MEDIA LEADING COMPANIES. AdAgeSPECIALREPORT INSIDE

8.23.04 00 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

August 23, 2004 Advertising Age S-2 Cable, satellite TV fuel Top 100 100 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 2002. 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 $208.90 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) 2003 2002 MEDIA COMPANY HEADQUARTERS 2003 2002 +/- CHG 2003 2002 2003 2002 1 4 Westwood One New York 18.5 19.8-1.3 $539 $551 $100 $109 2 5 Gannett Co. McLean, Va. 18.0 18.1 0.0 6,711 6,422 1,211 1,160 3 NA Entercom Communications Corp. Bala Cynwyd, Pa. 17.9-21.2 39.1 401 391 72 (83) 4 34 Radio One Lanham, Md. 17.7 2.4 15.4 303 296 54 7 5 11 Journal Register Co. Trenton, N.J. 17.7 12.1 5.7 406 408 72 49 6 NA Comcast Corp. Philadelphia 17.7-90.0 107.6 18,348 16,754 3,240 (15,071) 7 20 Tribune Co. Chicago 15.9 8.2 7.7 5,595 5,384 891 443 8 26 Yahoo! Inc. Sunnyvale, Calif. 14.6 4.5 10.1 1,625 953 238 43 9 10 E.W. Scripps Co. Cincinnati 14.5 12.2 2.2 1,875 1,536 271 188 10 8 McGraw-Hill Cos. New York 14.2 12.4 1.8 4,828 4,640 688 577 11 9 McClatchy Co. Sacramento, Calif. 13.7 12.3 1.4 1,099 1,067 150 131 12 13 Reed Elsevier London 13.4 10.1 3.3 8,103 7,426 1,088 750 13 NA Clear Channel Communications San Antonio, Texas 12.8-190.6 203.5 8,931 8,421 1,146 (16,054) 14 NA Liberty Corp. Greenville, S.C. 11.9-7.0 18.9 200 207 24 (14) 15 6 Lee Enterprises Davenport, Iowa 11.9 15.2-3.4 657 524 78 80 16 21 Univision Communications Los Angeles 11.9 7.9 3.9 1,311 1,091 155 87 17 12 Valassis Communications Livonia, Mich. 11.3 11.2 0.1 917 853 104 95 18 7 Dow Jones & Co. New York 11.0 12.9-1.9 1,549 1,559 171 202 19 3 Google Mountain View, Calif. 11.0 28.6-17.7 962 348 106 100 20 18 Knight Ridder San Jose, Calif. 10.0 8.8 1.3 2,946 2,927 296 257 21 19 Pulitzer St. Louis 10.0 8.3 1.6 423 416 42 35 22 31 Susquehanna Media Co. York, Pa. 9.6 3.2 6.4 376 349 36 11 23 15 The New York Times Co. New York 9.4 9.7-0.4 3,227 3,079 303 300 24 14 Harte-Hanks San Antonio, Texas 9.2 10.0-0.7 945 909 87 91 25 17 Belo Dallas 8.9 9.2-0.2 1,436 1,428 129 131 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.

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 2003 2003 2002 MEDIA COMPANY HEADQUARTERS 2003 2002 % CHG PARENT REVENUE NET INCOME NEWSPAPER MAGAZINE TV RADIO CABLE OTHER 1 1 Time Warner New York $29,247 $28,203 3.7 $39,565 $2,639 $0 $4,514 $660 $0 $15,473 $8,600 2 2 Comcast Corp. Philadelphia 17,492 16,002 9.3 18,348 3,240 0 0 0 0 17,492 0 3 3 Viacom New York 17,252 15,939 8.2 26,585 1,417 0 51 7,761 2,098 5,595 1,748 4 4 Walt Disney Co. Burbank, Calif. 11,239 9,991 12.5 27,061 1,267 0 298 4,806 612 5,523 0 5 5 NBC Universal (General Electric Co.) Fairfield, Conn. 8,177 8,325-1.8 134,187 15,002 0 0 6,193 0 1,984 0 6 6 Cox Enterprises Atlanta 8,108 7,348 10.3 10,796 NA 1,400 0 523 426 5,759 0 7 8 DirecTV Group El Segundo, Calif. 7,696 6,445 19.4 10,121-362 0 0 0 0 0 7,696 8 7 News Corp. New York/Sydney 7,532 6,884 9.4 19,217 1,428 168 5 4,422 0 2,313 624 9 9 Gannett Co. McLean, Va. 6,330 6,076 4.2 6,711 1,211 5,610 0 720 0 0 0 10 10 Clear Channel Communications San Antonio, Texas 6,138 5,851 4.9 8,931 1,146 0 0 268 3,695 0 2,175 11 11 Advance Publications Newark, N.J. 5,909 5,409 9.2 5,909 NA 2,128 2,197 0 0 1,585 0 12 14 EchoStar Communications Corp. Englewood, Colo. 5,410 4,430 22.1 5,739 225 0 0 0 0 0 5,410 13 12 Tribune Co. Chicago 5,398 5,199 3.8 5,595 891 4,017 20 1,323 38 0 0 14 13 Charter Communications St. Louis 4,819 4,566 5.5 4,819-238 0 0 0 0 4,819 0 15 15 Hearst Corp. New York 4,045 3,731 8.4 NA NA 1,458 1,900 687 0 0 0 16 17 Cablevision Systems Corp. Bethpage, N.Y. 3,694 3,292 12.2 4,177-297 0 0 0 0 3,694 0 17 16 Adelphia Communications Corp. Greenwood Village, Colo. 3,584 3,426 4.6 3,584 NA 0 0 0 0 3,584 0 18 18 The New York Times Co. New York 3,227 3,079 4.8 3,227 303 3,008 0 130 15 0 74 19 19 Knight Ridder San Jose, Calif. 2,848 2,835 0.4 2,946 296 2,768 0 0 0 0 80 20 20 Bloomberg New York 2,380 2,240 6.3 3,400 NA 0 0 0 11 63 2,306 21 21 The Washington Post Co. Washington 2,001 1,963 1.9 2,839 241 873 354 315 0 459 0 22 22 Dow Jones & Co. New York 1,549 1,559-0.7 1,549 171 1,227 0 0 0 0 322 23 24 E.W. Scripps Co. Cincinnati 1,531 1,402 9.2 1,875 271 692 0 304 0 535 0 24 23 Belo Dallas 1,436 1,428 0.6 1,436 129 746 0 647 0 19 25 25 25 Univision Communications Los Angeles 1,392 1,292 7.7 1,311 155 0 0 1,059 278 39 16 26 41 Yahoo! Inc. Sunnyvale, Calif. 1,355 807 68.0 1,625 238 0 0 0 0 0 1,355 27 28 Discovery Communications Silver Spring, Md. 1,264 1,121 12.8 1,995 NA 0 0 0 0 1,264 0 28 26 Primedia New York 1,241 1,280-3.1 1,346 39 0 1,079 0 0 55 107 29 27 Advo Windsor, Conn. 1,163 1,130 2.9 1,163 50 0 0 0 0 0 1,163 30 29 McClatchy Co. Sacramento, Calif. 1,098 1,069 2.8 1,099 150 1,098 0 0 0 0 0 31 31 Meredith Corp. Des Moines, Iowa 1,080 957 12.8 1,080 91 0 808 272 0 0 0 32 32 MediaCom Communications Corp. Middletown, N.Y. 1,005 923 8.9 1,005-63 0 0 0 0 1,005 0 33 72 Google Mountain View, Calif. 962 348 176.5 962 106 0 0 0 0 0 962 34 30 International Data Group Boston 930 963-3.4 2,410 NA 0 760 0 0 0 170 35 34 A&E Television Networks New York 905 846 7.0 905 NA 0 23 0 0 882 0 36 38 Insight Communications Co. New York 903 812 11.2 903-14 0 0 0 0 903 0 37 37 Valassis Communications Livonia, Mich. 878 816 7.5 917 104 0 0 0 0 0 878 38 35 Media General Richmond, Va. 837 832 0.7 837 59 544 0 286 0 0 7 39 49 MSN Network (Microsoft Corp.) Redmond, Wash. 836 565 48.0 32,187 9,993 0 0 0 0 0 836 40 33 Reader s Digest Association Pleasantville, N.Y. 835 854-2.3 2,388 67 0 835 0 0 0 0 41 44 Freedom Communications Irvine, Calif. 824 768 7.3 0 NA 714 0 110 0 0 0 42 42 Lifetime Entertainment Services New York 813 787 3.3 813 NA 0 12 0 0 802 0 43 43 Lamar Advertising Co. Baton Rouge, La. 810 776 4.4 810-47 0 0 0 0 0 810 44 36 Gruner & Jahr USA (Bertelsmann) New York/Hamburg 788 830-5.0 19,175 237 0 788 0 0 0 0 45 39 McGraw-Hill Cos. New York 773 809-4.6 4,828 688 0 668 105 0 0 0 46 47 MediaNews Group Denver 744 723 3.0 744 36 738 0 7 0 0 0 47 46 Landmark Communications Norfolk, Va. 743 728 2.1 0 NA 448 0 65 0 231 0 48 45 Sinclair Broadcast Group Baltimore 724 731-1.0 739 24 0 0 724 0 0 0 49 40 Gemstar-TV Guide International Los Angeles 680 809-15.9 879-577 0 365 0 0 153 162 50 55 Lee Enterprises Davenport, Iowa 657 524 25.4 657 78 648 0 0 0 0 8 Notes: Dollars in millions. Media defined as media content and distribution businesses supported by advertising. Media revenue, considered estimates, are generally for latest available fiscal year. Parent returns are as reported; parent revenue may be smaller than media total because media are pro forma where possible and often represent corporate segment totals without eliminations. Sources: BIA Financial Network (radio, TV, newspapers), Kagan World Media (cable), TNS Media Intelligence/CMR, Audit Bureau of Circulations and public documents. Continued on Page S-6.

August 23, 2004 Advertising Age S-6 Ranking continued from Page S-4 TOTAL NET U.S. MEDIA REVENUE WORLDWIDE WORLDWIDE NET REVENUE FROM THE U.S. BY MEDIUM IN 2003 2003 2002 MEDIA COMPANY HEADQUARTERS 2003 2002 % CHG PARENT REVENUE NET INCOME NEWSPAPER MAGAZINE TV RADIO CABLE OTHER 51 48 Reed Elsevier New York/London $601 $648-7.3 $8,103 $1,088 $0 $601 $0 $0 $0 $0 52 50 Emmis Communications Corp. Indianapolis 592 562 5.3 592 2 0 76 236 280 0 0 53 54 Copley Press La Jolla, Calif. 573 530 8.1 536 NA 573 0 0 0 0 0 54 57 Zuckerman Media Properties New York 540 516 4.7 NA NA 333 207 0 0 0 0 55 51 Westwood One New York 539 551-2.1 539 100 0 0 0 539 0 0 56 53 Morris Communications Augusta, Ga. 533 530 0.5 NA NA 438 24 0 12 0 59 57 56 Hachette Filipacchi Media U.S. (Lagardere) New York/Paris 531 517 2.7 14,916 381 0 531 0 0 0 0 58 52 American Media Lantana, Fla. 516 535-3.6 516 24 0 516 0 0 0 0 59 58 Journal Communications Milwaukee 468 464 0.8 798 67 317 0 73 78 0 0 60 59 Hollinger International Chicago 445 442 0.8 1,037 25 445 0 0 0 0 0 61 61 Pulitzer St. Louis 423 416 1.6 423 42 423 0 0 0 0 0 62 60 Block Communications Toledo, Ohio 420 419 0.3 420-41 251 0 39 0 110 20 63 63 Community Newspaper Holdings Birmingham, Ala. 410 390 5.1 NA NA 410 0 0 0 0 0 64 62 Entercom Communications Corp. Bala Cynwyd, Pa. 401 391 2.5 401 72 0 0 0 401 0 0 65 64 Journal Register Co. Trenton, N.J. 389 388 0.2 406 72 389 0 0 0 0 0 66 71 Susquehanna Media Co. York, Pa. 376 349 7.9 376 36 0 0 0 229 137 10 67 65 Catalina Marketing Corp. St. Petersburg, Fla. 368 372-1.1 473-19 0 0 0 0 0 368 68 67 Raycom Media Montgomery, Ala. 361 360 0.3 NA NA 0 0 361 0 0 0 69 74 Harte-Hanks San Antonio, Texas 360 335 7.4 945 87 360 0 0 0 0 0 70 76 Rodale Press Emmaus, Pa. 355 309 15.0 NA NA 0 355 0 0 0 0 71 70 LIN TV Corp. Providence, R.I. 350 350 0.0 350-90 0 0 350 0 0 0 72 80 National Geographic Society Washington 347 292 18.8 NA NA 0 225 0 0 122 0 73 66 Seattle Times Co. Seattle 346 361-4.2 NA NA 346 0 0 0 0 0 74 75 Citadel Broadcasting Corp. Las Vegas, Nev. 345 310 11.6 372-90 0 0 0 345 0 0 75 68 United Business Media Manhasset, N.Y./London 345 359-3.9 1,228-68 0 345 0 0 0 0 76 78 RCN Corp. Princeton, N.J. 339 299 13.2 485-499 0 0 0 0 244 95 77 69 Forbes Inc. New York 318 354-10.4 NA NA 0 318 0 0 0 0 78 77 Dispatch Printing Co. Columbus, Ohio 312 302 3.2 NA NA 210 0 90 9 3 0 79 73 VNU New York/Haarlem, Netherlands 312 339-8.0 4,430 148 0 312 0 0 0 0 80 82 Dennis Publishing New York 305 287 6.4 NA NA 0 305 0 0 0 0 81 79 Radio One Lanham, Md. 303 296 2.5 303 54 0 0 0 303 0 0 82 81 InterActiveCorp New York 298 287 3.8 6,328 154 0 269 0 0 0 29 83 83 Stephens Media Group Las Vegas 293 279 5.1 NA NA 293 0 0 0 0 0 84 86 Cumulus Media Atlanta 282 253 11.6 282 5 0 0 0 282 0 0 85 85 Times Publishing Co. St. Petersburg, Fla. 280 258 8.6 280 NA 280 0 0 0 0 0 86 84 Paxson Communications Corp. West Palm Beach, Fla. 271 277-2.2 271-76 0 0 271 0 0 0 87 112 Wehco Media Little Rock, Ark. 266 260 2.2 NA NA 266 0 0 0 0 0 88 106 Gray Television Albany, Ga. 266 169 57.7 295 14 23 0 243 0 0 0 89 113 Ogden Newspapers Wheeling, W. Va. 261 256 1.9 NA NA 261 0 0 0 0 0 90 88 American Express Publishing Corp. New York 259 233 11.2 25,900 2,990 0 259 0 0 0 0 91 89 Playboy Enterprises Chicago 249 232 7.5 316-8 0 115 0 0 95 39 92 87 CNET Networks San Francisco 246 237 3.9 246-26 0 49 0 0 0 197 93 95 MSNBC New York 241 215 12.1 NA NA 0 0 0 0 241 0 94 94 Entravision Communications Corp. Santa Monica, Calif. 238 218 8.9 238 2 0 0 121 87 0 30 95 90 Schurz Communications South Bend, Ind. 235 227 3.8 NA NA 128 0 45 6 56 0 96 93 Crain Communications Detroit 234 221 5.9 234 NA 0 232 0 1 0 0 97 114 Herald Media Boston 224 223 0.7 NA NA 224 0 0 0 0 0 98 91 Church of Jesus Christ of Latter-day Saints Salt Lake City 224 226-0.9 NA NA 0 0 26 198 0 0 99 98 Jefferson-Pilot Communications Greensboro, N.C. 214 208 2.9 3,573 492 0 0 71 139 0 4 100 101 Sunbeam Television Corp. Miami 209 202 3.2 NA NA 0 0 209 0 0 0 Notes: Dollars in millions.the 50/50 joint venture media companies No. 42 Lifetime Entertainment Services and No. 93 MSNBC stand alone because their co-parents do not claim their revenue in accordance with GAAP rules. No. 35 A&E Television Networks, owned by three media companies, each with a minority interest, also stands alone. Non-U.S. media returns are excluded where possible. Parent returns are as reported and may be smaller than media total because media are pro forma where possible and often represent corporate segment totals without eliminations.

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

August 23, 2004 Advertising Age S-8 TOP BOOK PUBLISHERS ED BY WORLDWIDE REVENUE IN 2003 BOOK PUBLISHING REVENUE PUBLISHER 2003 % CHG 1 Random House (Bertelsmann) $2,027 6.9 2 HarperCollins (News Corp.) 1,177 2.4 3 Time Warner book publishing 1,019 0.5 4 Simon & Schuster (Viacom) 711 3.0 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 2004. 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 2003. 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 18+. 4. Incentive Magazine, May 2003. BLOCKBUSTER name, design and related marks are trademarks of Blockbuster Inc. 2004 Blockbuster Inc. All rights reserved. TOP 25 BROADCAST TV COMPANIES ED BY NET U.S. TV REVENUE IN 2003 BROADCAST NET TV REVENUE 2003 2002 COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM GROSS REVENUE 1 1 Viacom $7,761 4.1 CBS TV Network $5,828 2 2 NBC Universal (General Electric Co.) 6,193-4.5 NBC TV Network 5,576 3 3 Walt Disney Co. 4,806 7.3 ABC TV Network 5,127 4 4 News Corp. 4,422 4.3 Fox TV Network 3,001 5 5 Tribune Co. 1,323 8.3 WPIX (WB) 250 6 6 Univision Communications 1,059 6.7 Univision/TeleFutura networks 511 7 8 Sinclair Broadcast Group 724-1.0 KOVR-TV (CBS) 41 8 7 Gannett Co. 720-6.7 KUSA-TV (NBC) 92 9 9 Hearst Corp. 687-4.8 WCVB-TV (ABC) 117 10 11 Time Warner 660 12.1 WB Network 1,024 11 10 Belo 647-1.6 WFAA-TV (ABC) 126 12 12 Cox Enterprises 523-2.9 KTVU-TV (FOX) 144 13 13 Raycom Media 361 0.3 WXIX-TV (FOX) 34 14 14 LIN TV Corp. 350 0.0 WISH-TV (CBS) 42 15 15 The Washington Post Co. 315-8.3 WDIV-TV (NBC) 97 16 16 E.W. Scripps Co. 304-0.3 WXYZ-TV (ABC) 88 17 17 Media General 286-4.3 WFLA-TV (NBC) 73 18 20 Meredith Corp. 272 6.9 WFSB-TV (CBS) 48 19 18 Paxson Communications Corp. 271-2.2 WPXN-TV (PAX) 13 20 19 Clear Channel Communications 268-2.1 WKRC-TV (CBS) 38 21 26 Gray Television 243 65.7 WOWT-TV (NBC) 20 22 21 Emmis Communications Corp. 236 0.5 WKCF-TV (WB) 45 23 23 Sunbeam Television Corp. 209 3.2 WHDH-TV (NBC) 141 24 22 Young Broadcasting* 208-7.7 KRON-TV (Independent) 61 25 24 Allbritton Communications Co.* 203 3.3 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 2003 2002 COMPANY 2003 % CHG TOP CABLE NETWORK NET REVENUE 1 1 Time Warner $7,774 10.0 TNT $1,502 2 2 Viacom 5,595 19.4 Nickelodeon 1,244 3 3 Walt Disney Co. 5,523 18.1 ESPN 2,872 4 4 News Corp. 2,313 18.0 Fox Sports Net 1,190 5 5 NBC Universal (General Electric Co.) 1,984 7.8 USA Network 933 6 6 Discovery Communications 1,264 12.8 Discovery Channel 541 7 7 Cablevision Systems Corp. 979 12.2 American Movie Classics 285 8 10 Comcast Corp. 885 15.7 E! Entertainment Television 319 9 8 A&E Television Networks 882 7.2 A&E Channel 480 10 9 Lifetime Entertainment Services 802 1.9 Lifetime Channel 734 TOP 10 CABLE SYSTEM OWNERS ED BY NET U.S. CABLE SYSTEM REVENUE IN 2003 CABLE SYSTEM NET REVENUE 2003 2002 COMPANY 2003 % CHG CABLE SYSTEM SUBSCRIBERS 1 1 Comcast Corp. $16,607 9.0 Comcast Cable 21,500,000 2 2 Time Warner 7,699 9.4 Time Warner Cable 10,900,000 3 3 Cox Enterprises 5,759 14.3 Cox Cable 6,600,000 4 4 Charter Communications 4,819 5.5 Charter Cable 6,540,000 5 5 Adelphia Communications Corp. 3,584 4.6 Adelphia 5,400,000 6 6 Cablevision Systems Corp. 2,715 12.2 Cablevision 2,944,000 7 7 Advance Publications 1,585 8.9 Bright House Networks 2,100,000 8 8 MediaCom Communications Corp. 1,005 8.9 MediaCom 592,000 9 9 Insight Communications Co. 903 11.2 Insight 1,391,500 10 10 The Washington Post Co. 459 7.0 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.

August 23, 2004 Advertising Age S-9 TOP 15 RADIO COMPANIES ED BY NET U.S. RADIO REVENUE IN 2003 RADIO NET REVENUE 2003 2002 COMPANY 2003 % CHG TOP PROPERTY IN MEDIUM GROSS REVENUE 1 1 Clear Channel Communications $3,695-0.6 WLTW-FM, New York $69.6 2 2 Viacom 2,098-1.1 WINS-AM, New York 60.0 3 3 Walt Disney Co. 612 5.7 WPLJ-FM, New York 40.4 4 4 Westwood One 539-2.1 CBS Radio News* NA 5 5 Cox Enterprises 426 1.2 WSB-AM, Atlanta 44.5 6 6 Entercom Communications Corp. 401 2.5 WEEI-AM, Boston 30.2 7 7 Citadel Broadcasting Corp. 345 11.6 WIVK-FM, Knoxville, Tenn. 12.6 8 8 Radio One 303 2.5 KKBT-FM, Los Angeles 44.9 9 11 Cumulus Media 282 11.6 WEBE-FM, Stamford, Conn. 11.5 10 10 Emmis Communications Corp. 280 9.8 KPWR-FM, Los Angeles 57.4 11 9 Univision Communications 278 8.2 KSCA-FM, Los Angeles 32.0 12 12 Susquehanna Media Co. 229 5.9 KNBR-AM, San Francisco 30.0 13 13 Church of Jesus Christ of Latter-day Saints 198 5.3 WTOP-FM, Washington D.C. 37.1 14 14 Salem Communications Corp. 170 9.1 KLTY-FM, Dallas/Fort Worth 15.0 15 15 Greater Media 148 4.8 WMJX-FM, Boston 24.0 Notes: Dollars in millions. Salem Communications Corp. and Greater Media did not rank among the 100 Leading Media Cos., but have enough revenue from radio to rank on 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 $8,600-5.4 America Online 2 Yahoo! Inc. 1,355 68.0 Yahoo.com 3 Google 962 176.5 Google.com 4 MSN Network (Microsoft Corp.) 836 48.0 MSN Network 5 Dow Jones & Co. 322 4.0 The Wall Street Journal Online 6 CNET Networks 197 7.5 CNET.com 7 International Data Group 170 4.9 PCWorld.com 8 Primedia 107 4.7 About.com 9 RCN 95 8.4 RCN Internet 10 Knight Ridder 80 44.2 Real Cities Network Notes: Dollars in millions. Revenue considered estimates. Companies listed are from the 100 Leading Media Cos. Data from public documents. 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 $2,175 16.9 Clear Channel Outdoor 2 Viacom 1,748 7.0 Viacom Outdoor 3 Lamar Advertising Co. 810 4.4 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 $7,696 19.4 DirecTV 12,200,000 2 EchoStar Communications Corp. 5,410 22.1 DISH Network 9,425,000 Notes: Dollars in millions. DirecTV Group split off from General Motors Corp. at the end of 2003 and News Corp. acquired 34% of the stock in the new company. FREE-STANDING INSERTS (FSI) FSI NET REVENUE GROSS AD REVENUE 2003 COMPANY 2003 % CHG 2003 2002 % CHG 1 Valassis Communications $878 7.5 $233.3 $250.7-6.9 2 News America Marketing (News Corp.) 624 15.6 294.0 226.2 30.0 Notes: Dollars in millions. FSI net revenue considered estimates. Gross ad revenue provided by TNS Media Intelligence/CMR. TOP U.S. ENTERTAINMENT COS. ED BY WORLDWIDE REVENUE IN 2003 NET REVENUE ENTERTAINMENT DIVISION 2003 % CHG 1 Disney Entertainment $13,776 4.7 2 Warner Bros. Entertainment Group 10,967 9.2 3 NBC Universal Entertainment 5,638 7.8 4 Fox Filmed Entertainment 4,894 16.5 5 Viacom Entertainment 3,390 13.4 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 1-800-733-1950 or visit blockbustersolutions.com/serious. Mention Promo Code AAG43. BLOCKBUSTER name, design and related marks are trademarks of Blockbuster Inc. 2004 Blockbuster Inc. All rights reserved.