MEDIA LEADING COMPANIES. AdAgeSPECIALREPORT INSIDE

Transcription

1 LEADING MEDIA COMPANIES TOP 10: 1.Time Warner 2.Comcast Corp. 3.Viacom 4.Walt Disney Co. 5.NBC Universal 6.Cox Enterprises 7. DirecTV Group 8.News Corp. 9.Gannett Co. 10.Clear Channel Communications Online Download the full pdf version of this Special Report at QwikFIND aap87x INSIDE $209 bil. media pie Cable captures 36% of Top 100 media revenue with $75.24 bil. Page S-2 Top to bottom From Time Warner s $29.25 bil. to Sunbeam TV s $209 mil. revenue Pages S-4, S-6 Print powers Gannett, Time Warner claim newspaper, magazine leadership Page S-7 TV tonnage Viacom, Comcast Corp. grab broadcast TV, cable top dollar Page S-8 Media family trees Holdings of the Top 15 media companies in pullout poster After page 14

2 August 23, 2004 Advertising Age S-2 Cable, satellite TV fuel Top Leading Media Cos. gain 7.3% to reach $209 billion in revenue By SCOTT MACDONALD Cable and direct broadcast satellite TV are setting the media pace. The two segments combined accounted for 42% of total media revenue of the 100 Leading Media Companies in Advertising Age s annual report, up from 40% in Revenue for cable, which includes both multiple system operators and cable TV networks, grew 11% in 2003 to $75.24 billion from the 32 companies in the Top 100 with cable, beating last year s 10.3% growth. DBS even topped that with 20.5% combined growth, to $13.11 billion, from the two megaplayers, No. 7 DirecTV Group and No. 12 EchoStar Communications Corp. Overall, media revenue for all companies in the Top 100 rose 7.3% in 2003 to $ billion, beating last year s 6.3% jump, with growth reported across all media segments. In the top-heavy media world, No. 1 Time Warner, at $29.25 billion in 2003 media revenue, surpasses the distant No. 2 Comcast Corp. by more than $11 billion. Time Warner s cable segment, packed with content and distribution businesses, makes up more than half its media revenue. Even without the $8.6 billion in revenue that its America Online division contributes, Time Warner would easily rank No. 1. The top four companies in the ranking make up over one-third of the total revenue of the Top 100. NON-MEDIA BUSINESS EXCLUDED In this report, media are U.S. content and distribution businesses supported by ad revenue. Foreign operations of U.S. media companies are excluded where possible, as are non-u.s. media operations of foreign-based companies. Non-media businesses, as well as movie distribution, TV production and Yellow Pages, also are excluded. As an example, book publishing, film and video returns are removed from Time Warner s total worldwide revenue, leaving $29.25 billion in media 74% of the worldwide total. Earlier this year, Comcast, cable s largest player and largely a distribution entity, made an attempt to gain a crucial content component by proposing to buy No. 4 Walt Disney Co. for $54 billion. Disney rejected the unsolicited offer, which would have put a combined Comcast- Disney neck-and-neck with Time Warner in terms of media revenue. Comcast could pick off No. 17 Adelphia Communications Corp., currently in bankruptcy proceedings, in a possible sale at year-end, but Adelphia comes with 5.3 million subscribers, and no content. Comcast draws 95% of its revenue from its 21.5 million subscriber MSO. Cable companies are increasingly offering more than just TV as they expand into highspeed internet and even digital phone service. Time Warner Cable expects to offer digital phone service systemwide by the end of the year. Growth at the other TV medium, broadcast TV, registered only 2.1% to $33.52 billion in revenue for the 32 companies in the Top 100 with broadcast TV. But this year is looking better for the medium, its ad revenue up 9% in the first five months for network and spot combined, according to TNS Media Intelligence/CMR. The Olympics and the fall elections promise to power broadcast through the rest of the year. General Electric Co. s freshly minted, 80%- owned NBC Universal hopes to reap Olympic bounty. The company was formed when NBC bought Vivendi Universal Entertainment from French conglomerate Vivendi Universal in May. Vivendi, ranked No. 26 last year, retains a 20% interest in NBC Universal. CABLE BOOSTS NBC NBC strengthened its No. 5 ranking this year with cable network properties USA Network, Sci Fi and Trio, acquired in the transaction. The company slotted them alongside its Bravo and CNBC networks in its NBC Universal Cable division. Revenue produced by Universal Studios and theme parks, also part of the acquisition, are not counted in this report. Radio as a medium grew the least, an anemic 1.5% to $10.08 billion in revenue from 20 leading media companies with radio. National spot radio has seen a recent spike in ad revenue, however, with a 25.4% gain in May, and a 5.6% gain over the first five months of this year, according to TNSMI/CMR. In fact, ad spending across all categories of consumer media is up more than 10% through May 2004, according to TNSMI/CMR, with the biggest gainers being Spanish-language newspapers, up more than 100% from a low base year, Internet, up 25%, and syndicated TV, up 17.5%. Revenue for magazines was up only 2.8% for 33 leading media companies, although ad spending in consumer magazines was up 7.1% through May. Countering the Top 100 s lackluster showing were a 13.3% increase in magazine revenue at No. 11 Advance Publications, 12.4% at No. 15 Hearst Corp., and 15% at No. 31 Meredith Corp. Martha Stewart Living Omnimedia, No. 95 in last year s report, fell off the list year due to a 25.6% decline in magazine revenue. Newspapers grew a collective 4% among 36 Top 100 companies; category leader Gannett Co. advanced 5.8%. For the first half of 2004, newspaper advertising grew 3.8% as retail (48% of total) moved 2.6% and classified (35% of total) grew 5.5%, according to the Newspaper Association of America. U.S. MEDIA REVENUE SPLITS FOR MEDIA COS. Net revenue hits $208.9 billion as cable s share expands to 36.0% of total from 34.8% Cable networks $29.57 billion; 14.1% Cable systems $45.67 billion; 21.9% other $18.63 billion; 8.9% Radio $10.08 billion; 4.8% PUBLICLY HELD BY RETURN ON SALES ED BYNET INCOME AS A PERCENT OF REVENUE IN 2003 Newspapers $34.26 billion; 16.4% Magazines $19.41 billion; 9.3% Outdoor $4.81 billion; 2.3% Internet $12.95 billion; 6.2% Broadcast TV $33.52 billion; 16.1% Notes: Data based on media splits in net revenue from this year s 100 Leading Media Cos. Other media include FSIs, direct broadcast satellite and ad-supported electronic data delivery. WORLDWIDE % RETURN ON SALES TOTAL COMPANY REVENUE NET INCOME (LOSS) MEDIA COMPANY HEADQUARTERS /- CHG Westwood One New York $539 $551 $100 $ Gannett Co. McLean, Va ,711 6,422 1,211 1,160 3 NA Entercom Communications Corp. Bala Cynwyd, Pa (83) 4 34 Radio One Lanham, Md Journal Register Co. Trenton, N.J NA Comcast Corp. Philadelphia ,348 16,754 3,240 (15,071) 7 20 Tribune Co. Chicago ,595 5, Yahoo! Inc. Sunnyvale, Calif , E.W. Scripps Co. Cincinnati ,875 1, McGraw-Hill Cos. New York ,828 4, McClatchy Co. Sacramento, Calif ,099 1, Reed Elsevier London ,103 7,426 1, NA Clear Channel Communications San Antonio, Texas ,931 8,421 1,146 (16,054) 14 NA Liberty Corp. Greenville, S.C (14) 15 6 Lee Enterprises Davenport, Iowa Univision Communications Los Angeles ,311 1, Valassis Communications Livonia, Mich Dow Jones & Co. New York ,549 1, Google Mountain View, Calif Knight Ridder San Jose, Calif ,946 2, Pulitzer St. Louis Susquehanna Media Co. York, Pa The New York Times Co. New York ,227 3, Harte-Hanks San Antonio, Texas Belo Dallas ,436 1, Notes: Dollars in millions. Return on sales is worldwide net income divided by worldwide sales. Companies shown are from the 100 Leading Media Cos. All figures were obtained from public documents. MSN Network (Microsoft Corp.), NBC Universal (General Electric Co.), American Express Publishing Corp. and Jefferson-Pilot Communications are not included in the return-on-sales chart because returns from their respective parent companies are largely non-media.

3 August 23, 2004 Advertising Age S-4 ED BY TOTAL NET U.S. MEDIA REVENUE IN 2003 TOTAL NET U.S. MEDIA REVENUE WORLDWIDE WORLDWIDE NET REVENUE FROM THE U.S. BY MEDIUM IN MEDIA COMPANY HEADQUARTERS % CHG PARENT REVENUE NET INCOME NEWSPAPER MAGAZINE TV RADIO CABLE OTHER 1 1 Time Warner New York $29,247 $28, $39,565 $2,639 $0 $4,514 $660 $0 $15,473 $8, Comcast Corp. Philadelphia 17,492 16, ,348 3, , Viacom New York 17,252 15, ,585 1, ,761 2,098 5,595 1, Walt Disney Co. Burbank, Calif. 11,239 9, ,061 1, , , NBC Universal (General Electric Co.) Fairfield, Conn. 8,177 8, ,187 15, , , Cox Enterprises Atlanta 8,108 7, ,796 NA 1, , DirecTV Group El Segundo, Calif. 7,696 6, , , News Corp. New York/Sydney 7,532 6, ,217 1, , , Gannett Co. McLean, Va. 6,330 6, ,711 1,211 5, Clear Channel Communications San Antonio, Texas 6,138 5, ,931 1, , , Advance Publications Newark, N.J. 5,909 5, ,909 NA 2,128 2, , EchoStar Communications Corp. Englewood, Colo. 5,410 4, , , Tribune Co. Chicago 5,398 5, , , , Charter Communications St. Louis 4,819 4, , , Hearst Corp. New York 4,045 3, NA NA 1,458 1, Cablevision Systems Corp. Bethpage, N.Y. 3,694 3, , , Adelphia Communications Corp. Greenwood Village, Colo. 3,584 3, ,584 NA , The New York Times Co. New York 3,227 3, , , Knight Ridder San Jose, Calif. 2,848 2, , , Bloomberg New York 2,380 2, ,400 NA , The Washington Post Co. Washington 2,001 1, , Dow Jones & Co. New York 1,549 1, , , E.W. Scripps Co. Cincinnati 1,531 1, , Belo Dallas 1,436 1, , Univision Communications Los Angeles 1,392 1, , , Yahoo! Inc. Sunnyvale, Calif. 1, , , Discovery Communications Silver Spring, Md. 1,264 1, ,995 NA , Primedia New York 1,241 1, , , Advo Windsor, Conn. 1,163 1, , , McClatchy Co. Sacramento, Calif. 1,098 1, , , Meredith Corp. Des Moines, Iowa 1, , MediaCom Communications Corp. Middletown, N.Y. 1, , , Google Mountain View, Calif International Data Group Boston ,410 NA A&E Television Networks New York NA Insight Communications Co. New York Valassis Communications Livonia, Mich Media General Richmond, Va MSN Network (Microsoft Corp.) Redmond, Wash ,187 9, Reader s Digest Association Pleasantville, N.Y , Freedom Communications Irvine, Calif NA Lifetime Entertainment Services New York NA Lamar Advertising Co. Baton Rouge, La Gruner & Jahr USA (Bertelsmann) New York/Hamburg , McGraw-Hill Cos. New York , MediaNews Group Denver Landmark Communications Norfolk, Va NA Sinclair Broadcast Group Baltimore Gemstar-TV Guide International Los Angeles Lee Enterprises Davenport, Iowa Notes: Dollars in millions. Media defined as media content and distribution businesses supported by advertising. Media revenue, considered estimates, are generally for latest available fiscal year. Parent returns are as reported; parent revenue may be smaller than media total because media are pro forma where possible and often represent corporate segment totals without eliminations. Sources: BIA Financial Network (radio, TV, newspapers), Kagan World Media (cable), TNS Media Intelligence/CMR, Audit Bureau of Circulations and public documents. Continued on Page S-6.

4 August 23, 2004 Advertising Age S-6 Ranking continued from Page S-4 TOTAL NET U.S. MEDIA REVENUE WORLDWIDE WORLDWIDE NET REVENUE FROM THE U.S. BY MEDIUM IN MEDIA COMPANY HEADQUARTERS % CHG PARENT REVENUE NET INCOME NEWSPAPER MAGAZINE TV RADIO CABLE OTHER Reed Elsevier New York/London $601 $ $8,103 $1,088 $0 $601 $0 $0 $0 $ Emmis Communications Corp. Indianapolis Copley Press La Jolla, Calif NA Zuckerman Media Properties New York NA NA Westwood One New York Morris Communications Augusta, Ga NA NA Hachette Filipacchi Media U.S. (Lagardere) New York/Paris , American Media Lantana, Fla Journal Communications Milwaukee Hollinger International Chicago , Pulitzer St. Louis Block Communications Toledo, Ohio Community Newspaper Holdings Birmingham, Ala NA NA Entercom Communications Corp. Bala Cynwyd, Pa Journal Register Co. Trenton, N.J Susquehanna Media Co. York, Pa Catalina Marketing Corp. St. Petersburg, Fla Raycom Media Montgomery, Ala NA NA Harte-Hanks San Antonio, Texas Rodale Press Emmaus, Pa NA NA LIN TV Corp. Providence, R.I National Geographic Society Washington NA NA Seattle Times Co. Seattle NA NA Citadel Broadcasting Corp. Las Vegas, Nev United Business Media Manhasset, N.Y./London , RCN Corp. Princeton, N.J Forbes Inc. New York NA NA Dispatch Printing Co. Columbus, Ohio NA NA VNU New York/Haarlem, Netherlands , Dennis Publishing New York NA NA Radio One Lanham, Md InterActiveCorp New York , Stephens Media Group Las Vegas NA NA Cumulus Media Atlanta Times Publishing Co. St. Petersburg, Fla NA Paxson Communications Corp. West Palm Beach, Fla Wehco Media Little Rock, Ark NA NA Gray Television Albany, Ga Ogden Newspapers Wheeling, W. Va NA NA American Express Publishing Corp. New York ,900 2, Playboy Enterprises Chicago CNET Networks San Francisco MSNBC New York NA NA Entravision Communications Corp. Santa Monica, Calif Schurz Communications South Bend, Ind NA NA Crain Communications Detroit NA Herald Media Boston NA NA Church of Jesus Christ of Latter-day Saints Salt Lake City NA NA Jefferson-Pilot Communications Greensboro, N.C , Sunbeam Television Corp. Miami NA NA Notes: Dollars in millions.the 50/50 joint venture media companies No. 42 Lifetime Entertainment Services and No. 93 MSNBC stand alone because their co-parents do not claim their revenue in accordance with GAAP rules. No. 35 A&E Television Networks, owned by three media companies, each with a minority interest, also stands alone. Non-U.S. media returns are excluded where possible. Parent returns are as reported and may be smaller than media total because media are pro forma where possible and often represent corporate segment totals without eliminations.

5 August 23, 2004 Advertising Age S-7 TOP 25 NEWSPAPER COMPANIES ED BY NET U.S. NEWSPAPER REVENUE IN 2003 NEWSPAPER NET REVENUE COMPANY 2003 % CHG TOP NEWSPAPER CIRCULATION 1 1 Gannett Co. $5, USA Today 2,251, Tribune Co. 4, Los Angeles Times 983, The New York Times Co. 3, The New York Times 1,133, Knight Ridder 2, The Philadelphia Inquirer 387, Advance Publications 2, The Star Ledger (Newark, N.J.) 407, Hearst Corp. 1, Houston Chronicle 549, Cox Enterprises 1, The Atlanta Journal-Constitution 401, Dow Jones & Co. 1, The Wall Street Journal 2,101, McClatchy Co. 1, Star Tribune (Minneapolis) 377, The Washington Post Co The Washington Post 772, Belo The Dallas Morning News* 529, MediaNews Group Denver Post 286, Freedom Communications Orange County Register 310, E.W. Scripps Co Rocky Mountain News 286, Lee Enterprises North County Times (Oceanside, Calif.) 94, Copley Press San Diego Union-Tribune 355, Media General Tampa Tribune 238, Landmark Communications The Virginian-Pilot 201, Hollinger International Chicago Sun-Times* 486, Morris Communications Jacksonville Times-Union 169, Pulitzer St. Louis Post-Dispatch 281, Community Newspaper Holdings Tribune-Democrat (Johnstown, Pa.) 41, Journal Register Co New Haven Register 92, Harte-Hanks PennySaver (S. Calif. shopper) 10,000, Seattle Times Co Seattle Times 237,303 Notes: Dollars in millions. Newspaper revenue considered estimates and obtained from public documents and BIA Financial Network. Top newspaper and circulation from Audit Bureau of Circulations FAS-FAX March 31, *Newspapers overstated their circulation. Their numbers are under review. TOP 25 MAGAZINE COMPANIES ED BY NET U.S. MAGAZINE REVENUE IN 2003 MAGAZINE NET REVENUE COMPANY 2003 % CHG TOP MAGAZINE GROSS AD REVENUE TOP 5 YELLOW PAGES COS. ED BY NET U.S. DIRECTORY PUBLISHING REVENUE IN 2003 DIRECTORY PUBLISHING REVENUE COMPANY 2003 % CHG 1 SBC Communications $4, Verizon Communications 4, BellSouth Corp. 1, Dex Media* 1, Yellow Book USA (Yell Group) 1, Notes: Dollars are in millions. Yellow and White Pages, though an ad medium, are not included as media in the 100 Media Cos. report. Data collected from annual reports. *Dex Media revenue is pro forma for Dex Media, formerly Qwest Dex, was purchased in late 2003 by the Carlyle Group and Welsh, Carson, Anderson & Stowe. Word play 1 1 Time Warner $4, People $ Advance Publications 2, Parade Hearst Corp. 1, Good Housekeeping Primedia 1, Motor Trend Reader s Digest Association Reader s Digest Meredith Corp Better Homes & Gardens Gruner & Jahr USA (Bertelsmann) Family Circle International Data Group PC World McGraw-Hill Cos BusinessWeek Reed Elsevier EDN Hachette Filipacchi Media U.S. (Lagardere) Woman s Day American Media Shape Gemstar-TV Guide International TV Guide Rodale Press Men s Health The Washington Post Co Newsweek United Business Media InformationWeek Forbes Inc Forbes VNU Adweek Dennis Publishing Maxim Walt Disney Co ESPN the Magazine InterActiveCorp Entertainment NA American Express Publishing Corp Travel & Leisure Crain Communications Automotive News National Geographic Society National Geographic Zuckerman Media Properties U.S. News & World Report 201 Notes: Dollars in millions. Magazine totals on which the Top 25 are ranked are considered estimates. Top magazine and gross ad revenue are from Publishers Information Bureau (for consumer magazines) and TNS Media Intelligence/CMR for business publications.

6 August 23, 2004 Advertising Age S-8 TOP BOOK PUBLISHERS ED BY WORLDWIDE REVENUE IN 2003 BOOK PUBLISHING REVENUE PUBLISHER 2003 % CHG 1 Random House (Bertelsmann) $2, HarperCollins (News Corp.) 1, Time Warner book publishing 1, Simon & Schuster (Viacom) Notes: Book publishing is not considered media in determining the Top 100 media companies. Time Warner totals include Time Warner Book Group, Little Brown & Co. and Time Life even though it was sold in Other publishing excluded as media: Professional publisher Elsevier ($2.29 billion in 2003) at Reed Elsevier, and educational divisions, Harcourt Education ($1.49 billion) at Reed Elsevier, Kaplan ($838 million) at Washington Post Co. and McGraw Hill Education ($2.29 billion). Dollars are in millions. Data collected from annual reports. Numbers game 90,000,000 + in-store impressions per month 1 50,000,000 active members 5,000,000 + monthly direct mail $ 75,660 mean household income 2 97% direct mail open rate 3 # 1 incentive supplier 3 years running 4 1. & 3. Based on Blockbuster transaction data for This transaction data was adjusted by average shopping group size from the Nielsen Media Research March/August 2003 Blockbuster TV Intercept Studies. 2. MRI 2003 Doublebase, base of adults Incentive Magazine, May BLOCKBUSTER name, design and related marks are trademarks of Blockbuster Inc Blockbuster Inc. All rights reserved. TOP 25 BROADCAST TV COMPANIES ED BY NET U.S. TV REVENUE IN 2003 BROADCAST NET TV REVENUE COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM GROSS REVENUE 1 1 Viacom $7, CBS TV Network $5, NBC Universal (General Electric Co.) 6, NBC TV Network 5, Walt Disney Co. 4, ABC TV Network 5, News Corp. 4, Fox TV Network 3, Tribune Co. 1, WPIX (WB) Univision Communications 1, Univision/TeleFutura networks Sinclair Broadcast Group KOVR-TV (CBS) Gannett Co KUSA-TV (NBC) Hearst Corp WCVB-TV (ABC) Time Warner WB Network 1, Belo WFAA-TV (ABC) Cox Enterprises KTVU-TV (FOX) Raycom Media WXIX-TV (FOX) LIN TV Corp WISH-TV (CBS) The Washington Post Co WDIV-TV (NBC) E.W. Scripps Co WXYZ-TV (ABC) Media General WFLA-TV (NBC) Meredith Corp WFSB-TV (CBS) Paxson Communications Corp WPXN-TV (PAX) Clear Channel Communications WKRC-TV (CBS) Gray Television WOWT-TV (NBC) Emmis Communications Corp WKCF-TV (WB) Sunbeam Television Corp WHDH-TV (NBC) Young Broadcasting* KRON-TV (Independent) Allbritton Communications Co.* WJLA-TV (ABC) 103 Notes: Dollars in millions. Broadcast TV net revenue considered estimates and are largely found in public documents. Gross revenue (last column) is gross ad revenue for the broadcast networks CBS, NBC, ABC, Fox, WB and Univision/TeleFutura as provided by TNS Media Intelligence/CMR. Individual stations are by total gross revenue obtained from BIA Financial Network. *Allbritton Communications Co. and Young Broadcasting are not Top 100 Media companies, but are next in line after the Top 100. TOP 10 CABLE NETWORK OWNERS ED BY NET U.S. CABLE NETWORK REVENUE IN 2003 CABLE NETWORK NET REVENUE COMPANY 2003 % CHG TOP CABLE NETWORK NET REVENUE 1 1 Time Warner $7, TNT $1, Viacom 5, Nickelodeon 1, Walt Disney Co. 5, ESPN 2, News Corp. 2, Fox Sports Net 1, NBC Universal (General Electric Co.) 1, USA Network Discovery Communications 1, Discovery Channel Cablevision Systems Corp American Movie Classics Comcast Corp E! Entertainment Television A&E Television Networks A&E Channel Lifetime Entertainment Services Lifetime Channel 734 TOP 10 CABLE SYSTEM OWNERS ED BY NET U.S. CABLE SYSTEM REVENUE IN 2003 CABLE SYSTEM NET REVENUE COMPANY 2003 % CHG CABLE SYSTEM SUBSCRIBERS 1 1 Comcast Corp. $16, Comcast Cable 21,500, Time Warner 7, Time Warner Cable 10,900, Cox Enterprises 5, Cox Cable 6,600, Charter Communications 4, Charter Cable 6,540, Adelphia Communications Corp. 3, Adelphia 5,400, Cablevision Systems Corp. 2, Cablevision 2,944, Advance Publications 1, Bright House Networks 2,100, MediaCom Communications Corp. 1, MediaCom 592, Insight Communications Co Insight 1,391, The Washington Post Co Cable One 721,000 Notes: Dollars in millions. Net revenue from top cable network owners are considered estimates and are from Kagan World Media. Leading cable systems in bottom chart were pulled largely from public documents as were subscriber totals.

7 August 23, 2004 Advertising Age S-9 TOP 15 RADIO COMPANIES ED BY NET U.S. RADIO REVENUE IN 2003 RADIO NET REVENUE COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM GROSS REVENUE 1 1 Clear Channel Communications $3, WLTW-FM, New York $ Viacom 2, WINS-AM, New York Walt Disney Co WPLJ-FM, New York Westwood One CBS Radio News* NA 5 5 Cox Enterprises WSB-AM, Atlanta Entercom Communications Corp WEEI-AM, Boston Citadel Broadcasting Corp WIVK-FM, Knoxville, Tenn Radio One KKBT-FM, Los Angeles Cumulus Media WEBE-FM, Stamford, Conn Emmis Communications Corp KPWR-FM, Los Angeles Univision Communications KSCA-FM, Los Angeles Susquehanna Media Co KNBR-AM, San Francisco Church of Jesus Christ of Latter-day Saints WTOP-FM, Washington D.C Salem Communications Corp KLTY-FM, Dallas/Fort Worth Greater Media WMJX-FM, Boston 24.0 Notes: Dollars in millions. Salem Communications Corp. and Greater Media did not rank among the 100 Leading Media Cos., but have enough revenue from radio to rank on this chart. *Westwood One does not own stations but provides content to over 7,000 radio stations. Gross revenue from BIA Financial Network. TOP 10 INTERNET COMPANIES ED BY NET U.S. INTERNET MEDIA REVENUE IN 2003 INTERNET NET REVENUE 2003 COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM 1 Time Warner $8, America Online 2 Yahoo! Inc. 1, Yahoo.com 3 Google Google.com 4 MSN Network (Microsoft Corp.) MSN Network 5 Dow Jones & Co The Wall Street Journal Online 6 CNET Networks CNET.com 7 International Data Group PCWorld.com 8 Primedia About.com 9 RCN RCN Internet 10 Knight Ridder Real Cities Network Notes: Dollars in millions. Revenue considered estimates. Companies listed are from the 100 Leading Media Cos. Data from public documents. TOP OUTDOOR COMPANIES ED BY NET U.S. REVENUE IN 2003 OUTDOOR NET REVENUE 2003 COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM 1 Clear Channel Communications $2, Clear Channel Outdoor 2 Viacom 1, Viacom Outdoor 3 Lamar Advertising Co Lamar Media Corp. Notes: Dollars in millions. Revenue considered estimates and from public documents. Companies listed are from the 100 Leading Media Cos. OTHER MEDIA LEADERS ED BY NET U.S. REVENUE IN 2003 DIRECT BROADCAST SATELLITE (DBS) DBS NET REVENUE 2003 COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM SUBSCRIBERS 1 DirecTV Group $7, DirecTV 12,200,000 2 EchoStar Communications Corp. 5, DISH Network 9,425,000 Notes: Dollars in millions. DirecTV Group split off from General Motors Corp. at the end of 2003 and News Corp. acquired 34% of the stock in the new company. FREE-STANDING INSERTS (FSI) FSI NET REVENUE GROSS AD REVENUE 2003 COMPANY 2003 % CHG % CHG 1 Valassis Communications $ $233.3 $ News America Marketing (News Corp.) Notes: Dollars in millions. FSI net revenue considered estimates. Gross ad revenue provided by TNS Media Intelligence/CMR. TOP U.S. ENTERTAINMENT COS. ED BY WORLDWIDE REVENUE IN 2003 NET REVENUE ENTERTAINMENT DIVISION 2003 % CHG 1 Disney Entertainment $13, Warner Bros. Entertainment Group 10, NBC Universal Entertainment 5, Fox Filmed Entertainment 4, Viacom Entertainment 3, Notes: Dollars are worldwide and in millions. Media tallies for the Top 100 do not count entertainment divisions which include movie studios Walt Disney, Miramax, Hollywood, Touchstone and Dimension at Disney, Warner Bros. and New Line Cinema at Time Warner, Universal Pictures at NBC Universal, Twentieth Century Fox at News Corp. and Paramount at Viacom their related TV production and home video products, and parks/resorts. Data from public records. Serious Marketing Solutions from a company known for fun! Sound like an oxymoron? It isn t. At BLOCKBUSTER our customers know us for fun. Yet corporate clients know we mean business. From advertising channels that deliver millions of impressions per month to award-winning incentives, BLOCKBUSTER Marketing Solutions gives you all the tools you need for fully-integrated marketing programs designed to drive success. Ready to get down to business? Give us a call. We ll roll up our sleeves and customize a program for your organization. No kidding around. Call or visit blockbustersolutions.com/serious. Mention Promo Code AAG43. BLOCKBUSTER name, design and related marks are trademarks of Blockbuster Inc Blockbuster Inc. All rights reserved.