market. The average share for each station over four Arbitron ratings periods was calculated. For each market, stations that received a share from Arbitron but were not home to the market — and thus do not compete for revenue in that market – were removed from the analysis. These shares were then adjusted to total 100%. This assumption is not necessarily specific to the performance of Cox Radio stations and is predicated on the expectation that a new entrant into the market could reasonably be expected to perform at a level similar to the average competitor, assuming that competitor had similar technical facilities. In instances where the revenue or audience share of the Cox Radio market cluster has historically fallen well below the peer performance, certain adjustments were made to mitigate the hypothetical share.

Based upon the experience of similar stations operating in comparable radio markets, new stations with similar facilities could expect to attain a stable revenue share by the end of a three-year maturation period. Revenue shares for the intermediate three-year period were estimated using linear interpolation.

Operating Profit Margins

Operating profits are defined as profit before interest, depreciation and amortization, income tax, and corporate allocation charges. Operating profits are then divided by broadcast revenues, net of agency and representative commissions, to compute the operating profit margin.

Operating profit margins for each Station are projected based upon industry operating margin norms from Bond & Pecaro internal data through August 31, 2008, which reflect market size and station type. This assumption is not specific to the performance of the Cox stations and is

[Bond & Pecaro Logo]

- 21 -

predicated on the expectation that a new entrant into the market could reasonably be expected to perform at a level similar to the typical competitor. While radio station operating margins have fallen in recent years, most radio broadcast owners have made significant cost-cutting moves in the past year and, as a result, margins have remained relatively strong. A summary of the mean and median operating margins by market size and station type is detailed in Table 2. In instances where the margin of the Cox Radio market cluster has historically fallen well below the peer performance, certain adjustments were made to mitigate the hypothetical margin.

Given industry experience of comparable stations, new stations with similar facilities could expect to attain a stable operating margin by the end of a three-to five-year maturation period. Operating margins for the intermediate three-to five-year period were estimated using linear interpolation.

[Bond & Pecaro Logo]

- 22 -

Table 2

Radio Operating Profit Margins¹


	FM			FM			AM			AM			AM/FM			AM/FM
Market Bracket	Average			Median			Average			Median			Average			Median
Average All		45.1	%		39.4	%		42.2	%		29.4	%		44.8	%		38.6	%
Average 1-5		43.2	%		44.6	%		34.4	%		39.9	%		43.0	%		44.6	%
Average 6-10		54.1	%		49.8	%		49.3	%		46.0	%		53.0	%		49.2	%
Average 1-10		47.7	%		45.5	%		47.4	%		45.5	%		47.7	%		45.5	%
Average 11-25		48.7	%		46.6	%		45.6	%		40.2	%		48.2	%		45.9	%
Average 1-25		48.2	%		46.1	%		46.4	%		44.8	%		47.9	%		45.9	%
Average 26-50		43.9	%		41.7	%		38.2	%		30.8	%		43.0	%		39.6	%
Average 51-75		40.7	%		36.1	%		29.4	%		14.1	%		39.9	%		23.1	%
Average 26-75		41.9	%		35.8	%		35.6	%		21.6	%		41.1	%		33.9	%
Average 76+		35.7	%		35.2	%		14.7	%		22.5	%		33.6	%		30.5	%
Average 51+		32.7	%		29.8	%		28.5	%		18.5	%		32.1	%		26.3	%


¹		From Bond & Pecaro internal data through August 31, 2008.

[Bond & Pecaro Logo]

- 23 -

Depreciation and Amortization

Depreciation expense for each year has been determined using the MACRS schedule for 5, 7, 15, and 39 year property, based upon the reported cost of fixed assets present at the Cox stations. A provision has also been made for the intangible assets at the Cox stations, which are amortized over a 15-year period on a straight line basis for tax purposes. In the case of this analysis, intangible assets comprise the subject FCC licenses at each reporting unit.

Federal and State Tax Rates

An estimated tax rate was applied to the projected taxable income of the Stations in each market. This estimated rate reflects the effective combined federal and state tax rates in effect as of December 31, 2008.

Subsequent Capital Expenditures

Subsequent annual capital expenditures were estimated at 5.0% of the initial investment in property, plant, and equipment for each market. These expenditures are necessary in order to replace assets that become irreparable, technically obsolete, or for other reasons are no longer useful at the individual stations.

Changes in Working Capital

After-tax cash flow was adjusted for changes in working capital. The change in working capital reflects the difference between current assets and current liabilities and the ability of the Stations to fund working capital needs. A rate of 12.3% of revenues was determined to be appropriate in calculating changes in working capital, which equates to a reserve of approximately 45 days of sales and reflects the fact that the radio broadcast industry is not working capital intensive.

[Bond & Pecaro Logo]

- 24 -

Net After-Tax Cash Flow

Net after-tax cash flow was determined in two steps. After taxes were subtracted from the Stations’ taxable income, non-cash depreciation and amortization expenses were added back to net income to yield after-tax cash flow. From the after-tax cash flow, the provision for subsequent capital expenditures was deducted to calculate net after-tax cash flows.

Discount Rate

As of December 31, 2008, the base discount rate for the radio broadcast industry was determined to be 10.5%. The discount rate is not specific to Cox Radio or to the Stations, but is based upon the rate that would be used by a typical market participant. A full analysis of the 10.5% discount is contained in Exhibit A.

Capitalization Rate

The net after-tax cash flow was capitalized using a capitalization rate, resulting in a terminal value. The capitalization rate was determined by subtracting a long-term growth rate from the 10.5% discount rate. The long-term growth rates ranged from 1.0% to 2.5% based upon market conditions, anticipated station performance, forecasts prepared by Kagan Research, forecasts prepared by Cox, and discussions with Cox management.

Present Value of Terminal Value

In the analyses, depreciation expenses were deducted from the Year 11 operating cash flow to determine taxable income. Income taxes, capital expenditures, and net changes in working capital were then deducted, and depreciation expense was added back, to determine an estimated after-tax free cash flow to use in perpetuity. The after-tax free cash flow was divided by a

[Bond & Pecaro Logo]

- 25 -

capitalization rate to determine the terminal value. This result was then discounted to present value at a rate of 10.5%. The fair value incorporates the cumulative present value of the net after-tax cash flows over the ten-year projection period, the discounted terminal value, and the present value of the tax benefit of the remaining intangible asset amortization in Years 11 through 15.

Valuation Conclusion

Based upon the analyses continued herein, the total value of the subject Cox FCC licenses has been determined to be approximately $967.6 million. In Exhibit B, two tables are presented for each market which detail the calculations underlying each valuation.

[Bond & Pecaro Logo]

- 26 -

EXHIBIT A

Weighted Average Cost of Capital Calculation

As of December 31, 2008, the base discount rate for the radio broadcast industry was determined to be 10.5%. The discount rate is based on an after-tax rate determined using the Weighted Average Cost of Capital Model, as follows:

WACC = [Re x E] + [Rd x D]


where:
	WAAC	=	Weighted average cost of capital
	Re	=	Cost of equity
	Rd	=	Cost of debt
	E	=	Percentage of equity in capital structure
	D	=	Percentage of debt in capital structure

Cost of Equity

In this calculation, the cost of equity is determined using a build-up method using the formula:

Re = Rf + [Rp +[B x [Rm – Rf ]]]


where:
	Re	=	Cost of equity
	Rf	=	Rate of return on a risk-free security
	Rm	=	Long-term return on market
	Rp	=	Risk premium for small stocks
	B	=	Industry beta

and:

Risk-Free Return (Rf)

As is widely accepted, the risk-free return is based on the yields of U.S. Treasury securities as the instruments are considered to have the least risk of default. The duration of the security used should match the term of the discounted cash flow projection. As such, we have used the monthly average of the 10-year Treasury note as of November 2008.

Long-Term Market Return (Rm)

The 40-year average market return from the S&P 500 (1968-2007) was used to estimate the long-term return on the market. A 40-year time frame was deemed appropriate because it captures variations in long-term market returns while smoothing out the impact of business cycles and annual fluctuations. This time frame also reflects the uncertainty of the direction and magnitude of future yields on the market. A shorter time frame would not capture the long-term cyclicality of returns in the market. Additionally, while there is some debate on whether the expected return should be forward-looking, it is the appraiser’s opinion that employing a component that is predictive and subject to an array of assumptions adds an unnecessary level of uncertainty to the calculation.

[Bond & Pecaro Logo]

Small Stock Risk Premium (Rp)

A risk premium for small stocks was added to incorporate the risk over and beyond the broad market average. The appraiser utilized the micro-cap size premium from Morningstar’s Stocks, Bonds, Bill and Inflation 2008 Classic Yearbook. The micro-cap bracket comprises companies in the 9th and 10th deciles of market capitalization.

Beta (B)

The beta measures how the return of a specific stock (or portfolio) correlates to the return of the financial market (or the index that stock is listed on) as a whole.

So:


				Source
Rf	=	3.53	%	10-year Treasury Note, Monthly Average 11/08
Rm	=	11.23	%	1968-2007 Average S&P 500 Returns
Rp	=	3.65	%	Micro-cap Size Premium, Morningstar SBBI 2008 Classic Yearbook
B	=	1.23

Then:

3.53% + [3.65% + [1.23 x [11.23% – 3.53%]]] = 16.65%

Re = 16.7%

Cost of Debt

The cost of debt capital is estimated at the rate that a typical purchaser of the Radio One radio stations would require on interest-bearing debt. In this analysis, it has been assumed that the most likely buyer would come from a pool of publicly-traded radio broadcast owners. Because interest on debt is tax deductible, the after-tax rate has been used in the calculation:

Rd = R x [1 – t]

where:


Rd	=	After-tax cost of debt
R	=	Pre-tax cost of debt/corporate borrowing rate
t	=	Estimated tax rate

and:

Pre-tax cost of debt (R)

As all of the peer companies currently have debt ratings that fall below investment-grade, indicating that their cost of debt would be higher than the average investor, we have estimated the pre-tax cost of debt to be reflective of current corporate BBB rated 7-10 year bond rate, which generally comports with the average debt rating from Moody’s for the subject companies. The daily average yield for the month of November was employed to mitigate the recent volatility in the returns.

[Bond & Pecaro Logo]

Tax rate (t)

The tax rate is not Radio One specific and has been estimated as the effective tax rate for the peer group.

So:


				Source
R	=	10.31	%	Average Corporate BBB Bond Yield from 11/01/08 to 11/30/08 from the Merrill Lynch Corporate BBB 7-10 Year Bond Index
t	=	38.00	%	Estimated

Then:

10.31% x [1 – 38.0%] = 6.39%

Rd = 6.4%

WACC Conclusion

As follows from the above analysis, the appraiser estimates that as of December 31, 2008, the WACC for the radio broadcast industry is 10.5%:

WACC = [Re x E] + [Rd x D]

= [16.7% x 40.0%] + [6.4% x 60.0%]¹

= 10.5%

A summary of the analysis and the companies used in the WACC calculation can be found in the following tables.


¹		The average capital structure for the set of publicly-traded radio broadcast companies using SEC filing data available as of December 31, 2008 was 76.0% debt/24.0% equity. In order to reflect that the fair value of many of these companies’ debt is trading at less than face value and that the average capital structure is not consistent with the historical norms for these same companies, the appraiser has opted to use an estimated, normalized capital structure in the calculation of the WACC.

[Bond & Pecaro Logo]

Companies Used in the Calculation of Radio Industry
Weighted Average Cost of Capital¹
(Dollars Amounts Shown in Millions)


													Total
			Debt/			Equity/			Total		Total		Market Cap
Radio Company	Beta		Capital			Capital			Debt		Market Cap		& Debt

Beasley		1.88		85.3	%		14.7	%	$	232.9	$	40.1	$	273.0
Citadel		2.11		93.0	%		7.0	%		2,782.8		210.6		2,993.3
Cox Radio		0.68		49.8	%		50.2	%		851.2		858.4		1,709.6
Cumulus		1.42		83.4	%		16.6	%		911.7		181.0		1,092.7
Entercom		1.47		85.2	%		14.8	%		1,092.2		190.0		1,282.3
Radio One		1.33		92.9	%		7.1	%		878.5		67.1		945.7
Regent		0.39		84.5	%		15.5	%		192.1		35.2		227.3
Saga Communications		0.20		65.0	%		35.0	%		178.7		96.1		274.7
Salem Communications		1.98		93.2	%		6.8	%		403.8		29.6		433.4
Spanish Broadcasting		1.17		94.3	%		5.7	%		411.3		24.6		436.0
Emmis Communications		2.25		95.2	%		4.8	%		696.8		35.3		732.1
Entravision		1.50		69.7	%		30.3	%		537.3		233.6		770.9
Fisher		0.36		35.4	%		64.6	%		188.2		344.2		532.4
CBS		0.89		57.4	%		42.6	%		13,343.8		9,908.4		23,252.2
Journal Communications		0.84		55.5	%		44.5	%		326.4		261.5		587.8

Average		1.23		76.0	%		24.0	%


¹		SEC Filings and Google Finance, U.S. Company Fundamentals as of September 30, 2008.

[Bond & Pecaro Logo]

Table 1

Projected Athens, Georgia FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Projected Athens Revenues	$	1,437.5		$	4,334.1		$	7,295.7		$	10,367.2		$	12,085.2		$	12,387.3		$	12,697.0		$	13,014.4		$	13,339.8		$	13,673.3
Operating Profit Margin		3.9	%		11.6	%		19.3	%		27.0	%		34.7	%		38.6	%		38.6	%		38.6	%		38.6	%		38.6	%
Operating Cash Flow	$	56.1		$	502.8		$	1,408.1		$	2,799.1		$	4,193.6		$	4,781.5		$	4,901.0		$	5,023.6		$	5,149.2		$	5,277.9
Less: Depreciation		203.2			358.2			279.7			230.5			232.5			194.7			155.9			155.7			154.8			155.4
Less: Amortization		1,779.5			1,779.5			1,779.5			1,779.5			1,779.5			1,779.5			1,779.5			1,779.5			1,779.5			1,779.5


Taxable Income	$	(1,926.6	)	$	(1,634.9	)	$	(651.1	)	$	789.1		$	2,181.6		$	2,807.3		$	2,965.6		$	3,088.4		$	3,214.9		$	3,343.0
Income Taxes		0.0			0.0			0.0			0.0			0.0			594.9			1,126.9			1,173.6			1,221.7			1,270.3

Net Income	$	(1,926.6	)	$	(1,634.9	)	$	(651.1	)	$	789.1		$	2,181.6		$	2,212.4		$	1,838.7		$	1,914.8		$	1,993.2		$	2,072.7
Add Back: Depreciation and Amortization		1,982.7			2,137.7			2,059.2			2,010.0			2,012.0			1,974.2			1,935.4			1,935.2			1,934.3			1,934.9


After-Tax Cash Flow	$	56.1		$	502.8		$	1,408.1		$	2,799.1		$	4,193.6		$	4,186.6		$	3,774.1		$	3,850.0		$	3,927.5		$	4,007.6
Less: Change in Working Capital		176.8			356.3			364.3			377.8			211.3			37.2			38.1			39.0			40.0			41.0
Less: Capital Expenditures		3,115.2			104.8			104.8			104.8			104.8			104.8			104.8			104.8			104.8			104.8


Net After-Tax Cash Flow	$	(3,235.9	)	$	41.7		$	939.0		$	2,316.5		$	3,877.5		$	4,044.6		$	3,631.2		$	3,706.2		$	3,782.7		$	3,861.8
Present Value Net After-Tax Cash Flow @ 10.5%	$	(3,078.3	)	$	35.9		$	731.6		$	1,633.3		$	2,474.1		$	2,335.5		$	1,897.6		$	1,752.7		$	1,618.9		$	1,495.7
Cumulative Present Value Net After-Tax Cash Flow	$	(3,078.3	)	$	(3,042.4	)	$	(2,310.8	)	$	(677.5	)	$	1,796.6		$	4,132.1		$	6,029.7		$	7,782.4		$	9,401.3		$	10,897.0
Total Present Value Net After-Tax Cash Flow	$	10,897.0

[Bond & Pecaro Logo]

Table 2

Valuation of Athens, Georgia FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	5,277.9
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	5,409.8
Less: Depreciation		155.4

Taxable Income	$	5,254.4

Tax Rate²		38.0	%

Income Taxes	$	1,996.7

Net Income	$	3,257.7
Plus: Depreciation		155.4

After-Tax Cash Flow	$	3,413.1

Less: Capital Expenditures	$	155.4
Less: Change in Working Capital		41.0

Estimated Perpetuity After-Tax Free Cash Flow	$	3,216.7

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	40,209.1

Discounted Terminal Value @ 10.5%²	$	14,815.0
Total Present Value Cash Flow¹		10,897.0
Plus: Present Value Tax Benefit of Remaining Amortization		980.3


Indicated Value: Athens FCC Licenses	$	26,692.3


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 3

Projected Atlanta, Georgia FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	299,736.0		$	301,234.7		$	304,247.0		$	308,810.7		$	314,986.9		$	322,861.6		$	330,933.1		$	339,206.4		$	347,686.6		$	356,378.8
Atlanta Market Revenue Share		4.6	%		13.9	%		23.2	%		27.8	%		27.8	%		27.8	%		27.8	%		27.8	%		27.8	%		27.8	%
Projected Atlanta Revenues	$	13,787.9		$	41,871.6		$	70,585.3		$	85,849.4		$	87,566.4		$	89,755.5		$	91,999.4		$	94,299.4		$	96,656.9		$	99,073.3
Operating Profit Margin		7.5	%		22.4	%		37.3	%		44.8	%		44.8	%		44.8	%		44.8	%		44.8	%		44.8	%		44.8	%
Operating Cash Flow	$	1,034.1		$	9,379.2		$	26,328.3		$	38,460.5		$	39,229.7		$	40,210.5		$	41,215.7		$	42,246.1		$	43,302.3		$	44,384.8
Less: Depreciation		1,492.3			2,469.7			1,643.0			1,141.9			1,147.3			797.8			433.7			398.8			361.5			364.2
Less: Amortization		18,282.3			18,282.3			18,282.3			18,282.3			18,282.3			18,282.3			18,282.3			18,282.3			18,282.3			18,282.3


Taxable Income	$	(18,740.5	)	$	(11,372.8	)	$	6,403.0		$	19,036.3		$	19,800.1		$	21,130.4		$	22,499.7		$	23,565.0		$	24,658.5		$	25,738.3
Income Taxes		0.0			0.0			0.0			0.0			5,747.9			8,029.6			8,549.9			8,954.7			9,370.2			9,780.6


Net Income	$	(18,740.5	)	$	(11,372.8	)	$	6,403.0		$	19,036.3		$	14,052.2		$	13,100.8		$	13,949.8		$	14,610.3		$	15,288.3		$	15,957.7
Add Back: Depreciation and Amortization		19,774.6			20,752.0			19,925.3			19,424.2			19,429.6			19,080.1			18,716.0			18,681.1			18,643.8			18,646.5


After-Tax Cash Flow	$	1,034.1		$	9,379.2		$	26,328.3		$	38,460.5		$	33,481.8		$	32,180.9		$	32,665.8		$	33,291.4		$	33,932.1		$	34,604.2
Less: Change in Working Capital		1,695.9			3,454.3			3,531.8			1,877.5			211.2			269.3			276.0			282.9			290.0			297.2
Less: Capital Expenditures		9,568.8			397.8			397.8			397.8			397.8			397.8			397.8			397.8			397.8			397.8


Net After-Tax Cash Flow	$	(10,230.6	)	$	5,527.1		$	22,398.7		$	36,185.2		$	32,872.8		$	31,513.8		$	31,992.0		$	32,610.7		$	33,244.3		$	33,909.2
Present Value Net After-Tax Cash Flow @ 10.5%	$	(9,732.4	)	$	4,758.3		$	17,450.9		$	25,513.1		$	20,975.2		$	18,197.4		$	16,718.1		$	15,422.1		$	14,227.8		$	13,133.4
Cumulative Present Value Net After-Tax Cash Flow	$	(9,732.4	)	$	(4,974.1	)	$	12,476.8		$	37,989.9		$	58,965.1		$	77,162.5		$	93,880.6		$	109,302.7		$	123,530.5		$	136,663.9
Total Present Value Net After-Tax Cash Flow	$	136,663.9

[Bond & Pecaro Logo]

Table 4

Valuation of Atlanta, Georgia FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	44,384.8
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	45,494.4
Less: Depreciation		364.2

Taxable Income	$	45,130.2

Tax Rate²		38.0	%

Income Taxes	$	17,149.5

Net Income	$	27,980.7
Plus: Depreciation		364.2

After-Tax Cash Flow		28,344.9

Less: Capital Expenditures	$	364.2
Less: Change in Working Capital		297.2

Estimated Perpetuity After-Tax Free Cash Flow	$	27,683.5

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	346,044.1

Discounted Terminal Value @ 10.5%²	$	127,499.6
Total Present Value Cash Flow¹		136,663.9
Plus: Present Value Tax Benefit of Remaining Amortization		10,071.1


Indicated Value: Atlanta FCC Licenses	$	274,234.6


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 5

Projected Birmingham, Alabama FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	40,204.0		$	40,364.8		$	40,687.7		$	41,176.0		$	41,834.8		$	42,671.5		$	43,524.9		$	44,395.4		$	45,283.3		$	46,189.0
Birmingham Market Revenue Share		6.3	%		18.9	%		31.5	%		37.7	%		37.7	%		37.7	%		37.7	%		37.7	%		37.7	%		37.7	%
Projected Birmingham Revenues	$	2,532.9		$	7,628.9		$	12,816.6		$	15,523.4		$	15,771.7		$	16,087.2		$	16,408.9		$	16,737.1		$	17,071.8		$	17,413.3
Operating Profit Margin		5.7	%		17.0	%		28.3	%		33.9	%		33.9	%		33.9	%		33.9	%		33.9	%		33.9	%		33.9	%
Operating Cash Flow	$	144.4		$	1,296.9		$	3,627.1		$	5,262.4		$	5,346.6		$	5,453.6		$	5,562.6		$	5,673.9		$	5,787.3		$	5,903.1
Less: Depreciation		879.6			1,492.3			1,061.5			796.2			789.6			625.3			448.8			404.3			357.7			360.0
Less: Amortization		1,779.1			1,779.1			1,779.1			1,779.1			1,779.1			1,779.1			1,779.1			1,779.1			1,779.1			1,779.1


Taxable Income	$	(2,514.3	)	$	(1,974.5	)	$	786.5		$	2,687.1		$	2,777.9		$	3,049.2		$	3,334.7		$	3,490.5		$	3,650.5		$	3,764.0
Income Taxes		0.0			0.0			0.0			0.0			675.1			1,167.8			1,277.2			1,336.9			1,398.1			1,441.6


Net Income	$	(2,514.3	)	$	(1,974.5	)	$	786.5		$	2,687.1		$	2,102.8		$	1,881.4		$	2,057.5		$	2,153.6		$	2,252.4		$	2,322.4
Add Back: Depreciation and Amortization		2,658.7			3,271.4			2,840.6			2,575.3			2,568.7			2,404.4			2,227.9			2,183.4			2,136.8			2,139.1


After-Tax Cash Flow	$	144.4		$	1,296.9		$	3,627.1		$	5,262.4		$	4,671.5		$	4,285.8		$	4,285.4		$	4,337.0		$	4,389.2		$	4,461.5
Less: Change in Working Capital		311.5			626.8			638.1			332.9			30.5			38.8			39.6			40.4			41.2			42.0
Less: Capital Expenditures		7,250.6			339.1			339.1			339.1			339.1			339.1			339.1			339.1			339.1			339.1


Net After-Tax Cash Flow	$	(7,417.7	)	$	331.0		$	2,649.9		$	4,590.4		$	4,301.9		$	3,907.9		$	3,906.7		$	3,957.5		$	4,008.9		$	4,080.4
Present Value Net After-Tax Cash Flow @ 10.5%	$	(7,056.5	)	$	285.0		$	2,064.6		$	3,236.5		$	2,744.9		$	2,256.6		$	2,041.5		$	1,871.6		$	1,715.7		$	1,580.4
Cumulative Present Value Net After-Tax Cash Flow	$	(7,056.5	)	$	(6,771.5	)	$	(4,706.9	)	$	(1,470.4	)	$	1,274.5		$	3,531.1		$	5,572.6		$	7,444.2		$	9,159.9		$	10,740.3
Total Present Value Net After-Tax Cash Flow	$	10,740.3

[Bond & Pecaro Logo]

Table 6

Valuation of Birmingham, Alabama FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	5,903.1
Operating Cash Flow Growth Rate		2.0	%

Year 11 Terminal Operating Cash Flow	$	6,021.2
Less: Depreciation		360.0

Taxable Income	$	5,661.2

Tax Rate²		38.3	%

Income Taxes	$	2,168.2

Net Income	$	3,493.0
Plus: Depreciation		360.0

After-Tax Cash Flow		3,853.0

Less: Capital Expenditures	$	360.0
Less: Change in Working Capital		42.0

Estimated Perpetuity After-Tax Free Cash Flow	$	3,451.0

Discount Rate²		10.5	%
Long Term Growth Rate²		2.0	%

Capitalization Rate		8.5	%

Future Terminal Value	$	40,599.5

Discounted Terminal Value @ 10.5%²	$	14,958.8
Total Present Value Cash Flow¹		10,740.3
Plus: Present Value Tax Benefit of Remaining Amortization		987.8


Indicated Value: Birmingham FCC Licenses	$	26,686.9


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 7

Projected Dayton, Ohio FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	31,648.0		$	31,711.3		$	31,838.1		$	32,029.1		$	32,285.3		$	32,608.2		$	32,934.3		$	33,263.6		$	33,596.2		$	33,932.2
Dayton Market Revenue Share		3.5	%		10.5	%		17.5	%		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%
Projected Dayton Revenues	$	1,107.7		$	3,329.7		$	5,571.7		$	6,726.1		$	6,779.9		$	6,847.7		$	6,916.2		$	6,985.4		$	7,055.2		$	7,125.8
Operating Profit Margin		5.7	%		17.0	%		28.3	%		33.9	%		33.9	%		33.9	%		33.9	%		33.9	%		33.9	%		33.9	%
Operating Cash Flow	$	63.1		$	566.0		$	1,576.8		$	2,280.1		$	2,298.4		$	2,321.4		$	2,344.6		$	2,368.1		$	2,391.7		$	2,415.6
Less: Depreciation		324.9			539.5			361.9			253.4			250.9			179.2			104.3			92.1			79.3			79.9
Less: Amortization		787.4			787.4			787.4			787.4			787.4			787.4			787.4			787.4			787.4			787.4


Taxable Income	$	(1,049.2	)	$	(760.9	)	$	427.5		$	1,239.3		$	1,260.1		$	1,354.8		$	1,452.9		$	1,488.6		$	1,525.0		$	1,548.3
Income Taxes		0.0			0.0			0.0			0.0			442.3			536.5			575.3			589.5			603.9			613.1


Net Income	$	(1,049.2	)	$	(760.9	)	$	427.5		$	1,239.3		$	817.8		$	818.3		$	877.6		$	899.1		$	921.1		$	935.2
Add Back: Depreciation and Amortization		1,112.3			1,326.9			1,149.3			1,040.8			1,038.3			966.6			891.7			879.5			866.7			867.3


After-Tax Cash Flow	$	63.1		$	566.0		$	1,576.8		$	2,280.1		$	1,856.1		$	1,784.9		$	1,769.3		$	1,778.6		$	1,787.8		$	1,802.5
Less: Change in Working Capital		136.2			273.3			275.8			142.0			6.6			8.3			8.4			8.5			8.6			8.7
Less: Capital Expenditures		1,878.4			87.9			87.9			87.9			87.9			87.9			87.9			87.9			87.9			87.9


Net After-Tax Cash Flow	$	(1,951.5	)	$	204.8		$	1,213.1		$	2,050.2		$	1,761.6		$	1,688.7		$	1,673.0		$	1,682.2		$	1,691.3		$	1,705.9
Present Value Net After-Tax Cash Flow @ 10.5%	$	(1,856.5	)	$	176.3		$	945.2		$	1,445.5		$	1,124.0		$	975.1		$	874.2		$	795.5		$	723.8		$	660.7
Cumulative Present Value Net After-Tax Cash Flow	$	(1,856.5	)	$	(1,680.2	)	$	(735.0	)	$	710.5		$	1,834.5		$	2,809.6		$	3,683.8		$	4,479.3		$	5,203.1		$	5,863.8
Total Present Value Net After-Tax Cash Flow	$	5,863.8

[Bond & Pecaro Logo]

Table 8

Valuation of Dayton, Ohio FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	2,415.6
Operating Cash Flow Growth Rate		1.0	%

Year 11 Terminal Operating Cash Flow	$	2,439.8
Less: Depreciation		79.9

Taxable Income	$	2,359.9

Tax Rate²		39.6	%

Income Taxes	$	934.5

Net Income	$	1,425.4
Plus: Depreciation		79.9

After-Tax Cash Flow		1,505.3

Less: Capital Expenditures	$	79.9
Less: Change in Working Capital		8.7

Estimated Perpetuity After-Tax Free Cash Flow	$	1,416.7

Discount Rate²		10.5	%
Long Term Growth Rate²		1.0	%

Capitalization Rate		9.5	%

Future Terminal Value	$	14,912.4

Discounted Terminal Value @ 10.5%²	$	5,494.5
Total Present Value Cash Flow¹		5,863.8
Plus: Present Value Tax Benefit of Remaining Amortization		452.0


Indicated Value: Dayton FCC Licenses	$	11,810.3


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 9

Projected Greenville-Spartanburg, South Carolina FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	34,592.0		$	34,695.8		$	34,904.0		$	35,218.1		$	35,640.7		$	36,175.3		$	36,717.9		$	37,268.7		$	37,827.7		$	38,395.1
Greenville Market Revenue Share		2.3	%		6.9	%		11.5	%		13.8	%		13.8	%		13.8	%		13.8	%		13.8	%		13.8	%		13.8	%
Projected Greenville Revenues	$	795.6		$	2,394.0		$	4,014.0		$	4,860.1		$	4,918.4		$	4,992.2		$	5,067.1		$	5,143.1		$	5,220.2		$	5,298.5
Operating Profit Margin		6.0	%		17.9	%		29.8	%		35.8	%		35.8	%		35.8	%		35.8	%		35.8	%		35.8	%		35.8	%
Operating Cash Flow	$	47.7		$	428.5		$	1,196.2		$	1,739.9		$	1,760.8		$	1,787.2		$	1,814.0		$	1,841.2		$	1,868.8		$	1,896.9
Less: Depreciation		226.0			380.6			265.5			194.7			191.6			148.0			101.5			89.3			76.7			77.2
Less: Amortization		627.6			627.6			627.6			627.6			627.6			627.6			627.6			627.6			627.6			627.6


Taxable Income	$	(805.9	)	$	(579.7	)	$	303.1		$	917.6		$	941.6		$	1,011.6		$	1,084.9		$	1,124.3		$	1,164.5		$	1,192.1
Income Taxes		0.0			0.0			0.0			0.0			289.7			377.3			404.7			419.4			434.4			444.7


Net Income	$	(805.9	)	$	(579.7	)	$	303.1		$	917.6		$	651.9		$	634.3		$	680.2		$	704.9		$	730.1		$	747.4
Add Back: Depreciation and Amortization		853.6			1,008.2			893.1			822.3			819.2			775.6			729.1			716.9			704.3			704.8


After-Tax Cash Flow	$	47.7		$	428.5		$	1,196.2		$	1,739.9		$	1,471.1		$	1,409.9		$	1,409.3		$	1,421.8		$	1,434.4		$	1,452.2
Less: Change in Working Capital		97.9			196.6			199.3			104.1			7.2			9.1			9.2			9.3			9.5			9.6
Less: Capital Expenditures		1,692.5			77.0			77.0			77.0			77.0			77.0			77.0			77.0			77.0			77.0


Net After-Tax Cash Flow	$	(1,742.7	)	$	154.9		$	919.9		$	1,558.8		$	1,386.9		$	1,323.8		$	1,323.1		$	1,335.5		$	1,347.9		$	1,365.6
Present Value Net After-Tax Cash Flow @ 10.5%	$	(1,657.8	)	$	133.4		$	716.7		$	1,099.1		$	885.0		$	764.4		$	691.4		$	631.6		$	576.9		$	528.9
Cumulative Present Value Net After-Tax Cash Flow	$	(1,657.8	)	$	(1,524.4	)	$	(807.7	)	$	291.4		$	1,176.4		$	1,940.8		$	2,632.2		$	3,263.8		$	3,840.7		$	4,369.6
Total Present Value Net After-Tax Cash Flow	$	4,369.6

[Bond & Pecaro Logo]

Table 10

Valuation of Greenville-Spartanburg, South Carolina FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	1,896.9
Operating Cash Flow Growth Rate		1.5	%

Year 11 Terminal Operating Cash Flow	$	1,925.4
Less: Depreciation		77.2

Taxable Income	$	1,848.2

Tax Rate²		37.3	%

Income Taxes	$	689.4

Net Income	$	1,158.8
Plus: Depreciation After-Tax		77.2

Cash Flow		1,236.0

Less: Capital Expenditures	$	77.2
Less: Change in Working Capital		9.6

Estimated Perpetuity After-Tax Free Cash Flow	$	1,149.2

Discount Rate²		10.5	%
Long Term Growth Rate²		1.5	%

Capitalization Rate		9.0	%

Future Terminal Value	$	12,769.1

Discounted Terminal Value @ 10.5%²	$	4,704.8
Total Present Value Cash Flow¹		4,369.6
Plus: Present Value Tax Benefit of Remaining Amortization		339.4


Indicated Value: Greenville FCC Licenses	$	9,413.8


¹		See previous table.

²		See text.

Table 11

Projected Honolulu, Hawaii FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	31,004.0		$	31,159.0		$	31,470.6		$	31,942.7		$	32,581.6		$	33,396.1		$	34,231.0		$	35,086.8		$	35,964.0		$	36,863.1
Honolulu Market Revenue Share		3.5	%		10.5	%		17.5	%		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%
Projected Honolulu Revenues	$	1,085.1		$	3,271.7		$	5,507.4		$	6,708.0		$	6,842.1		$	7,013.2		$	7,188.5		$	7,368.2		$	7,552.4		$	7,741.3
Operating Profit Margin		3.9	%		11.6	%		19.3	%		23.1	%		23.1	%		23.1	%		23.1	%		23.1	%		23.1	%		23.1	%
Operating Cash Flow	$	42.3		$	379.5		$	1,062.9		$	1,549.5		$	1,580.5		$	1,620.0		$	1,660.5		$	1,702.1		$	1,744.6		$	1,788.2
Less: Depreciation		636.0			1,063.8			727.1			519.6			507.9			379.8			244.9			210.4			174.8			176.1
Less: Amortization		393.2			393.2			393.2			393.2			393.2			393.2			393.2			393.2			393.2			393.2


Taxable Income	$	(986.9	)	$	(1,077.5	)	$	(57.4	)	$	636.7		$	679.4		$	847.0		$	1,022.4		$	1,098.5		$	1,176.6		$	1,218.9
Income Taxes		0.0			0.0			0.0			0.0			0.0			15.8			390.6			419.6			449.5			465.6


Net Income	$	(986.9	)	$	(1,077.5	)	$	(57.4	)	$	636.7		$	679.4		$	831.2		$	631.8		$	678.9		$	727.1		$	753.3
Add Back: Depreciation and Amortization		1,029.2			1,457.0			1,120.3			912.8			901.1			773.0			638.1			603.6			568.0			569.3


After-Tax Cash Flow	$	42.3		$	379.5		$	1,062.9		$	1,549.5		$	1,580.5		$	1,604.2		$	1,269.9		$	1,282.5		$	1,295.1		$	1,322.6
Less: Change in Working Capital		133.5			269.0			275.0			147.7			16.5			21.0			21.6			22.1			22.7			23.2
Less: Capital Expenditures		3,932.8			187.3			187.3			187.3			187.3			187.3			187.3			187.3			187.3			187.3


Net After-Tax Cash Flow	$	(4,024.0	)	$	(76.8	)	$	600.6		$	1,214.5		$	1,376.7		$	1,395.9		$	1,061.0		$	1,073.1		$	1,085.1		$	1,112.1
Present Value Net After-Tax Cash Flow @ 10.5%	$	(3,828.0	)	$	(66.1	)	$	467.9		$	856.3		$	878.4		$	806.0		$	554.5		$	507.5		$	464.4		$	430.7
Cumulative Present Value Net After-Tax Cash Flow	$	(3,828.0	)	$	(3,894.1	)	$	(3,426.2	)	$	(2,569.9	)	$	(1,691.5	)	$	(885.5	)	$	(331.0	)	$	176.5		$	640.9		$	1,071.6
Total Present Value Net After-Tax Cash Flow	$	1,071.6

[Bond & Pecaro Logo]

Table 12

Valuation of Honolulu, Hawaii FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	1,788.2
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	1,832.9
Less: Depreciation		176.1

Taxable Income	$	1,656.8

Tax Rate²		38.2	%

Income Taxes	$	632.9

Net Income	$	1,023.9
Plus: Depreciation		176.1

After-Tax Cash Flow		1,200.0

Less: Capital Expenditures	$	176.1
Less: Change in Working Capital		23.2

Estimated Perpetuity After-Tax Free Cash Flow	$	1,000.7

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	12,508.8

Discounted Terminal Value @ 10.5%²	$	4,608.9
Total Present Value Cash Flow¹		1,071.6
Plus: Present Value Tax Benefit of Remaining Amortization		217.7


Indicated Value: Honolulu FCC Licenses	$	5,898.2


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 13

Projected Houston, Texas FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	301,208.0		$	302,412.8		$	304,832.1		$	308,490.1		$	313,425.9		$	319,694.4		$	326,088.3		$	332,610.1		$	339,262.3		$	346,047.5
Houston Market Revenue Share		1.7	%		5.0	%		8.3	%		10.0	%		10.0	%		10.0	%		10.0	%		10.0	%		10.0	%		10.0	%
Projected Houston Revenues	$	5,120.5		$	15,120.6		$	25,301.1		$	30,849.0		$	31,342.6		$	31,969.4		$	32,608.8		$	33,261.0		$	33,926.2		$	34,604.8
Operating Profit Margin		3.9	%		11.7	%		19.5	%		27.3	%		35.1	%		39.0	%		39.0	%		39.0	%		39.0	%		39.0	%
Operating Cash Flow	$	199.7		$	1,769.1		$	4,933.7		$	8,421.8		$	11,001.3		$	12,468.1		$	12,717.4		$	12,971.8		$	13,231.2		$	13,495.9
Less: Depreciation		1,062.7			1,759.8			1,172.6			816.9			822.0			573.7			314.7			290.4			264.1			266.1
Less: Amortization		4,894.3			4,894.3			4,894.3			4,894.3			4,894.3			4,894.3			4,894.3			4,894.3			4,894.3			4,894.3


Taxable Income	$	(5,757.3	)	$	(4,885.0	)	$	(1,133.2	)	$	2,710.6		$	5,285.0		$	7,000.1		$	7,508.4		$	7,787.1		$	8,072.8		$	8,335.5
Income Taxes		0.0			0.0			0.0			0.0			0.0			1,117.4			2,605.4			2,702.1			2,801.3			2,892.4


Net Income	$	(5,757.3	)	$	(4,885.0	)	$	(1,133.2	)	$	2,710.6		$	5,285.0		$	5,882.7		$	4,903.0		$	5,085.0		$	5,271.5		$	5,443.1
Add Back: Depreciation and Amortization		5,957.0			6,654.1			6,066.9			5,711.2			5,716.3			5,468.0			5,209.0			5,184.7			5,158.4			5,160.4


After-Tax Cash Flow	$	199.7		$	1,769.1		$	4,933.7		$	8,421.8		$	11,001.3		$	11,350.7		$	10,112.0		$	10,269.7		$	10,429.9		$	10,603.5
Less: Change in Working Capital		629.8			1,230.0			1,252.2			682.4			60.7			77.1			78.6			80.2			81.8			83.5
Less: Capital Expenditures		6,074.8			289.3			289.3			289.3			289.3			289.3			289.3			289.3			289.3			289.3


Net After-Tax Cash Flow	$	(6,504.9	)	$	249.8		$	3,392.2		$	7,450.1		$	10,651.3		$	10,984.3		$	9,744.1		$	9,900.2		$	10,058.8		$	10,230.7
Present Value Net After-Tax Cash Flow @ 10.5%	$	(6,188.2	)	$	215.0		$	2,642.9		$	5,252.8		$	6,796.3		$	6,342.8		$	5,092.0		$	4,681.9		$	4,304.9		$	3,962.5
Cumulative Present Value Net After-Tax Cash Flow	$	(6,188.2	)	$	(5,973.2	)	$	(3,330.3	)	$	1,922.5		$	8,718.8		$	15,061.6		$	20,153.6		$	24,835.5		$	29,140.4		$	33,102.9
Total Present Value Net After-Tax Cash Flow	$	33,102.9

[Bond & Pecaro Logo]

Table 14

Valuation of Houston, Texas FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	13,495.9
Operating Cash Flow Growth Rate		2.0	%

Year 11 Terminal Operating Cash Flow	$	13,765.8
Less: Depreciation		266.1

Taxable Income	$	13,499.7

Tax Rate²		34.7	%

Income Taxes	$	4,684.4

Net Income	$	8,815.3
Plus: Depreciation		266.1

After-Tax Cash Flow	$	9,081.4

Less: Capital Expenditures	$	266.1
Less: Change in Working Capital		83.5

Estimated Perpetuity After-Tax Free Cash Flow	$	8,731.8

Discount Rate²		10.5	%
Long Term Growth Rate²		2.0	%

Capitalization Rate		8.5	%

Future Terminal Value	$	102,727.1

Discounted Terminal Value @ 10.5%²	$	37,849.7
Total Present Value Cash Flow¹		33,102.9
Plus: Present Value Tax Benefit of Remaining Amortization		2,462.0


Indicated Value: Houston FCC Licenses	$	73,414.6


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 15

Projected Jacksonville, Florida FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	53,360.0		$	53,626.8		$	54,163.1		$	54,975.5		$	56,075.0		$	57,476.9		$	58,913.8		$	60,386.6		$	61,896.3		$	63,443.7
Jacksonville Market Revenue Share		4.7	%		14.0	%		23.3	%		28.0	%		28.0	%		28.0	%		28.0	%		28.0	%		28.0	%		28.0	%
Projected Jacksonville Revenues	$	2,507.9		$	7,507.8		$	12,620.0		$	15,393.1		$	15,701.0		$	16,093.5		$	16,495.9		$	16,908.2		$	17,331.0		$	17,764.2
Operating Profit Margin		4.3	%		12.9	%		21.5	%		25.9	%		25.9	%		25.9	%		25.9	%		25.9	%		25.9	%		25.9	%
Operating Cash Flow	$	107.8		$	968.5		$	2,713.3		$	3,986.8		$	4,066.6		$	4,168.2		$	4,272.4		$	4,379.2		$	4,488.7		$	4,600.9
Less: Depreciation		821.4			1,387.6			976.7			726.0			728.9			562.8			385.5			356.6			325.7			327.8
Less: Amortization		1,308.8			1,308.8			1,308.8			1,308.8			1,308.8			1,308.8			1,308.8			1,308.8			1,308.8			1,308.8


Taxable Income	$	(2,022.4	)	$	(1,727.9	)	$	427.8		$	1,952.0		$	2,028.9		$	2,296.6		$	2,578.1		$	2,713.8		$	2,854.2		$	2,964.3
Income Taxes		0.0			0.0			0.0			0.0			247.6			863.5			969.4			1,020.4			1,073.2			1,114.6


Net Income	$	(2,022.4	)	$	(1,727.9	)	$	427.8		$	1,952.0		$	1,781.3		$	1,433.1		$	1,608.7		$	1,693.4		$	1,781.0		$	1,849.7
Add Back: Depreciation and Amortization		2,130.2			2,696.4			2,285.5			2,034.8			2,037.7			1,871.6			1,694.3			1,665.4			1,634.5			1,636.6


After-Tax Cash Flow	$	107.8		$	968.5		$	2,713.3		$	3,986.8		$	3,819.0		$	3,304.7		$	3,303.0		$	3,358.8		$	3,415.5		$	3,486.3
Less: Change in Working Capital		308.5			615.0			628.8			341.1			37.9			48.3			49.5			50.7			52.0			53.3
Less: Capital Expenditures		6,751.5			309.0			309.0			309.0			309.0			309.0			309.0			309.0			309.0			309.0


Net After-Tax Cash Flow	$	(6,952.2	)	$	44.5		$	1,775.5		$	3,336.7		$	3,472.1		$	2,947.4		$	2,944.5		$	2,999.1		$	3,054.5		$	3,124.0
Present Value Net After-Tax Cash Flow @ 10.5%	$	(6,613.6	)	$	38.3		$	1,383.3		$	2,352.6		$	2,215.5		$	1,702.0		$	1,538.7		$	1,418.3		$	1,307.3		$	1,210.0
Cumulative Present Value Net After-Tax Cash Flow	$	(6,613.6	)	$	(6,575.3	)	$	(5,192.0	)	$	(2,839.4	)	$	(623.9	)	$	1,078.1		$	2,616.8		$	4,035.1		$	5,342.4		$	6,552.4
Total Present Value Net After-Tax Cash Flow	$	6,552.4

[Bond & Pecaro Logo]

Table 16

Valuation of Jacksonville, Florida FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	4,600.9
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	4,715.9
Less: Depreciation		327.8

Taxable Income	$	4,388.1

Tax Rate²		37.6	%

Income Taxes	$	1,649.9

Net Income	$	2,738.2
Plus: Depreciation After-Tax		327.8

Cash Flow	$	3,066.0

Less: Capital Expenditures	$	327.8
Less: Change in Working Capital		53.3

Estimated Perpetuity After-Tax Free Cash Flow	$	2,684.9

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	33,560.9

Discounted Terminal Value @ 10.5%²	$	12,365.5
Total Present Value Cash Flow¹		6,552.4
Plus: Present Value Tax Benefit of Remaining Amortization		713.4


Indicated Value: Jacksonville FCC Licenses	$	19,631.3


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 17

Projected Long Island, New York FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	44,436.0		$	44,658.2		$	45,104.8		$	45,781.4		$	46,697.0		$	47,864.4		$	49,061.0		$	50,287.5		$	51,544.7		$	52,833.3
Long Island Market Revenue Share		6.6	%		19.7	%		32.8	%		39.3	%		39.3	%		39.3	%		39.3	%		39.3	%		39.3	%		39.3	%
Projected Long Island Revenues	$	2,932.8		$	8,797.7		$	14,794.4		$	17,992.1		$	18,351.9		$	18,810.7		$	19,281.0		$	19,763.0		$	20,257.1		$	20,763.5
Operating Profit Margin		7.7	%		23.1	%		38.5	%		46.1	%		46.1	%		46.1	%		46.1	%		46.1	%		46.1	%		46.1	%
Operating Cash Flow	$	225.8		$	2,032.3		$	5,695.8		$	8,294.4		$	8,460.2		$	8,671.7		$	8,888.5		$	9,110.7		$	9,338.5		$	9,572.0
Less: Depreciation		414.4			701.8			495.5			366.7			355.8			281.8			202.9			174.7			145.7			146.6
Less: Amortization		3,792.5			3,792.5			3,792.5			3,792.5			3,792.5			3,792.5			3,792.5			3,792.5			3,792.5			3,792.5


Taxable Income	$	(3,981.1	)	$	(2,462.0	)	$	1,407.8		$	4,135.2		$	4,311.9		$	4,597.4		$	4,893.1		$	5,143.5		$	5,400.3		$	5,632.9
Income Taxes		0.0			0.0			0.0			0.0			1,330.6			1,793.0			1,908.3			2,006.0			2,106.1			2,196.8


Net Income	$	(3,981.1	)	$	(2,462.0	)	$	1,407.8		$	4,135.2		$	2,981.3		$	2,804.4		$	2,984.8		$	3,137.5		$	3,294.2		$	3,436.1
Add Back: Depreciation and Amortization		4,206.9			4,494.3			4,288.0			4,159.2			4,148.3			4,074.3			3,995.4			3,967.2			3,938.2			3,939.1


After-Tax Cash Flow	$	225.8		$	2,032.3		$	5,695.8		$	8,294.4		$	7,129.6		$	6,878.7		$	6,980.2		$	7,104.7		$	7,232.4		$	7,375.2
Less: Change in Working Capital		360.7			721.4			737.6			393.3			44.3			56.4			57.8			59.3			60.8			62.3
Less: Capital Expenditures		3,258.9			142.9			142.9			142.9			142.9			142.9			142.9			142.9			142.9			142.9


Net After-Tax Cash Flow	$	(3,393.8	)	$	1,168.0		$	4,815.3		$	7,758.2		$	6,942.4		$	6,679.4		$	6,779.5		$	6,902.5		$	7,028.7		$	7,170.0
Present Value Net After-Tax Cash Flow @ 10.5%	$	(3,228.6	)	$	1,005.6		$	3,751.6		$	5,470.1		$	4,429.8		$	3,856.9		$	3,542.7		$	3,264.3		$	3,008.1		$	2,777.0
Cumulative Present Value Net After-Tax Cash Flow	$	(3,228.6	)	$	(2,223.0	)	$	1,528.6		$	6,998.7		$	11,428.5		$	15,285.4		$	18,828.1		$	22,092.4		$	25,100.5		$	27,877.5
Total Present Value Net After-Tax Cash Flow	$	27,877.5

[Bond & Pecaro Logo]

Table 18

Valuation of Long Island, New York FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	9,572.0
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	9,811.3
Less: Depreciation		146.6

Taxable Income	$	9,664.7

Tax Rate²		39.0	%

Income Taxes	$	3,769.2

Net Income	$	5,895.5
Plus: Depreciation After-Tax		146.6

Cash Flow	$	6,042.1

Less: Capital Expenditures	$	146.6
Less: Change in Working Capital		62.3

Estimated Perpetuity After-Tax Free Cash Flow	$	5,833.2

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	72,914.6

Discounted Terminal Value @ 10.5%²	$	26,865.3
Total Present Value Cash Flow¹		27,877.5
Plus: Present Value Tax Benefit of Remaining Amortization		2,144.1


Indicated Value: Long Island FCC Licenses	$	56,886.9


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 19

Projected Louisville, Kentucky FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	40,664.0		$	40,786.0		$	41,030.7		$	41,400.0		$	41,896.8		$	42,525.3		$	43,163.2		$	43,810.6		$	44,467.8		$	45,134.8
Louisville Market Revenue Share		2.7	%		8.0	%		13.3	%		16.0	%		16.0	%		16.0	%		16.0	%		16.0	%		16.0	%		16.0	%
Projected Louisville Revenues	$	1,097.9		$	3,262.9		$	5,457.1		$	6,624.0		$	6,703.5		$	6,804.0		$	6,906.1		$	7,009.7		$	7,114.8		$	7,221.6
Operating Profit Margin		2.0	%		6.0	%		10.0	%		14.0	%		18.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%
Operating Cash Flow	$	22.0		$	195.8		$	545.7		$	927.4		$	1,206.6		$	1,360.8		$	1,381.2		$	1,401.9		$	1,423.0		$	1,444.3
Less: Depreciation		291.2			489.1			338.4			245.3			239.1			183.4			124.1			106.5			88.4			89.1
Less: Amortization		344.0			344.0			344.0			344.0			344.0			344.0			344.0			344.0			344.0			344.0


Taxable Income	$	(613.2	)	$	(637.3	)	$	(136.7	)	$	338.1		$	623.5		$	833.4		$	913.1		$	951.4		$	990.6		$	1,011.2
Income Taxes		0.0			0.0			0.0			0.0			0.0			157.4			352.5			367.2			382.4			390.3


Net Income	$	(613.2	)	$	(637.3	)	$	(136.7	)	$	338.1		$	623.5		$	676.0		$	560.6		$	584.2		$	608.2		$	620.9
Add Back: Depreciation and Amortization		635.2			833.1			682.4			589.3			583.1			527.4			468.1			450.5			432.4			433.1


After-Tax Cash Flow	$	22.0		$	195.8		$	545.7		$	927.4		$	1,206.6		$	1,203.4		$	1,028.7		$	1,034.7		$	1,040.6		$	1,054.0
Less: Change in Working Capital		135.0			266.3			269.9			143.5			9.8			12.4			12.6			12.7			12.9			13.1
Less: Capital Expenditures		1,951.1			91.6			91.6			91.6			91.6			91.6			91.6			91.6			91.6			91.6


Net After-Tax Cash Flow	$	(2,064.1	)	$	(162.1	)	$	184.2		$	692.3		$	1,105.2		$	1,099.4		$	924.5		$	930.4		$	936.1		$	949.3
Present Value Net After-Tax Cash Flow @ 10.5%	$	(1,963.6	)	$	(139.5	)	$	143.5		$	488.1		$	705.2		$	634.9		$	483.1		$	440.0		$	400.6		$	367.7
Cumulative Present Value Net After-Tax Cash Flow	$	(1,963.6	)	$	(2,103.1	)	$	(1,959.6	)	$	(1,471.5	)	$	(766.3	)	$	(131.4	)	$	351.7		$	791.7		$	1,192.3		$	1,560.0
Total Present Value Net After-Tax Cash Flow	$	1,560.0

[Bond & Pecaro Logo]

Table 20

Valuation of Louisville, Kentucky FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	1,444.3
Operating Cash Flow Growth Rate		1.5	%

Year 11 Terminal Operating Cash Flow	$	1,466.0
Less: Depreciation		89.1

Taxable Income	$	1,376.9

Tax Rate²		38.6	%

Income Taxes	$	531.5

Net Income	$	845.4
Plus: Depreciation		89.1

After-Tax Cash Flow		934.5

Less: Capital Expenditures	$	89.1
Less: Change in Working Capital		13.1

Estimated Perpetuity After-Tax Free Cash Flow	$	832.3

Discount Rate²		10.5	%
Long Term Growth Rate²		1.5	%

Capitalization Rate		9.0	%

Future Terminal Value	$	9,248.0

Discounted Terminal Value @ 10.5%²	$	3,407.4
Total Present Value Cash Flow¹		1,560.0
Plus: Present Value Tax Benefit of Remaining Amortization		192.5


Indicated Value: Louisville FCC Licenses	$	5,159.9


¹		See previous table

²		See text.

[Bond & Pecaro Logo]

Table 21

Projected Miami, Florida FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	239,292.0		$	240,488.5		$	242,893.4		$	246,536.8		$	251,467.5		$	257,754.2		$	264,198.1		$	270,803.1		$	277,573.2		$	284,512.5
Miami Market Revenue Share		2.8	%		8.3	%		13.8	%		16.5	%		16.5	%		16.5	%		16.5	%		16.5	%		16.5	%		16.5	%
Projected Miami Revenues	$	6,700.2		$	19,960.5		$	33,519.3		$	40,678.6		$	41,492.1		$	42,529.4		$	43,592.7		$	44,682.5		$	45,799.6		$	46,944.6
Operating Profit Margin		7.7	%		23.0	%		38.3	%		46.0	%		46.0	%		46.0	%		46.0	%		46.0	%		46.0	%		46.0	%
Operating Cash Flow	$	515.9		$	4,590.9		$	12,837.9		$	18,712.2		$	19,086.4		$	19,563.5		$	20,052.6		$	20,554.0		$	21,067.8		$	21,594.5
Less: Depreciation		687.8			1,176.7			854.7			654.9			645.7			529.3			402.2			359.6			315.2			317.2
Less: Amortization		8,766.9			8,766.9			8,766.9			8,766.9			8,766.9			8,766.9			8,766.9			8,766.9			8,766.9			8,766.9


Taxable Income	$	(8,938.8	)	$	(5,352.7	)	$	3,216.3		$	9,290.4		$	9,673.8		$	10,267.3		$	10,883.5		$	11,427.5		$	11,985.7		$	12,510.4
Income Taxes		0.0			0.0			0.0			0.0			2,966.3			3,860.5			4,092.2			4,296.7			4,506.6			4,703.9


Net Income	$	(8,938.8	)	$	(5,352.7	)	$	3,216.3		$	9,290.4		$	6,707.5		$	6,406.8		$	6,791.3		$	7,130.8		$	7,479.1		$	7,806.5
Add Back: Depreciation and Amortization		9,454.7			9,943.6			9,621.6			9,421.8			9,412.6			9,296.2			9,169.1			9,126.5			9,082.1			9,084.1


After-Tax Cash Flow	$	515.9		$	4,590.9		$	12,837.9		$	18,712.2		$	16,120.1		$	15,703.0		$	15,960.4		$	16,257.3		$	16,561.2		$	16,890.6
Less: Change in Working Capital		824.1			1,631.0			1,667.7			880.6			100.1			127.6			130.8			134.0			137.4			140.8
Less: Capital Expenditures		6,223.9			291.4			291.4			291.4			291.4			291.4			291.4			291.4			291.4			291.4


Net After-Tax Cash Flow	$	(6,532.1	)	$	2,668.5		$	10,878.8		$	17,540.2		$	15,728.6		$	15,284.0		$	15,538.2		$	15,831.9		$	16,132.4		$	16,458.4
Present Value Net After-Tax Cash Flow @ 10.5%	$	(6,214.0	)	$	2,297.3		$	8,475.7		$	12,367.1		$	10,036.0		$	8,825.6		$	8,119.8		$	7,487.1		$	6,904.3		$	6,374.5
Cumulative Present Value Net After-Tax Cash Flow	$	(6,214.0	)	$	(3,916.7	)	$	4,559.0		$	16,926.1		$	26,962.1		$	35,787.7		$	43,907.5		$	51,394.6		$	58,298.9		$	64,673.4
Total Present Value Net After-Tax Cash Flow	$	64,673.4

[Bond & Pecaro Logo]

Table 22

Valuation of Miami, Florida FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	21,594.5
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	22,134.4
Less: Depreciation		317.2

Taxable Income	$	21,817.2

Tax Rate²		37.6	%

Income Taxes	$	8,203.3

Net Income	$	13,613.9
Plus: Depreciation		317.2

After-Tax Cash Flow		13,931.1

Less: Capital Expenditures	$	317.2
Less: Change in Working Capital		140.8

Estimated Perpetuity After-Tax Free Cash Flow	$	13,473.1

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	168,414.2

Discounted Terminal Value @ 10.5%²	$	62,052.0
Total Present Value Cash Flow¹		64,673.4
Plus: Present Value Tax Benefit of Remaining Amortization		4,778.6


Indicated Value: Miami FCC Licenses	$	131,504.0


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 23

Projected Orlando, Florida FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	117,392.0		$	117,979.0		$	119,158.8		$	120,946.2		$	123,365.1		$	126,449.2		$	129,610.4		$	132,850.7		$	136,172.0		$	139,576.3
Orlando Market Revenue Share		5.4	%		16.1	%		26.8	%		32.2	%		32.2	%		32.2	%		32.2	%		32.2	%		32.2	%		32.2	%
Projected Orlando Revenues	$	6,339.2		$	18,994.6		$	31,934.6		$	38,944.7		$	39,723.6		$	40,716.6		$	41,734.5		$	42,777.9		$	43,847.4		$	44,943.6
Operating Profit Margin		7.5	%		22.5	%		37.5	%		45.0	%		45.0	%		45.0	%		45.0	%		45.0	%		45.0	%		45.0	%
Operating Cash Flow	$	475.4		$	4,273.8		$	11,975.5		$	17,525.1		$	17,875.6		$	18,322.5		$	18,780.5		$	19,250.1		$	19,731.3		$	20,224.6
Less: Depreciation		1,082.4			1,835.6			1,306.2			983.1			990.0			776.4			546.6			508.7			468.1			471.1
Less: Amortization		7,825.9			7,825.9			7,825.9			7,825.9			7,825.9			7,825.9			7,825.9			7,825.9			7,825.9			7,825.9


Taxable Income	$	(8,432.9	)	$	(5,387.7	)	$	2,843.4		$	8,716.1		$	9,059.7		$	9,720.2		$	10,408.0		$	10,915.5		$	11,437.3		$	11,927.6
Income Taxes		0.0			0.0			0.0			0.0			2,556.3			3,654.8			3,913.4			4,104.2			4,300.4			4,484.8


Net Income	$	(8,432.9	)	$	(5,387.7	)	$	2,843.4		$	8,716.1		$	6,503.4		$	6,065.4		$	6,494.6		$	6,811.3		$	7,136.9		$	7,442.8
Add Back: Depreciation and Amortization		8,908.3			9,661.5			9,132.1			8,809.0			8,815.9			8,602.3			8,372.5			8,334.6			8,294.0			8,297.0


After-Tax Cash Flow	$	475.4		$	4,273.8		$	11,975.5		$	17,525.1		$	15,319.3		$	14,667.7		$	14,867.1		$	15,145.9		$	15,430.9		$	15,739.8
Less: Change in Working Capital		779.7			1,556.6			1,591.6			862.2			95.8			122.1			125.2			128.3			131.5			134.8
Less: Capital Expenditures		10,026.9			435.4			435.4			435.4			435.4			435.4			435.4			435.4			435.4			435.4


Net After-Tax Cash Flow	$	(10,331.2	)	$	2,281.8		$	9,948.5		$	16,227.5		$	14,788.1		$	14,110.2		$	14,306.5		$	14,582.2		$	14,864.0		$	15,169.6
Present Value Net After-Tax Cash Flow @ 10.5%	$	(9,828.1	)	$	1,964.4		$	7,750.9		$	11,441.5		$	9,435.9		$	8,147.8		$	7,476.2		$	6,896.1		$	6,361.4		$	5,875.3
Cumulative Present Value Net After-Tax Cash Flow	$	(9,828.1	)	$	(7,863.7	)	$	(112.8	)	$	11,328.7		$	20,764.6		$	28,912.4		$	36,388.6		$	43,284.7		$	49,646.1		$	55,521.4
Total Present Value Net After-Tax Cash Flow	$	55,521.4

[Bond & Pecaro Logo]

Table 24

Valuation of Orlando, Florida FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	20,224.6
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	20,730.2
Less: Depreciation		471.1

Taxable Income	$	20,259.1

Tax Rate²		37.6	%

Income Taxes	$	7,617.4

Net Income	$	12,641.7
Plus: Depreciation After-Tax		471.1

Cash Flow	$	13,112.8

Less: Capital Expenditures	$	471.1
Less: Change in Working Capital		134.8

Estimated Perpetuity After-Tax Free Cash Flow	$	12,506.9

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	156,336.0

Discounted Terminal Value @ 10.5%²	$	57,601.8
Total Present Value Cash Flow¹		55,521.4
Plus: Present Value Tax Benefit of Remaining Amortization		4,265.6


Indicated Value: Orlando FCC Licenses	$	117,388.8


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 25

Projected Richmond, Virginia FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	45,724.0		$	45,952.6		$	46,412.1		$	47,108.3		$	48,050.5		$	49,251.8		$	50,483.1		$	51,745.2		$	53,038.8		$	54,364.8
Richmond Market Revenue Share		3.3	%		10.0	%		16.7	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%
Projected Richmond Revenues	$	1,508.9		$	4,595.3		$	7,750.8		$	9,421.7		$	9,610.1		$	9,850.4		$	10,096.6		$	10,349.0		$	10,607.8		$	10,873.0
Operating Profit Margin		4.2	%		12.5	%		20.8	%		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%
Operating Cash Flow	$	63.4		$	574.4		$	1,612.2		$	2,355.4		$	2,402.5		$	2,462.6		$	2,524.2		$	2,587.3		$	2,652.0		$	2,718.3
Less: Depreciation		405.0			678.5			465.4			332.2			316.7			242.4			164.0			132.4			100.1			100.8
Less: Amortization		925.5			925.5			925.5			925.5			925.5			925.5			925.5			925.5			925.5			925.5


Taxable Income	$	(1,267.1	)	$	(1,029.6	)	$	221.3		$	1,097.7		$	1,160.3		$	1,294.7		$	1,434.7		$	1,529.4		$	1,626.4		$	1,692.0
Income Taxes		0.0			0.0			0.0			0.0			69.4			492.0			545.2			581.2			618.0			643.0


Net Income	$	(1,267.1	)	$	(1,029.6	)	$	221.3		$	1,097.7		$	1,090.9		$	802.7		$	889.5		$	948.2		$	1,008.4		$	1,049.0
Add Back: Depreciation and Amortization		1,330.5			1,604.0			1,390.9			1,257.7			1,242.2			1,167.9			1,089.5			1,057.9			1,025.6			1,026.3


After-Tax Cash Flow	$	63.4		$	574.4		$	1,612.2		$	2,355.4		$	2,333.1		$	1,970.6		$	1,979.0		$	2,006.1		$	2,034.0		$	2,075.3
Less: Change in Working Capital		185.6			379.6			388.1			205.5			23.2			29.6			30.3			31.0			31.8			32.6
Less: Capital Expenditures		2,370.4			112.9			112.9			112.9			112.9			112.9			112.9			112.9			112.9			112.9


Net After-Tax Cash Flow	$	(2,492.6	)	$	81.9		$	1,111.2		$	2,037.0		$	2,197.0		$	1,828.1		$	1,835.8		$	1,862.2		$	1,889.3		$	1,929.8
Present Value Net After-Tax Cash Flow @ 10.5%	$	(2,371.2	)	$	70.5		$	865.7		$	1,436.2		$	1,401.9		$	1,055.6		$	959.3		$	880.6		$	808.6		$	747.4
Cumulative Present Value Net After-Tax Cash Flow	$	(2,371.2	)	$	(2,300.7	)	$	(1,435.0	)	$	1.2		$	1,403.1		$	2,458.7		$	3,418.0		$	4,298.6		$	5,107.2		$	5,854.6
Total Present Value Net After-Tax Cash Flow	$	5,854.6

[Bond & Pecaro Logo]

Table 26

Valuation of Richmond, Virginia FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	2,718.3
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	2,786.3
Less: Depreciation		100.8

Taxable Income	$	2,685.5

Tax Rate²		38.0	%

Income Taxes	$	1,020.5

Net Income	$	1,665.0
Plus: Depreciation		100.8

After-Tax Cash Flow	$	1,765.8

Less: Capital Expenditures	$	100.8
Less: Change in Working Capital		32.6

Estimated Perpetuity After-Tax Free Cash Flow	$	1,632.4

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	20,405.1

Discounted Terminal Value @ 10.5%²	$	7,518.2
Total Present Value Cash Flow¹		5,854.6
Plus: Present Value Tax Benefit of Remaining Amortization		509.8


Indicated Value: Richmond FCC Licenses	$	13,882.6


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 27

Projected San Antonio, Texas FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	92,920.0		$	93,384.6		$	94,318.4		$	95,733.2		$	97,647.9		$	100,089.1		$	102,591.3		$	105,156.1		$	107,785.0		$	110,479.6
San Antonio Market Revenue Share		4.1	%		12.3	%		20.5	%		24.5	%		24.5	%		24.5	%		24.5	%		24.5	%		24.5	%		24.5	%
Projected San Antonio Revenues	$	3,809.7		$	11,486.3		$	19,335.3		$	23,454.6		$	23,923.7		$	24,521.8		$	25,134.9		$	25,763.2		$	26,407.3		$	27,067.5
Operating Profit Margin		5.3	%		16.0	%		26.7	%		32.0	%		32.0	%		32.0	%		32.0	%		32.0	%		32.0	%		32.0	%
Operating Cash Flow	$	201.9		$	1,837.8		$	5,162.5		$	7,505.5		$	7,655.6		$	7,847.0		$	8,043.2		$	8,244.2		$	8,450.3		$	8,661.6
Less: Depreciation		840.7			1,401.0			947.9			668.0			648.6			477.7			298.4			250.1			200.4			202.0
Less: Amortization		3,156.2			3,156.2			3,156.2			3,156.2			3,156.2			3,156.2			3,156.2			3,156.2			3,156.2			3,156.2


Taxable Income	$	(3,795.0	)	$	(2,719.4	)	$	1,058.4		$	3,681.3		$	3,850.8		$	4,213.1		$	4,588.6		$	4,837.9		$	5,093.7		$	5,303.4
Income Taxes		0.0			0.0			0.0			0.0			828.4			1,681.0			1,830.9			1,930.3			2,032.4			2,116.1


Net Income	$	(3,795.0	)	$	(2,719.4	)	$	1,058.4		$	3,681.3		$	3,022.4		$	2,532.1		$	2,757.7		$	2,907.6		$	3,061.3		$	3,187.3
Add Back: Depreciation and Amortization		3,996.9			4,557.2			4,104.1			3,824.2			3,804.8			3,633.9			3,454.6			3,406.3			3,356.6			3,358.2


After-Tax Cash Flow	$	201.9		$	1,837.8		$	5,162.5		$	7,505.5		$	6,827.2		$	6,166.0		$	6,212.3		$	6,313.9		$	6,417.9		$	6,545.5
Less: Change in Working Capital		468.6			944.2			965.4			506.7			57.7			73.6			75.4			77.3			79.2			81.2
Less: Capital Expenditures		5,086.8			226.3			226.3			226.3			226.3			226.3			226.3			226.3			226.3			226.3


Net After-Tax Cash Flow	$	(5,353.5	)	$	667.3		$	3,970.8		$	6,772.5		$	6,543.2		$	5,866.1		$	5,910.6		$	6,010.3		$	6,112.4		$	6,238.0
Present Value Net After-Tax Cash Flow @ 10.5%	$	(5,092.8	)	$	574.5		$	3,093.6		$	4,775.1		$	4,175.0		$	3,387.3		$	3,088.7		$	2,842.4		$	2,616.0		$	2,416.0
Cumulative Present Value Net After-Tax Cash Flow	$	(5,092.8	)	$	(4,518.3	)	$	(1,424.7	)	$	3,350.4		$	7,525.4		$	10,912.7		$	14,001.4		$	16,843.8		$	19,459.8		$	21,875.8
Total Present Value Net After-Tax Cash Flow	$	21,875.8

[Bond & Pecaro Logo]

Table 28

Valuation of San Antonio, Texas FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	8,661.6
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	8,878.1
Less: Depreciation		202.0

Taxable Income	$	8,676.1

Tax Rate²		39.9	%

Income Taxes	$	3,461.8

Net Income	$	5,214.3
Plus: Depreciation		202.0

After-Tax Cash Flow	$	5,416.3

Less: Capital Expenditures	$	202.0
Less: Change in Working Capital		81.2

Estimated Perpetuity After-Tax Free Cash Flow	$	5,133.1

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	64,164.2

Discounted Terminal Value @ 10.5%²	$	23,641.2
Total Present Value Cash Flow¹		21,875.8
Plus: Present Value Tax Benefit of Remaining Amortization		1,825.5


Indicated Value: San Antonio FCC Licenses	$	47,342.5


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 29

Projected Tampa, Florida FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	125,488.0		$	126,115.4		$	127,376.6		$	129,287.2		$	131,872.9		$	135,169.7		$	138,548.9		$	142,012.6		$	145,562.9		$	149,202.0
Tampa Market Revenue Share		4.3	%		13.0	%		21.7	%		26.0	%		26.0	%		26.0	%		26.0	%		26.0	%		26.0	%		26.0	%
Projected Tampa Revenues	$	5,396.0		$	16,395.0		$	27,640.7		$	33,614.7		$	34,287.0		$	35,144.1		$	36,022.7		$	36,923.3		$	37,846.4		$	38,792.5
Operating Profit Margin		4.6	%		13.7	%		22.8	%		31.9	%		36.5	%		36.5	%		36.5	%		36.5	%		36.5	%		36.5	%
Operating Cash Flow	$	248.2		$	2,246.1		$	6,302.1		$	10,723.1		$	12,514.8		$	12,827.6		$	13,148.3		$	13,477.0		$	13,813.9		$	14,159.3
Less: Depreciation		789.7			1,317.5			895.5			637.2			630.0			462.8			287.0			253.2			218.1			219.7
Less: Amortization		5,417.0			5,417.0			5,417.0			5,417.0			5,417.0			5,417.0			5,417.0			5,417.0			5,417.0			5,417.0


Taxable Income	$	(5,958.5	)	$	(4,488.4	)	$	(10.4	)	$	4,668.9		$	6,467.8		$	6,947.8		$	7,444.3		$	7,806.8		$	8,178.8		$	8,522.6
Income Taxes		0.0			0.0			0.0			0.0			255.5			2,612.4			2,799.1			2,935.4			3,075.2			3,204.5


Net Income	$	(5,958.5	)	$	(4,488.4	)	$	(10.4	)	$	4,668.9		$	6,212.3		$	4,335.4		$	4,645.2		$	4,871.4		$	5,103.6		$	5,318.1
Add Back: Depreciation and Amortization		6,206.7			6,734.5			6,312.5			6,054.2			6,047.0			5,879.8			5,704.0			5,670.2			5,635.1			5,636.7


After-Tax Cash Flow	$	248.2		$	2,246.1		$	6,302.1		$	10,723.1		$	12,259.3		$	10,215.2		$	10,349.2		$	10,541.6		$	10,738.7		$	10,954.8
Less: Change in Working Capital		663.7			1,352.9			1,383.2			734.8			82.7			105.4			108.1			110.8			113.5			116.4
Less: Capital Expenditures		5,129.9			231.9			231.9			231.9			231.9			231.9			231.9			231.9			231.9			231.9


Net After-Tax Cash Flow	$	(5,545.4	)	$	661.3		$	4,687.0		$	9,756.4		$	11,944.7		$	9,877.9		$	10,009.2		$	10,198.9		$	10,393.3		$	10,606.5
Present Value Net After-Tax Cash Flow @ 10.5%	$	(5,275.4	)	$	569.3		$	3,651.6		$	6,878.9		$	7,621.6		$	5,703.9		$	5,230.5		$	4,823.2		$	4,448.1		$	4,108.0
Cumulative Present Value Net After-Tax Cash Flow	$	(5,275.4	)	$	(4,706.1	)	$	(1,054.5	)	$	5,824.4		$	13,446.0		$	19,149.9		$	24,380.4		$	29,203.6		$	33,651.7		$	37,759.7
Total Present Value Net After-Tax Cash Flow	$	37,759.7

[Bond & Pecaro Logo]

Table 30

Valuation of Tampa, Florida FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	14,159.3
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	14,513.3
Less: Depreciation		219.7

Taxable Income	$	14,293.6

Tax Rate²		37.6	%

Income Taxes	$	5,374.4

Net Income	$	8,919.2
Plus: Depreciation After-Tax		219.7

Cash Flow	$	9,138.9

Less: Capital Expenditures	$	219.7
Less: Change in Working Capital		116.4

Estimated Perpetuity After-Tax Free Cash Flow	$	8,802.8

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	110,035.1

Discounted Terminal Value @ 10.5%²	$	40,542.3
Total Present Value Cash Flow¹		37,759.7
Plus: Present Value Tax Benefit of Remaining Amortization		2,952.6


Indicated Value: Tampa FCC Licenses	$	81,254.6


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 31

Projected Tulsa, Oklahoma FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	39,284.0		$	39,401.9		$	39,638.3		$	39,995.0		$	40,474.9		$	41,082.0		$	41,698.2		$	42,323.7		$	42,958.6		$	43,603.0
Tulsa Market Revenue Share		4.7	%		14.1	%		23.5	%		28.2	%		28.2	%		28.2	%		28.2	%		28.2	%		28.2	%		28.2	%
Projected Tulsa Revenues	$	1,846.3		$	5,555.7		$	9,315.0		$	11,278.6		$	11,413.9		$	11,585.1		$	11,758.9		$	11,935.3		$	12,114.3		$	12,296.0
Operating Profit Margin		6.4	%		19.2	%		32.0	%		38.5	%		38.5	%		38.5	%		38.5	%		38.5	%		38.5	%		38.5	%
Operating Cash Flow	$	118.2		$	1,066.7		$	2,980.8		$	4,342.3		$	4,394.4		$	4,460.3		$	4,527.2		$	4,595.1		$	4,664.0		$	4,734.0
Less: Depreciation		389.4			649.1			439.4			309.6			299.6			221.4			139.2			115.7			91.5			92.2
Less: Amortization		1,746.3			1,746.3			1,746.3			1,746.3			1,746.3			1,746.3			1,746.3			1,746.3			1,746.3			1,746.3


Taxable Income	$	(2,017.5	)	$	(1,328.7	)	$	795.1		$	2,286.4		$	2,348.5		$	2,492.6		$	2,641.7		$	2,733.1		$	2,826.2		$	2,895.5
Income Taxes		0.0			0.0			0.0			0.0			791.8			947.2			1,003.8			1,038.6			1,074.0			1,100.3


Net Income	$	(2,017.5	)	$	(1,328.7	)	$	795.1		$	2,286.4		$	1,556.7		$	1,545.4		$	1,637.9		$	1,694.5		$	1,752.2		$	1,795.2
Add Back: Depreciation and Amortization		2,135.7			2,395.4			2,185.7			2,055.9			2,045.9			1,967.7			1,885.5			1,862.0			1,837.8			1,838.5


After-Tax Cash Flow	$	118.2		$	1,066.7		$	2,980.8		$	4,342.3		$	3,602.6		$	3,513.1		$	3,523.4		$	3,556.5		$	3,590.0		$	3,633.7
Less: Change in Working Capital		227.1			456.3			462.4			241.5			16.6			21.1			21.4			21.7			22.0			22.3
Less: Capital Expenditures		2,193.9			103.9			103.9			103.9			103.9			103.9			103.9			103.9			103.9			103.9


Net After-Tax Cash Flow	$	(2,302.8	)	$	506.5		$	2,414.5		$	3,996.9		$	3,482.1		$	3,388.1		$	3,398.1		$	3,430.9		$	3,464.1		$	3,507.5
Present Value Net After-Tax Cash Flow @ 10.5%	$	(2,190.7	)	$	436.1		$	1,881.1		$	2,818.1		$	2,221.8		$	1,956.5		$	1,775.8		$	1,622.5		$	1,482.5		$	1,358.5
Cumulative Present Value Net After-Tax Cash Flow	$	(2,190.7	)	$	(1,754.6	)	$	126.5		$	2,944.6		$	5,166.4		$	7,122.9		$	8,898.7		$	10,521.2		$	12,003.7		$	13,362.2
Total Present Value Net After-Tax Cash Flow	$	13,362.2

[Bond & Pecaro Logo]

Table 32

Valuation of Tulsa, Oklahoma FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	4,734.0
Operating Cash Flow Growth Rate		1.5	%

Year 11 Terminal Operating Cash Flow	$	4,805.0
Less: Depreciation		92.2

Taxable Income	$	4,712.8

Tax Rate²		38.0	%

Income Taxes	$	1,790.9

Net Income	$	2,921.9
Plus: Depreciation		92.2

After-Tax Cash Flow		3,014.1

Less: Capital Expenditures	$	92.2
Less: Change in Working Capital		22.3

Estimated Perpetuity After-Tax Free Cash Flow	$	2,899.6

Discount Rate²		10.5	%
Long Term Growth Rate²		1.5	%

Capitalization Rate		9.0	%

Future Terminal Value	$	32,218.2

Discounted Terminal Value @ 10.5%²	$	11,870.8
Total Present Value Cash Flow¹		13,362.2
Plus: Present Value Tax Benefit of Remaining Amortization		962.0


Indicated Value: Tulsa FCC Licenses	$	26,195.0


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 33

Projected Bridgeport, Connecticut FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	27,416.0		$	27,525.7		$	27,745.9		$	28,078.9		$	28,528.2		$	29,098.8		$	29,680.8		$	30,274.4		$	30,879.9		$	31,497.5
Bridgeport Market Revenue Share		4.7	%		14.0	%		23.3	%		28.0	%		28.0	%		28.0	%		28.0	%		28.0	%		28.0	%		28.0	%
Projected Bridgeport Revenues	$	1,288.6		$	3,853.6		$	6,464.8		$	7,862.1		$	7,987.9		$	8,147.7		$	8,310.6		$	8,476.8		$	8,646.4		$	8,819.3
Operating Profit Margin		5.5	%		16.4	%		27.3	%		32.7	%		32.7	%		32.7	%		32.7	%		32.7	%		32.7	%		32.7	%
Operating Cash Flow	$	70.9		$	632.0		$	1,764.9		$	2,570.9		$	2,612.0		$	2,664.3		$	2,717.6		$	2,771.9		$	2,827.4		$	2,883.9
Less: Depreciation		193.8			327.5			229.8			168.9			162.8			128.7			92.1			77.8			63.0			63.4
Less: Amortization		1,052.2			1,052.2			1,052.2			1,052.2			1,052.2			1,052.2			1,052.2			1,052.2			1,052.2			1,052.2


Taxable Income	$	(1,175.1	)	$	(747.7	)	$	482.9		$	1,349.8		$	1,397.0		$	1,483.4		$	1,573.3		$	1,641.9		$	1,712.2		$	1,768.3
Income Taxes		0.0			0.0			0.0			0.0			509.7			578.5			613.6			640.3			667.8			689.6


Net Income	$	(1,175.1	)	$	(747.7	)	$	482.9		$	1,349.8		$	887.3		$	904.9		$	959.7		$	1,001.6		$	1,044.4		$	1,078.7
Add Back: Depreciation and Amortization		1,246.0			1,379.7			1,282.0			1,221.1			1,215.0			1,180.9			1,144.3			1,130.0			1,115.2			1,115.6


After-Tax Cash Flow	$	70.9		$	632.0		$	1,764.9		$	2,570.9		$	2,102.3		$	2,085.8		$	2,104.0		$	2,131.6		$	2,159.6		$	2,194.3
Less: Change in Working Capital		158.5			315.5			321.2			171.9			15.5			19.7			20.0			20.4			20.9			21.3
Less: Capital Expenditures		1,427.6			64.6			64.6			64.6			64.6			64.6			64.6			64.6			64.6			64.6


Net After-Tax Cash Flow	$	(1,515.2	)	$	251.9		$	1,379.1		$	2,334.4		$	2,022.2		$	2,001.5		$	2,019.4		$	2,046.6		$	2,074.1		$	2,108.4
Present Value Net After-Tax Cash Flow @ 10.5%	$	(1,441.4	)	$	216.9		$	1,074.5		$	1,645.9		$	1,290.3		$	1,155.8		$	1,055.3		$	967.8		$	887.7		$	816.6
Cumulative Present Value Net After-Tax Cash Flow	$	(1,441.4	)	$	(1,224.5	)	$	(150.0	)	$	1,495.9		$	2,786.2		$	3,942.0		$	4,997.3		$	5,965.1		$	6,852.8		$	7,669.4
Total Present Value Net After-Tax Cash Flow	$	7,669.4

[Bond & Pecaro Logo]

Table 34

Valuation of Bridgeport, Connecticut FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	2,883.9
Operating Cash Flow Growth Rate		2.0	%

Year 11 Terminal Operating Cash Flow	$	2,941.6
Less: Depreciation		63.4

Taxable Income	$	2,878.2

Tax Rate²		39.0	%

Income Taxes	$	1,122.5

Net Income	$	1,755.7
Plus: Depreciation		63.4

After-Tax Cash Flow	$	1,819.1

Less: Capital Expenditures	$	63.4
Less: Change in Working Capital		21.3

Estimated Perpetuity After-Tax Free Cash Flow	$	1,734.4

Discount Rate²		10.5	%
Long Term Growth Rate²		2.0	%

Capitalization Rate		8.5	%

Future Terminal Value	$	20,404.7

Discounted Terminal Value @ 10.5%²	$	7,518.1
Total Present Value Cash Flow¹		7,669.4
Plus: Present Value Tax Benefit of Remaining Amortization		594.9


Indicated Value: Bridgeport FCC Licenses	$	15,782.4


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 35

Projected New Haven, Connecticut FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	79,580.0		$	79,898.3		$	80,537.5		$	81,504.0		$	82,808.1		$	84,464.3		$	86,153.6		$	87,876.7		$	89,634.2		$	91,426.9
New Haven Market Revenue Share		2.0	%		6.0	%		10.0	%		12.0	%		12.0	%		12.0	%		12.0	%		12.0	%		12.0	%		12.0	%
Projected New Haven Revenues	$	1,591.6		$	4,793.9		$	8,053.8		$	9,780.5		$	9,937.0		$	10,135.7		$	10,338.4		$	10,545.2		$	10,756.1		$	10,971.2
Operating Profit Margin		5.5	%		16.4	%		27.3	%		32.7	%		32.7	%		32.7	%		32.7	%		32.7	%		32.7	%		32.7	%
Operating Cash Flow	$	87.5		$	786.2		$	2,198.7		$	3,198.2		$	3,249.4		$	3,314.4		$	3,380.7		$	3,448.3		$	3,517.2		$	3,587.6
Less: Depreciation		282.9			478.0			335.6			246.8			238.3			188.5			135.3			114.5			93.0			93.7
Less: Amortization		1,282.1			1,282.1			1,282.1			1,282.1			1,282.1			1,282.1			1,282.1			1,282.1			1,282.1			1,282.1


Taxable Income	$	(1,477.5	)	$	(973.9	)	$	581.0		$	1,669.3		$	1,729.0		$	1,843.8		$	1,963.3		$	2,051.7		$	2,142.1		$	2,211.8
Income Taxes		0.0			0.0			0.0			0.0			595.9			719.1			765.7			800.2			835.4			862.6


Net Income	$	(1,477.5	)	$	(973.9	)	$	581.0		$	1,669.3		$	1,133.1		$	1,124.7		$	1,197.6		$	1,251.5		$	1,306.7		$	1,349.2
Add Back: Depreciation and Amortization		1,565.0			1,760.1			1,617.7			1,528.9			1,520.4			1,470.6			1,417.4			1,396.6			1,375.1			1,375.8


After-Tax Cash Flow	$	87.5		$	786.2		$	2,198.7		$	3,198.2		$	2,653.5		$	2,595.3		$	2,615.0		$	2,648.1		$	2,681.8		$	2,725.0
Less: Change in Working Capital		195.8			393.9			401.0			212.4			19.2			24.4			24.9			25.4			25.9			26.5
Less: Capital Expenditures		2,083.9			94.3			94.3			94.3			94.3			94.3			94.3			94.3			94.3			94.3


Net After-Tax Cash Flow	$	(2,192.2	)	$	298.0		$	1,703.4		$	2,891.5		$	2,540.0		$	2,476.6		$	2,495.8		$	2,528.4		$	2,561.6		$	2,604.2
Present Value Net After-Tax Cash Flow @ 10.5%	$	(2,085.4	)	$	256.6		$	1,327.1		$	2,038.7		$	1,620.7		$	1,430.1		$	1,304.2		$	1,195.7		$	1,096.3		$	1,008.6
Cumulative Present Value Net After-Tax Cash Flow	$	(2,085.4	)	$	(1,828.8	)	$	(501.7	)	$	1,537.0		$	3,157.7		$	4,587.8		$	5,892.0		$	7,087.7		$	8,184.0		$	9,192.6
Total Present Value Net After-Tax Cash Flow	$	9,192.6

[Bond & Pecaro Logo]

Table 36

Valuation of New Haven, Connecticut FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	3,587.6
Operating Cash Flow Growth Rate		2.0	%

Year 11 Terminal Operating Cash Flow	$	3,659.4
Less: Depreciation		93.7

Taxable Income	$	3,565.7

Tax Rate²		39.0	%

Income Taxes	$	1,390.6

Net Income	$	2,175.1
Plus: Depreciation		93.7

After-Tax Cash Flow		2,268.8

Less: Capital Expenditures	$	93.7
Less: Change in Working Capital		26.5

Estimated Perpetuity After-Tax Free Cash Flow	$	2,148.6

Discount Rate²		10.5	%
Long Term Growth Rate²		2.0	%

Capitalization Rate		8.5	%

Future Terminal Value	$	25,277.4

Discounted Terminal Value @ 10.5%²	$	9,313.4
Total Present Value Cash Flow¹		9,192.6
Plus: Present Value Tax Benefit of Remaining Amortization		724.9


Indicated Value: New Haven FCC Licenses	$	19,230.9


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

Table 37

Projected Stamford, Connecticut FCC License Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	23,276.0		$	23,369.1		$	23,556.1		$	23,838.8		$	24,220.2		$	24,704.6		$	25,198.7		$	25,702.7		$	26,216.8		$	26,741.1
Stamford Market Revenue Share		3.0	%		9.0	%		15.0	%		18.0	%		18.0	%		18.0	%		18.0	%		18.0	%		18.0	%		18.0	%
Projected Stamford Revenues	$	698.3		$	2,103.2		$	3,533.4		$	4,291.0		$	4,359.6		$	4,446.8		$	4,535.8		$	4,626.5		$	4,719.0		$	4,813.4
Operating Profit Margin		3.8	%		11.5	%		19.2	%		23.0	%		23.0	%		23.0	%		23.0	%		23.0	%		23.0	%		23.0	%
Operating Cash Flow	$	26.5		$	241.9		$	678.4		$	986.9		$	1,002.7		$	1,022.8		$	1,043.2		$	1,064.1		$	1,085.4		$	1,107.1
Less: Depreciation		145.9			246.6			173.0			127.3			122.8			97.0			69.5			58.7			47.6			47.9
Less: Amortization		345.5			345.5			345.5			345.5			345.5			345.5			345.5			345.5			345.5			345.5


Taxable Income	$	(464.9	)	$	(350.2	)	$	159.9		$	514.1		$	534.4		$	580.3		$	628.2		$	659.9		$	692.3		$	713.7
Income Taxes		0.0			0.0			0.0			0.0			153.4			226.3			245.0			257.4			270.0			278.3


Net Income	$	(464.9	)	$	(350.2	)	$	159.9		$	514.1		$	381.0		$	354.0		$	383.2		$	402.5		$	422.3		$	435.4
Add Back: Depreciation and Amortization		491.4			592.1			518.5			472.8			468.3			442.5			415.0			404.2			393.1			393.4


After-Tax Cash Flow	$	26.5		$	241.9		$	678.4		$	986.9		$	849.3		$	796.5		$	798.2		$	806.7		$	815.4		$	828.8
Less: Change in Working Capital		85.9			172.8			175.9			93.2			8.4			10.7			10.9			11.2			11.4			11.6
Less: Capital Expenditures		1,075.1			48.7			48.7			48.7			48.7			48.7			48.7			48.7			48.7			48.7


Net After-Tax Cash Flow	$	(1,134.5	)	$	20.4		$	453.8		$	845.0		$	792.2		$	737.1		$	738.6		$	746.8		$	755.3		$	768.5
Present Value Net After-Tax Cash Flow @ 10.5%	$	(1,079.2	)	$	17.6		$	353.5		$	595.8		$	505.5		$	425.6		$	385.9		$	353.2		$	323.3		$	297.6
Cumulative Present Value Net After-Tax Cash Flow	$	(1,079.2	)	$	(1,061.6	)	$	(708.1	)	$	(112.3	)	$	393.2		$	818.8		$	1,204.7		$	1,557.9		$	1,881.2		$	2,178.8
Total Present Value Net After-Tax Cash Flow	$	2,178.8

[Bond & Pecaro Logo]

Table 38

Valuation of Stamford, Connecticut FCC Licenses
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	1,107.1
Operating Cash Flow Growth Rate		2.0	%

Year 11 Terminal Operating Cash Flow	$	1,129.2
Less: Depreciation		47.9

Taxable Income	$	1,081.3

Tax Rate²		39.0	%

Income Taxes	$	421.7

Net Income	$	659.6
Plus: Depreciation		47.9

After-Tax Cash Flow		707.5

Less: Capital Expenditures	$	47.9
Less: Change in Working Capital		11.6

Estimated Perpetuity After-Tax Free Cash Flow	$	648.0

Discount Rate²		10.5	%
Long Term Growth Rate²		2.0	%

Capitalization Rate		8.5	%

Future Terminal Value	$	7,623.4

Discounted Terminal Value @ 10.5%²	$	2,808.8
Total Present Value Cash Flow¹		2,178.8
Plus: Present Value Tax Benefit of Remaining Amortization		195.4


Indicated Value: Stamford FCC Licenses	$	5,183.0


¹		See previous table.

²		See text.

[Bond & Pecaro Logo]

PROFESSIONAL EXPERIENCE AND QUALIFICATIONS

TIMOTHY S. PECARO

Timothy S. Pecaro is a principal and founder of the firm Bond & Pecaro, Inc., a Washington based consulting firm specializing in valuations, strategic planning, acquisition analysis, asset appraisals, and related financial services for the communications and media industries. Before the formation of Bond & Pecaro, Inc., Mr. Pecaro was a Vice President with Frazier, Gross & Kadlec, Inc. Mr. Pecaro joined that firm in 1980 and was named Manager of the firm’s Appraisal Services Division in 1982. He became Director of Appraisal Services in 1983 and Vice President of the firm in 1984.

Mr. Pecaro has actively participated in the development, research, and preparation of appraisal reports for owners of radio, television, cable, newspaper, radio common carrier, telecommunications, new media, and Internet properties. He has also developed several research studies and has participated in special research reports for the Federal Communications Commission (FCC) and the National Association of Broadcasters (NAB).

Mr. Pecaro has appraised more than 3,000 communications and media businesses. He has also been retained to provide special market studies and individual research projects for the management of media and technology properties and related industries. He is the Vice Chairman of the Broadcast Cable Financial Management Association, Co-chairman of the association’s 2004 annual conference, Chairman of the Technology and New Media Committee, and a member of the Cable Television and Tax Committees. Mr. Pecaro is also a member of The National Association of Broadcasters (NAB) Tax Advisory Panel. Mr. Pecaro has testified as an expert witness in connection with media and telecommunications valuation matters before federal, state, and local courts; the FCC; and the Joint Committee on Taxation. He has also spoken on media financial issues at the annual conferences of the National Association of Broadcasters, the Broadcast Cable Financial Management Association, the National Cable Television Association, the Broadband Tax Institute, the International Business Forum, and Telocator. Additionally, Mr. Pecaro has been a guest lecturer at the University of Missouri School of Journalism.

Prior to his association with Frazier, Gross & Kadlec, Mr. Pecaro was employed at WMAQ and WKQX(FM) in Chicago, at the time two of the NBC owned and operated radio stations.

Mr. Pecaro received a Bachelor of Arts degree in Radio/Television Communication Arts from Monmouth College in 1976. He graduated Cum Laude with highest honors in his major field of study.

[Bond & Pecaro Logo]

PROFESSIONAL EXPERIENCE AND QUALIFICATIONS

BENJAMIN K. STEINBOCK

Benjamin K. Steinbock is an associate in the firm of Bond & Pecaro, Inc., a Washington-based consulting firm specializing in valuations, asset appraisals, and related financial services for the communications industry.

Mr. Steinbock has been with the firm since 2000 and has appraised more than 400 media, communications, and technology businesses and has extensive experience in the valuation of FCC licenses for radio, television and telecommunications companies.

Prior to his association with Bond & Pecaro, Inc., Mr. Steinbock worked as a legal assistant in the Washington, D.C. office of Hogan & Hartson L.L.P. Mr. Steinbock specialized in corporate and securities law and was active in many initial public offerings and mergers.

Mr. Steinbock received a Bachelor of Arts degree in Political Science and Public Policy from Swarthmore College in Pennsylvania.

[Bond & Pecaro Logo]