Key Investment Highlights

Transcription

1 Investr Overview

2 Key Investment Highlights One f the largest pure-play televisin bradcasters in the natin Statins lcated in high-grwth markets with diverse netwrk and gegraphic expsure Strng cmpetitive psitin and leading news franchises Histry f bradcasting excellence Highest quality syndicated prgramming under cntract fr several years Experienced management team 2

3 Bel Crp. at a Glance Owns and perates 20 televisin statins in 15 highly attractive markets reaching 14.6% f U.S. televisin husehlds Including statins in 11 f the tp 50 markets Affiliated with all f the majr bradcasting netwrks Related Web sites and niche prducts 2010 revenue f $687 millin 2010 statin adjusted EBITDA f $278 millin 4 statins 5 statins 4 statins IND. 2 statins 2 statins 2 statins 1 statin 3

4 Revenue Diversity Amng Majr Netwrks At least ne tp 13 market statin with each f the 3 majr netwrks 35% 23% 27% Ind. 8% 1% 2% 4% Surces: 2010 Internal Recrds (excludes TXCN, NWCN, and LMA) 4

5 Reginal Revenue Diversificatin NORTHWEST 24% Seattle/Tacma KING (NBC) king5.cm KONG (Ind.) NrthWest Cable News nwcn.cm Prtland KGW (NBC) kgw.cm Spkane KREM (CBS) krem.cm ARIZONA KSKN (CW) Phenix Bise KTVK (Ind.) KTVB (NBC) azfamily.cm ktvb.cm KASW (CW) 24/7 NewsChannel Arizna News Channel Tucsn KMSB (FOX) kmsb.cm KTTU (MyNetwrkTV) Surce: Internal Recrds Nte: Based n 2010 revenues 12% TEXAS 41% Dallas/Frt Wrth WFAA (ABC) wfaa.cm Texas Cable News txcn.cmcm Hustn KHOU (CBS) khu.cm 23% San Antni KENS (CBS) kens5.cm Austin KVUE (ABC) kvue.cm MID ATLANTIC & OTHER St. Luis KMOV (CBS) kmv.cm Charltte WCNC (NBC) wcnc.cm Hamptn/Nrflk WVEC (ABC) wvec.cm New Orleans WWL (CBS) wwltv.cm WUPL (MyNetwrkTV) NewsWatch n Channel 15 Luisville WHAS (ABC) whas 11.cm 5

6 Cmpnents f 2010 Ttal Revenue Spt Revenues withut Plitical 75% Plitical Spt 8% Other 17% Lcal 64% Natinal 36% Ttal 100% % f 2010 Spt Revenue w/ Plitical by Majr Categry Autmtive 22% Entertainment t t 9% Healthcare 9% Restaurants 8% Surce: Internal recrds 6

7 Plitical Revenue in Even Years In millins $60 $50 $50.3 $48.8 $53.0 $47.0 (1) (2) $56.2 $55.6 $40 $30 $20 $10 $ Surce: Internal cmpany recrds (1) Recrd Plitical Revenue fr a Presidential electin year (2) Recrd plitical revenue fr a nn-presidential electin year 7

8 Bel Markets Rank High In Ppulatin Grwth CAGR 2000 thrugh % 3.2% % 1.5% All Bel Televisin markets 2.0% U.S. average 1.2% 0 Nrthwest Texas Arizna Surce: Nielsen 8

9 Natinal Awards Since 2000, Bel s Televisin statins have wn: Murrw Awards dupnt Awards Peabdy Awards Since 2000, Bel has wn mre f each f these awards than any ther cmmercial televisin grup in the cuntry. 9

10 Televisin Grup Success Factrs The Televisin Grup s attractive prfile results in: Higher share f revenue and advertiser demand Greater plitical revenue in its markets Participatin in all majr bradcast televisin events Bel s quality televisin assets are attractive t netwrks, syndicatrs, cable, satellite, telc and ther bradband cmpanies 10

11 Operating Strategy Bel s perating strategy fcuses n lcalism thrugh: expanding its lcal news leadership grwing market revenue shares building deeper cmmunity relatinships with its custmers Nthing defines a televisin statin s brand better than its lcal l news franchise 11

12 Lcal News Revenue Cntributin 40% f 2010 spt revenue is derived frm Bel s lcally prduced newscasts. Other Prgramming 60% Lcal Newscasts 40% Surce: Internal Recrds Nte: Excludes TXCN and NWCN 12

13 Mst Bel Statins Rank 1 st r 2 nd in Key News Dayparts (Adults 25-54) Early News #1 r #2 in 11 f 15 markets 5 pm - Evening News #1 r #2 in 12 f 14 markets 6 pm - Evening News #1 r #2 in 12 f 14 markets Late News #1 r #2 in 12 f 15 markets Bel Markets #1 r #2 Other Surce: Nielsen Nvember 2010 ratings 13

14 If lcal news was all the same, this wuld be the result RATINGS DALLAS/FORT WORTH WFAA KXAS KDFW 14

15 Regardless f netwrk affiliatin, there is a difference A Bel Difference DALLAS/FORT WORTH PORTLAND NEW ORLEANS 4.4 Bel ABC NBC CBS WFAA KTVT KXAS Bel NBC ABC CBS KGW KATU KOIN 11.6 Bel CBS FOX NBC WWL WVUE WDSU AUSTIN BOISE SPOKANE 3.4 Bel 2.4 ABC NBC CBS KVUE KXAN KEYE Bel 4 Bel NBC ABC CBS CBS NBC ABC 0 0 KTVB KIVI KBOI KREM KHQ KXLY Surce: Nielsen Nvember p.m. newscasts 15

16 Why are we #1 in s many f ur markets? Mst-experienced news persnnel Equipped with the best in newsgathering resurces Cmmitted t cnsistent, quality in-depth and investigative reprting Cmmitted t cvering the big stry better than anyne else Breaking news and severe weather cverage 16

17 Debt Capitalizatin at 3/31/2011 Amunt Rate Credit Rating 1 Credit Facility expires 12/31/12 $ 0 L + defined spread Senir Ntes due 5/30/13 $ % B1 / B / BB Senir Ntes due 11/15/16 $ % Ba1 / BB- / BB+ Senir Debentures due 6/01/27 $ % B1 / B / BB Senir Debentures due 9/15/27 $ % B1 / B / BB Ttal Senir Debt 2 $ * Leverage rati as f 3/31/2011 is 3.6x. ¹ Mdy s rating utlk is psitive as f 28-Apr-2011; S&P rating utlk is stable as f 21-Jun-2010; Fitch rating utlk is stable as f 29-Apr Net f bnd discunt amrtizatin f $4.2 millin 17

18 Opprtunities Retransmissin ss revenue e Digital transitin (multicast, mbile, ther spectrum pprtunities) Technlgy New prducts tailred t changing media landscape Interactive revenue grwth 18

19 Why Invest in Bel Crp.? Market leading assets in high-grwth grwth areas that achieve a greater share f revenue Time-prven, effective perating strategy that delivers large amunts f cash flw Diversified assets that can withstand reginal ecnmic vlatility and fluctuatins in netwrk perfrmance Strng lcal news ratings that derive a disprprtinate t share f plitical l revenue 19

20 Why Invest in Bel Crp.? Highly-rated televisin statins that are desirable t cable, satellite and telc carriers Strng lcal Web sites that will cntinue t deliver abve-average revenue and audience grwth Experienced management team 20

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