<SUBMISSION>
<ACCESSION-NUMBER>0000950109-02-001720
<TYPE>10-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20011231
<FILING-DATE>20020328
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SCRIPPS E W CO /DE
<CIK>0000832428
<ASSIGNED-SIC>2711
<IRS-NUMBER>311223339
<STATE-OF-INCORPORATION>OH
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-K
<ACT>34
<FILE-NUMBER>000-16914
<FILM-NUMBER>02590009
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>312 WALNUT STREET
<CITY>CININNATI
<STATE>OH
<ZIP>45202
<PHONE>5139773000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>312 WALNUT STREET
<CITY>CINCINNATI
<STATE>OH
<ZIP>45202
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>d10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML>
<HEAD>
 <TITLE>Form 10-K</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF">

<P ALIGN="center"><B><FONT SIZE="2">SECURITIES AND EXCHANGE COMMISSION
<BR>
<U>Washington, D.C. 20549</U></FONT></B></P>
<P ALIGN="center"><FONT SIZE="2"><B>FORM 10-K</B></FONT></P>
<P ALIGN="center"><FONT SIZE="2"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
<BR>
SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
<P ALIGN="center"><FONT SIZE="2"><B>For the fiscal year ended December 31, 2001</B></FONT></P>
<P ALIGN="center"><FONT SIZE="2"><B>Commission File Number<U> 0-16914</U></B></FONT></P>
<P ALIGN="center"><B><U><FONT SIZE="2">THE E. W. SCRIPPS COMPANY
<BR>
</FONT></U></B><FONT SIZE="2">(Exact name of registrant as specified in its charter)</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="36%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2"><U>Ohio</U></FONT> </DIV>
</TD>
<TD WIDTH="32%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="32%" NOWRAP><FONT SIZE="2"><U>31-1223339</U></FONT> </TD>
</TR>
<TR>
<TD WIDTH="36%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">(State or other jurisdiction of</FONT> </DIV>
</TD>
<TD WIDTH="32%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="32%" NOWRAP><FONT SIZE="2">(IRS Employer</FONT> </TD>
</TR>
<TR>
<TD WIDTH="36%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">incorporation or organization)</FONT> </DIV>
</TD>
<TD WIDTH="32%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="32%" NOWRAP><FONT SIZE="2">Identification Number)</FONT> </TD>
</TR>
<TR>
<TD WIDTH="36%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="32%">&nbsp;</TD>
<TD WIDTH="32%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="36%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">312 Walnut Street</FONT> </DIV>
</TD>
<TD WIDTH="32%">&nbsp;</TD>
<TD WIDTH="32%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="36%" NOWRAP> <DIV ALIGN="center"><U><FONT SIZE="2">Cincinnati, Ohio</FONT></U> </DIV>
</TD>
<TD WIDTH="32%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="32%" NOWRAP><FONT SIZE="2"><U>45202</U></FONT> </TD>
</TR>
<TR>
<TD WIDTH="36%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">(Address of principal executive offices)</FONT> </DIV>
</TD>
<TD WIDTH="32%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="32%" NOWRAP><FONT SIZE="2">(Zip Code)</FONT> </TD>
</TR>
<TR>
<TD WIDTH="36%" NOWRAP>&nbsp;</TD>
<TD WIDTH="32%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="32%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Registrant's telephone number, including area code: </FONT><U><FONT SIZE="2">(513) 977-3000</FONT></U></DIV>
</TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="2" NOWRAP>&nbsp;</TD>
<TD ALIGN="center" WIDTH="28%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="32%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="2" NOWRAP> <DIV ALIGN="center"><B><FONT SIZE="2"><U>Title of each class</U></FONT></B> </DIV>
</TD>
<TD ALIGN="center" WIDTH="28%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="32%" NOWRAP><B><FONT SIZE="2"><U>Name of each exchange on which registered</U></FONT></B> </TD>
</TR>
<TR>
<TD COLSPAN="2" NOWRAP>&nbsp; </TD>
<TD WIDTH="28%">&nbsp;</TD>
<TD WIDTH="32%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="2" NOWRAP><FONT SIZE="2">Securities registered pursuant to Section 12(b) of the Act:</FONT> </TD>
<TD WIDTH="28%">&nbsp;</TD>
<TD WIDTH="32%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="8%" NOWRAP>&nbsp;</TD>
<TD WIDTH="32%" NOWRAP><FONT SIZE="2">Class A Common Shares, $.01 par value</FONT> </TD>
<TD WIDTH="28%">&nbsp;</TD>
<TD WIDTH="32%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">New York Stock Exchange</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="2" NOWRAP>&nbsp; </TD>
<TD WIDTH="28%">&nbsp;</TD>
<TD WIDTH="32%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="2" NOWRAP><FONT SIZE="2">Securities registered pursuant to Section 12(g) of the Act:</FONT> </TD>
<TD WIDTH="28%">&nbsp;</TD>
<TD WIDTH="32%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="8%" NOWRAP>&nbsp;</TD>
<TD WIDTH="32%" NOWRAP><FONT SIZE="2">Not applicable</FONT> </TD>
<TD WIDTH="28%">&nbsp;</TD>
<TD WIDTH="32%" NOWRAP>&nbsp; </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
<BR>
</FONT><FONT SIZE="2">Yes&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT SIZE="2"> X </FONT></U><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT SIZE="2">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp; </FONT></P>
<P><FONT SIZE="2">The aggregate market value of Class A Common Shares of the Registrant held by nonaffiliates of the Registrant, based on the $75.20 per share closing price for such stock on February 28, 2002, was approximately $1,693,000,000. As of
February 28, 2002, nonaffiliates held approximately 1,441,000 Common Voting Shares. There is no active market for such stock.</FONT></P>
<P><FONT SIZE="2">As of February 28, 2002, there were 60,312,116 of the Registrant's Class A Common Shares, $.01 par value per share, outstanding and 19,096,913 of the Registrant's Common Voting Shares, $.01 par value per share,
outstanding.</FONT></P>


<P ALIGN="center"><B><U>INDEX TO THE E. W. SCRIPPS COMPANY</U></B></P>
<P ALIGN="center"><B><U>ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2001</U></B></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD ALIGN="center" COLSPAN="4"> <DIV ALIGN="left"><B><FONT SIZE="2"><U>Item No.</U></FONT></B> </DIV>
</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="center"><B><FONT SIZE="2"><U>Page</U></FONT></B> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="4">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="3"> <DIV ALIGN="center"><B><FONT SIZE="2"><U>
<A HREF="#tx0">PART </A>
</U></FONT></B>
<A HREF="#tx0"><U><B><FONT SIZE="2">I</FONT></B> </U></A>
</DIV>
</TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">1.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx1">Business</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="82%"><FONT SIZE="2">
<A HREF="#tx2">Newspapers</A>
</FONT></TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">4</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="82%"><FONT SIZE="2">
<A HREF="#tx3">Scripps Networks</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">8</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="82%"><FONT SIZE="2">
<A HREF="#tx4">Broadcast Television</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">10</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="82%"><FONT SIZE="2">
<A HREF="#tx5">Licensing and Other Media</A>
</FONT></TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">14</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="82%"><FONT SIZE="2">
<A HREF="#tx6">Venture Capital and Other Investments</A>
</FONT></TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">14</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="82%"><FONT SIZE="2">
<A HREF="#tx7">Employees</A>
</FONT></TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">15</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">2.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx8">Properties</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">15</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">3.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx9">Legal Proceedings</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">15</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">4.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx10">Submission of Matters to a Vote of Security Holders</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">15</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="3"> <DIV ALIGN="center"><B><FONT SIZE="2"><U>
<A HREF="#tx11">PART </A>
</U></FONT></B>
<A HREF="#tx11"><U><B><FONT SIZE="2">II</FONT></B></U></A>
<U> </U> </DIV>
</TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">5.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx12">Market for Registrant's Common Equity and Related Stockholder Matters</A>
</FONT> </TD>
<TD>&nbsp;</TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">16</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">6.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx13">Selected Financial Data</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">16</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">7.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx14">Management's Discussion and Analysis of Financial Condition and Results of Operation</A>
</FONT> </TD>
<TD>&nbsp;</TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">16</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">8.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx15">Financial Statements and Supplementary Data</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><DIV ALIGN="RIGHT"><FONT SIZE="2">16</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">9</FONT>. </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx16">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</A>
</FONT> </TD>
<TD>&nbsp;</TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">16</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="3"> <DIV ALIGN="center"><B><FONT SIZE="2"><U>
<A HREF="#tx17">PART III</A>
</U></FONT></B> </DIV>
</TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">10.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx18">Directors and Executive Officers of the Registrant</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">17</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">11.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx19">Executive Compensation</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">18</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">12</FONT>. </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx20">Security Ownership of Certain Beneficial Owners and Management</A>
</FONT> </TD>
<TD>&nbsp;</TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">18</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">13.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx21">Certain Relationships and Related Transactions</A>
</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">18</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="3"> <DIV ALIGN="center"><B><FONT SIZE="2"><U>
<A HREF="#tx22">PART IV</A>
</U></FONT></B> </DIV>
</TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="2%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">14.</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#tx23">Exhibits, Financial Statement Schedules and Reports on Form 8-K</A>
</FONT> </TD>
<TD>&nbsp;</TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">18</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">2</FONT></P>


<P ALIGN="center"><B><U>
<A NAME="tx0"></A>
PART </U></B><U><B>I</B></U></P>
<P><B><U>
<A NAME="tx1"></A>
ITEM 1. &nbsp;&nbsp;&nbsp;BUSINESS</U></B></P>
<P><FONT SIZE="2">The E. W. Scripps Company ("Company") operates in three reportable segments: newspapers, cable television networks (referred to as "Scripps Networks") and broadcast television.</FONT></P>
<P><FONT SIZE="2">Newspapers include 21 daily newspapers in the U.S.</FONT></P>
<P><FONT SIZE="2">Scripps Networks includes three national television networks that are distributed by cable and satellite television systems: Home &amp; Garden Television ("HGTV"), Food Network and Do It Yourself ("DIY"), and the Company's 12%
interest in FOX SportsSouth, a regional television network. The Company launched Fine Living, its fourth national network, in March 2002.</FONT></P>
<P><FONT SIZE="2">Broadcast Television includes ten television stations, nine of which are affiliated with national television networks.</FONT></P>
<P><FONT SIZE="2">Each of the Company's businesses relies upon advertising as a primary source of revenue. Advertising comprises 75% to 80% of the Company's total revenues. Declines in advertising spending, particularly in recessionary periods,
adversely affect the newspaper, cable television network and broadcast television businesses.</FONT></P>
<P><FONT SIZE="2">A summary of segment information for the three years ended December 31, 2001, is set forth on page F-36 of this Form 10-K. Licensing and other media aggregates the Company's operating segments that are too small to warrant separate
reporting, primarily syndication and licensing of news features and comics.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">3</FONT></P>


<P ALIGN="center"><B><U><FONT SIZE="2">
<A NAME="tx2"></A>
Newspapers</FONT></U></B></P>
<P><B><U><FONT SIZE="2">Operations</FONT></U></B><FONT SIZE="2"> - The Company acquired or divested the following newspaper operations in the five years ended December 31, 2001:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="BOTTOM">
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="left"><B><FONT SIZE="2">2000 </FONT>- </B></DIV>
</TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Acquired the Ft. Pierce, Florida, daily newspaper in exchange for the Company's Destin, Florida, newspaper and cash.</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="left"><B></B></DIV>
</TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Acquired the Henderson, Kentucky, daily newspaper and the Marco Island, Florida, weekly newspaper.</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="left"><B><FONT SIZE="2">1998 -</FONT> </B></DIV>
</TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Divested the Dallas Community newspapers, including the Plano daily.</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="left"><B><FONT SIZE="2">1997 -</FONT> </B></DIV>
</TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Acquired daily newspapers in Abilene, Corpus Christi, Plano, San Angelo and Wichita Falls, Texas, a group of community</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" NOWRAP>&nbsp; </TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">newspapers in the Dallas, Texas, market and a daily newspaper in Anderson, South Carolina. Traded its Monterey and San</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" NOWRAP>&nbsp; </TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Luis Obispo, California, daily newspapers for the daily newspaper in Boulder, Colorado, and terminated the joint operating</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" NOWRAP>&nbsp; </TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">agency and ceased operations of its newspaper in El Paso, Texas.</FONT> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The Company publishes daily newspapers in 21 markets. From its Washington bureau the Company operates the Scripps Howard News Service, a supplemental wire service covering stories in the capital, other parts of the United States
and abroad.</FONT></P>
<P><FONT SIZE="2">The Company's newspapers operate Internet sites focusing on local news content. The Internet sites include expanded coverage of stories in the newspapers and content that is not in the newspapers.</FONT></P>
<P><FONT SIZE="2">Many of the Company's newspapers provide services such as total-market-coverage advertising products, direct-mail advertising and commercial printing.</FONT></P>
<P><B><U><FONT SIZE="2">Revenues</FONT></U></B><FONT SIZE="2"> - Operating revenues for the five years ended December 31, 2001, were as follows:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="16"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD>
</TR>
<TR>
<TD WIDTH="45%"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="45%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1998</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1997</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Newspaper advertising:</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Local ROP</FONT> </TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">203,610</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">211,568</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">205,767</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">201,036</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">159,752</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Classified ROP</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">196,842</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">209,942</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">195,809</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">180,938</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">138,282</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">National ROP</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">32,947</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">30,977</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">27,937</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">20,576</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">16,649</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Preprint and other</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">92,204</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">90,536</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">79,902</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">71,286</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">48,926</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Total newspaper advertising</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">525,603</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">543,023</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">509,415</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">473,836</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">363,609</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Circulation</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">139,358</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">133,948</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">135,029</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">138,615</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">112,612</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Share of joint operating agency profits</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">43,285</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">47,412</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">50,511</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">48,278</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">47,052</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Other</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">11,744</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">10,176</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">9,735</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">10,402</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">7,209</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">719,990</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">734,559</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">704,690</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">671,131</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">530,482</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Rocky Mountain News</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">19,441</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">220,998</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">209,713</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">200,442</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">196,794</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Unusual item</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">(5,881</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">)</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Divested newspapers</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">886</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">3,806</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">17,498</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">33,100</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Total operating revenues</FONT> </TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">733,550</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">956,443</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">918,209</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">889,071</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">760,376</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="2"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Daily newspaper operating revenues are derived primarily from advertising and circulation. Other newspaper operating revenues include commercial printing.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">4</FONT></P>


<P><FONT SIZE="2">Advertising revenues are derived from run-of-paper ("ROP") advertisements included with news stories in the body of the newspaper, preprinted advertisements that are generally produced by advertisers and inserted into the
newspaper, and on-line advertising appearing on the newspapers' Internet sites.</FONT></P>
<P><FONT SIZE="2">ROP is further broken down among "local," "classified" and "national" advertising. Local refers to advertising that is not in the classified advertising section and is purchased by in-market advertisers. Classified refers to
advertising that generally is grouped by type of advertising, e.g., automotive and help wanted. National refers to advertising purchased by businesses that operate beyond the local market and purchase advertising from many newspapers, primarily
through advertising agencies. A given volume of ROP advertisements is generally more profitable to the Company than the same volume of preprinted advertisements.</FONT></P>
<P><FONT SIZE="2">Advertising rates and revenues vary among the Company's newspapers depending on circulation, type of advertising, local market conditions and competition. Contracts with advertisers, which are typically for one-year terms, may
provide for discounted rates based upon advertising volume.</FONT></P>
<P><FONT SIZE="2">On-line advertising, which is included in "preprint and other," ranges from simple static banners that appear at the top and bottom of a Web page to more complex advertisements that use animation and allow users to interact with
the advertisements.
<BR>
</FONT><FONT SIZE="2">On-line advertising also includes an allocation of classified advertising revenues that appear in both the printed editions of the newspapers and on the newspapers' Internet sites, direct response campaigns and links to
commercial sites. The newspapers generally receive fees for these links and advertisements. On-line advertising revenues were $6,500,000 in 2001, $8,300,000 in 2000, $5,400,000 in 1999, $1,800,000 in 1998 and $100,000 in 1997.</FONT></P>
<P><FONT SIZE="2">The first and third quarters generally have lower advertising revenues than the second and fourth quarters. Print advertising rates and volume are highest on Sundays, primarily because circulation and readership is greatest on
Sundays.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">5</FONT></P>


<P><FONT SIZE="2">Circulation revenues are derived from home-delivery sales of newspapers to subscribers and from single-copy sales made through retail outlets and vending machines. Circulation information for the Company's newspapers is as
follows:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="12"><HR NOSHADE SIZE="1"></TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands ) </FONT></I><I><FONT SIZE="1">(1)</FONT></I> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">Morning (M)</FONT> </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <DIV ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Newspaper</FONT> </DIV>
</TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">Evening (E)</FONT> </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1998</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1997</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT SIZE="2"><U>Daily Paid Circulation</U></FONT></B> </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Abilene (TX) Reporter-News</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">35</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">36</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">38</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">40</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">40</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Albuquerque (NM) Tribune </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">E</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">17</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">19</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">21</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">23</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">25</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Anderson (SC) Independent-Mail</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">39</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">39</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">40</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">40</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">41</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Birmingham (AL) Post-Herald </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">E</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">12</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">15</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">18</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">21</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">26</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Boulder (CO) Daily Camera</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">33</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Bremerton (WA) Sun</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">33</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">35</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">37</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">38</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Cincinnati (OH) Post </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">E</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">53</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">60</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">65</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">71</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">77</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Corpus Christi (TX) Caller-Times</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">63</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">63</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">65</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">66</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">68</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Denver (CO) Rocky Mountain News </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">323</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">427</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">396</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">332</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">303</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Evansville (IN) Courier &amp; Press</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">70</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">71</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">72</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">61</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">62</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Ft. Pierce (FL) Tribune</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">27</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">27</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">27</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">27</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">27</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Henderson (KY) Gleaner</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">10</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">11</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">11</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">11</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">11</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Knoxville (TN) News-Sentinel</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">121</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">123</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">122</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">122</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">122</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Memphis (TN) Commercial Appeal</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">170</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">175</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">173</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">174</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">186</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Naples (FL) Daily News</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">55</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">53</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">52</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">50</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">49</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Redding (CA) Record-Searchlight</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">35</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">36</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">San Angelo (TX) Standard-Times</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">28</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">29</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">30</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">31</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">32</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Stuart (FL) News</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">38</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">37</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">37</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">36</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">35</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Ventura County (CA) Star</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">92</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">97</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">93</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">92</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">96</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Vero Beach (FL) Press Journal</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">33</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">33</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">32</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">32</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">32</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Wichita Falls (TX) Times Record News</FONT> </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">M</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">36</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">37</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">37</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">38</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total Daily Circulation</FONT> </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,320</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,451</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,431</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,373</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,379</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><B><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sunday Paid Circulation</U></FONT></B> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Abilene (TX) Reporter-News</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">44</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">45</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">47</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">50</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">50</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Anderson (SC) Independent-Mail</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">45</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">45</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">45</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">46</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">48</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Boulder (CO) Daily Camera</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">41</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">41</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">40</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">42</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">41</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Bremerton (WA) Sun</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">37</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">37</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">39</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">40</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">42</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Corpus Christi (TX) Caller-Times</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">81</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">81</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">85</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">87</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">89</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Denver (CO) Rocky Mountain News </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">801</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">530</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">505</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">433</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">416</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Evansville (IN) Courier &amp; Press</FONT></TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">98</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">101</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">105</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">106</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">109</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Ft. Pierce (FL) Tribune</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">28</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">29</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">29</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">30</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">30</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Henderson (KY) Gleaner</FONT></TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">12</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">13</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">13</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">13</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">14</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Knoxville (TN) News-Sentinel</FONT></TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">156</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">158</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">159</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">163</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">166</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Memphis (TN) Commercial Appeal</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">232</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">237</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">238</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">243</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">257</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Naples (FL) Daily News</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">67</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">66</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">65</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">64</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">63</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Redding (CA) Record-Searchlight</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">39</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">39</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">38</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">38</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">38</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">San Angelo (TX) Standard-Times</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">35</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">36</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">37</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">38</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Stuart (FL) News</FONT></TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">45</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">45</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">45</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">46</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">45</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Ventura County (CA) Star</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">105</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">110</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">108</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">105</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">103</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Vero Beach (FL) Press Journal</FONT></TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">37</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">36</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">36</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">36</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">36</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Wichita Falls (TX) Times Record News</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">39</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">41</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">42</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">43</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">44</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total Sunday Circulation</FONT> </TD>
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,943</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,687</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,675</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,619</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,629</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="top">
<TD WIDTH="5%"><I><FONT SIZE="1">(1)</FONT></I></TD>
<TD><I><FONT SIZE="1">Based on Audit Bureau of Circulation Publisher's Statements ("Statements") for the six-month periods ended September 30, except figures for the Ft. Pierce Tribune, the Naples Daily News, the Stuart News and the Vero Beach Press
Journal which are from the Statements for the twelve-month periods ended September 30.</FONT></I></TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="5%">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="5%"><I><FONT SIZE="1">(2)</FONT></I></TD>
<TD><I><FONT SIZE="1">This newspaper is a party to a JOA. The JOA between the Denver Rocky Mountain News and MediaNews Group Inc.'s Denver Post began operations on January 22, 2001. The Denver Newspaper Agency publishes the Rocky Mountain News and
the Post Monday through Friday, and a joint newspaper on Saturday and Sunday. Reported daily circulation in 2001 represents the Monday through Friday circulation of the Rocky Mountain News and Sunday circulation represents the Sunday circulation of
the joint newspaper. Reported circulation prior to 2001 represents the daily and Sunday circulation of the Rocky Mountain News. See "Joint Operating Agencies."</FONT></I></TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">6</FONT></P>

<P><B><FONT SIZE="2"><U>Joint Operating Agencies</U> </FONT></B><FONT SIZE="2">- A JOA combines all but the editorial operations of two competing newspapers in a market in order to reduce aggregate expenses and take advantage of economies of scale,
thereby allowing the continuing operation of both newspapers in that market. The Newspaper Preservation Act of 1970 ("NPA") provides a limited exemption from anti-trust laws, generally permitting the continuance of JOAs in existence prior to the
enactment of the NPA and the formation, under certain circumstances, of new JOAs between newspapers.</FONT></P>
<P> <FONT SIZE="2">The Company is a partner in JOAs in four markets. The JOA between the Company's Denver Rocky Mountain News and MediaNews Group Inc.'s Denver Post ("MediaNews") was approved by the U.S. Attorney General in January 2001. The JOA
commenced operations on January 22, 2001, and is jointly managed by the Company and MediaNews. The other partner manages each of the Company's other JOAs.</FONT></P>
<P> <FONT SIZE="2">JOA revenues less JOA expenses, as defined in each JOA, equals JOA profits, which are split between the partners. In each case JOA expenses exclude editorial expenses. The Denver Publishing Company, a wholly-owned subsidiary of
the Company, received a 50% interest in the JOA in exchange for the contribution of most of its assets to the JOA and the payment of $60 million to MediaNews. The Company receives between 20% and 40% of the operating profits in the other three
markets.</FONT></P>
<P> <FONT SIZE="2">The table below provides certain information about the Company's JOAs.</FONT> </P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="35%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="15%"><B><FONT SIZE="2">Year JOA</FONT></B> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="14%"><B><FONT SIZE="2">Year of JOA</FONT></B> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><B><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Newspaper</U></FONT></B> </TD>
<TD ALIGN="center" WIDTH="35%"> <DIV ALIGN="left"><B><FONT SIZE="2"><U>Publisher of Other Newspaper</U></FONT></B> </DIV>
</TD>
<TD ALIGN="center" WIDTH="15%"><B><FONT SIZE="2"><U>Entered Into</U></FONT></B> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="14%"><B><FONT SIZE="2"><U>Expiration</U></FONT></B> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">The Albuquerque Tribune</FONT> </TD>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Journal Publishing Company</FONT> </TD>
<TD ALIGN="center" WIDTH="15%"><FONT SIZE="2">1933</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">2022</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Birmingham Post-Herald</FONT> </TD>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newhouse Newspapers</FONT> </TD>
<TD ALIGN="center" WIDTH="15%"><FONT SIZE="2">1950</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">2015</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">The Cincinnati Post</FONT> </TD>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett Newspapers</FONT> </TD>
<TD ALIGN="center" WIDTH="15%"><FONT SIZE="2">1977</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">2007</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Denver Rocky Mountain News</FONT> </TD>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaNews Group, Inc.</FONT> </TD>
<TD ALIGN="center" WIDTH="15%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">2051</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">A JOA in Evansville, Indiana, which was managed by the Company, expired in 1998 and was not renewed. The Company had received approximately 80% of JOA profits. The Company continues to operate its Evansville newspaper.</FONT></P>
<P><B><U><FONT SIZE="2">Newspaper Production</FONT></U></B><FONT SIZE="2"> - The Company's daily newspapers are printed using offset presses and use computer systems for writing, editing and composing and producing the advertising and news material
printed in each edition. The Company is constructing a new production facility for its Knoxville, Tennessee, daily newspaper.</FONT></P>
<P><B><U><FONT SIZE="2">Raw Materials and Labor Costs</FONT></U></B><FONT SIZE="2"> - The Company consumed approximately 231,000 metric tons of newsprint in 2001, including 50% of the newsprint consumed by the Denver JOA. The Company consumed
281,000 metric tons in 2000 and 270,000 metric tons in 1999. Substantially all of the Company's newspapers have converted to a 50-inch web format, and the Knoxville newspaper will convert to the 50-inch format upon construction of the new production
facility. Conversion to the 50-inch format has reduced newsprint consumption by approximately 5%.</FONT></P>
<P><FONT SIZE="2">The Company purchases newsprint from various suppliers, many of which are Canadian. Management believes that the Company's sources of supply of newsprint are adequate for its anticipated needs. Newsprint is a basic commodity and
its price is sensitive to the worldwide balance of supply and demand. Because of the capital commitment to construct and operate a newsprint mill, the supply of newsprint is relatively stable except for temporary disruptions caused by labor
stoppages. However, the demand for newsprint can change quickly, resulting in wide swings in the price of newsprint. Newsprint prices fluctuated between $450 and $590 from 1998 through 2001. The average newsprint price was approximately $514 per
metric ton in the fourth quarter of 2001.</FONT></P>
<P><FONT SIZE="2">Labor costs accounted for approximately 47% of the Company's newspaper operating expenses in 2001, 45% in 2000 and 43% in 1999. A substantial number of the Company's newspaper employees are represented by labor unions. See
"Employees."</FONT></P>
<P><B><U><FONT SIZE="2">Competition</FONT></U></B><FONT SIZE="2"> - The Company's newspapers compete for advertising revenues primarily with other local media, including other local newspapers, television and radio stations, cable television,
telephone directories, other Internet sites and direct mail. The rate of development of opportunities in, and competition from, electronic communications services, including the Internet, is increasing. Competition for advertising revenues is based
upon audience size and demographics, price and effectiveness.</FONT></P>
<P><FONT SIZE="2">The Company's newspapers and Internet sites compete with all other information and entertainment media for consumers' discretionary time.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">7</FONT></P>


<P ALIGN="center"><B><U><FONT SIZE="2">
<A NAME="tx3"></A>
Scripps Networks</FONT></U></B></P>
<P><B><U><FONT SIZE="2">Operations</FONT></U></B><B><FONT SIZE="2"> - </FONT></B><FONT SIZE="2">Programming is telecast on cable and satellite television systems under long-term network distribution contracts.</FONT></P>
<P><FONT SIZE="2">HGTV features programming focusing on home repair and remodeling, gardening, decorating and other activities associated with the home. Food Network features programming focusing on food and entertaining. DIY features step-by-step
instructions, in-depth demonstrations and tips on various topics associated with home improvement, gardening and crafts. Fine Living, which began telecasting in March 2002, targets an upper demographic audience and advertisers in the luxury consumer
goods and services markets.</FONT></P>
<P><FONT SIZE="2">The Company acquired the following operations in the five years ended December 31, 2001:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="top">
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="left"><B><FONT SIZE="2">2001 -</FONT></B> </DIV>
</TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Acquired an additional 4% interest in Food Network.</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="left"><B><FONT SIZE="2">1999 -</FONT></B> </DIV>
</TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Acquired an additional 7% interest in Food Network.</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="left"><B><FONT SIZE="2">1998 -</FONT></B> </DIV>
</TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Acquired an additional 1% interest in Food Network.</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="left"><B><FONT SIZE="2">1997 -</FONT></B> </DIV>
</TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Acquired a 56% interest in Food Network.</FONT> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The Company owned 68% of Food Network at December 31, 2001. Food Network began telecasting in December 1993 and HGTV in December 1994. DIY began telecasting in the fourth quarter of 1999.</FONT></P>
<P><FONT SIZE="2">According to the Nielsen Homevideo Index ("Nielsen"), HGTV was telecast to 76.4 million homes in December 2001, 67.1 million homes in December 2000 and 59.0 million homes in December 1999. Food Network was telecast to 71.5 million
homes in December 2001, 54.4 million homes in December 2000 and 44.2 million homes in December 1999. DIY is not yet rated by Nielsen, however based upon Company records DIY was telecast to approximately 9.5 million homes in December 2001.</FONT></P>
<P><FONT SIZE="2">Each of the Company's networks operates an Internet site featuring content from its programs and additional information and products of interest to the network's viewers. The Internet sites also permit users to post comments in
response to programs and features, and provide applications to enable users to communicate with each other and receive updates in subject areas of their choosing.</FONT></P>
<B><FONT SIZE="2">Revenues</FONT></B> <FONT SIZE="2">- Operating revenues for the five years ended December 31, 2001, were as follows:</FONT>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="3" WIDTH="100%">
<TR>
<TD WIDTH="31%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="31%"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="31%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1998</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1997</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="16" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="31%"><FONT SIZE="2">Advertising</FONT> </TD>
<TD ALIGN="center" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">272,299</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">249,619</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">169,959</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">96,271</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">37,473</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD NOWRAP WIDTH="31%"><FONT SIZE="2">Affiliate fees</FONT> </TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">59,175</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">40,312</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">34,149</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">22,366</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">10,274</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD NOWRAP WIDTH="31%"><FONT SIZE="2">Other</FONT> </TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">5,721</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">5,750</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">8,814</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">14,307</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">9,617</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="31%"><FONT SIZE="2">Total operating revenues</FONT> </TD>
<TD ALIGN="center" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">337,195</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">295,681</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">212,922</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">132,944</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">57,364</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Advertising on Scripps Networks is primarily from nationally recognized consumer products and brands. Advertising time on the networks is sold in both the up-front and scatter markets. Advertising contracts generally have terms of
one year or less. The ability to sell time for commercial announcements and the rates received are dependent primarily on the size and demographics of the audience, as well as overall demand for advertising time.</FONT></P>
<P><FONT SIZE="2">On-line advertising primarily includes banner ads and other advertisements. Advertising opportunities on the Internet sites range from simple static banners that appear at the top and bottom of a Web page to more complex
advertisements that use animation and allow users to interact with the advertisements. The Internet sites also provide advertisers with sponsorship opportunities, promotions, direct response campaigns and links to commercial sites. The networks
generally receive fees for these links and advertisements. On-line advertising revenues were $3,900,000 in 2001, $5,100,000 in 2000, $3,400,000 in 1999 and $700,000 in 1998.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">8</FONT></P>


<P><FONT SIZE="2">Affiliate fees represent monthly payments received from cable and satellite television systems pursuant to the terms of the network distribution contracts. Affiliate fees are reported net of amortization of incentive payments
(referred to as "launch incentives") that are given to cable and satellite television systems in exchange for long-term distribution contracts. Such contracts may provide for an initial period wherein affiliate fees are waived (referred to as a
"free period"). In markets where the Company has broadcast television stations, distribution of the networks may be obtained in exchange for granting cable or satellite television systems the right to carry the local television stations'
signals.</FONT></P>
<P><FONT SIZE="2">In 2001 the Company renewed and extended its distribution contracts with AT&amp;T and AOL Time Warner. The contracts expanded distribution of the networks and provided for distribution of DIY and Fine Living to an additional five
million homes. In addition, the contracts provide for the payment of affiliate fees to Food Network beginning in 2004. Food Network's distribution contracts generally provided the network to cable television systems without charge through
2003.</FONT></P>
<P><FONT SIZE="2">Popularity of the programming with subscribers is a primary factor in obtaining and retaining distribution by cable and satellite television systems. While no assurance can be given regarding renewal of the Company's distribution
contracts, the Company has successfully renewed expiring distribution agreements for HGTV and Food Network.</FONT></P>
<P><B><U><FONT SIZE="2">Programming</FONT></U></B><FONT SIZE="2"> - The cost of programming is a significant portion of cable television network operating expenses. The Company both produces and purchases programming for Scripps Networks. The
Company has continually improved the quality and variety of programming and expanded the hours of original programming presented on its networks. The expense recognized for purchased and produced programs for the networks totaled $92,000,000 in
2001, $72,000,000 in 2000, $46,000,000 in 1999 and $31,000,000 in 1998. The Company owns substantially all of the programming presented on its networks.</FONT></P>
<P><B><U><FONT SIZE="2">Competition</FONT></U></B><B><FONT SIZE="2"> </FONT></B><FONT SIZE="2">- In addition to competing with other networks for distribution on cable and satellite television systems, Scripps Networks competes for advertising
revenues with other local and national media, including other cable television networks, television stations, radio stations, newspapers, Internet sites and direct mail. Competition for advertising revenues is based upon audience size and
demographics, price and effectiveness. Scripps Networks compete for consumers' discretionary time with all other information and entertainment media.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">9</FONT></P>


<P ALIGN="center"><B><U><FONT SIZE="2">
<A NAME="tx4"></A>
Broadcast Television</FONT></U></B></P>
<P><B><U><FONT SIZE="2">Operations</FONT></U></B><FONT SIZE="2"> - The Company acquired television station KMCI in Lawrence, Kansas, in 2000. The Company had operated the station under a Local Marketing Agreement ("LMA") since 1996. Revenues from
KMCI were included in the Company's results of operations while the station was operated under the LMA.</FONT></P>
<P><FONT SIZE="2">Broadcast television includes nine network-affiliated television stations. The stations rely on local sales operations for local advertising and national advertising agencies for obtaining national advertising.</FONT></P>
<P><B><U><FONT SIZE="2">Revenues</FONT></U></B><FONT SIZE="2"> - Operating revenues for the five years ended December 31, 2001, were as follows:</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="16"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="30%"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="30%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">1998</FONT> </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">1997</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Local advertising</FONT> </TD>
<TD ALIGN="center" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">162,761</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">173,878</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">171,353</FONT> </DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">166,115</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">171,211</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">National advertising</FONT> </TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">96,866</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">119,428</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">120,638</FONT> </DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">125,432</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">139,322</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Political advertising</FONT> </TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">2,400</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">34,762</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">2,478</FONT> </DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">20,084</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">2,106</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Network compensation</FONT> </TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">9,279</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">9,951</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">13,121</FONT> </DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">16,040</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">15,601</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Other</FONT> </TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">6,295</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">5,106</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">4,772</FONT> </DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">3,043</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">2,976</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Total operating revenues</FONT> </TD>
<TD ALIGN="center" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">277,601</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">343,125</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">312,362</FONT> </DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">330,714</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">331,216</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Revenues are derived primarily from the sale of time to businesses for commercial messages that appear during entertainment and news programming. Local and national advertising refer to time purchased by local, regional and
national businesses; political refers to time purchased by campaigns for elective office and campaigns for political issues. Automobile advertising accounts for approximately one-fourth of the Company's local and national advertising
revenues.</FONT></P>
<P><FONT SIZE="2">Advertising rates are dependent primarily on the size and demographics of the audience as well as overall demand for advertising time.</FONT></P>
<P><FONT SIZE="2">The first and third quarters of each year generally have lower advertising revenues than the second and fourth quarters. The magnitude of political advertising in even-numbered years, when congressional and presidential elections
occur, makes it difficult to achieve year-over-year increases in operating results in odd-numbered years.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">10</FONT></P>


<P ALIGN="left"></P>

<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="21"><FONT SIZE="2">Information concerni</FONT><FONT SIZE="2">ng the Company's stations and the markets in which they operate is as follows:</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="21"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Network</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Affiliation</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">FCC</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Affiliation/</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Expires in/</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">License</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Rank</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Stations</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">DTV</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">DTV Service</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Expires</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">of</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">in</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station and Market</FONT></TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Channel</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Commenced</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">in</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Mkt </FONT><FONT SIZE="1">(1)</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Mkt </FONT><FONT SIZE="1">(3)</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">1999</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">1998</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">1997</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE="2">WXYZ-TV, Detroit, Ch. 7</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">ABC</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2004</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2005</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">10</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">8</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP>&nbsp;</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP>&nbsp;</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP>&nbsp;</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP>&nbsp;</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP>&nbsp;</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Digital Service Status</FONT></TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">41</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">1998</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Average Audience Share </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">15</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">15</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">16</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">17</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">18</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station Rank in Market </FONT><FONT SIZE="1">(4)</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE="2">WFTS-TV, Tampa, Ch. 28</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">ABC</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2005</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2005</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">14</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">12</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Digital Service Status</FONT></TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">29</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">1999</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Average Audience Share </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">7</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">8</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">8</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">9</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">9</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station Rank in Market </FONT><FONT SIZE="1">(4)</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE="2">WEWS-TV, Cleveland, Ch. 5</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">ABC</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2004</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2005</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">17</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">12</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Digital Service Status</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">15</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">1999</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Average Audience Share </FONT><FONT SIZE="1">(2)</FONT></TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">13</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">14</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">14</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">14</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">17</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station Rank in Market </FONT><FONT SIZE="1">(4)</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE="2">KNXV-TV, Phoenix, Ch. 15</FONT></TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">ABC</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2005</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2006</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">16</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">11</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Digital Service Status</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">56</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Average Audience Share </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">6</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">7</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">9</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">9</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">10</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station Rank in Market </FONT><FONT SIZE="1">(4)</FONT> </TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">5</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">5</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">6</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">5</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE="2">WMAR-TV, Baltimore, Ch. 2</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">ABC</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2005</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2004</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">24</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">6</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Digital Service Status</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">52</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">1999</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Average Audience Share </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">7</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">8</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">9</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">10</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">11</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station Rank in Market </FONT><FONT SIZE="1">(4)</FONT> </TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">3</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">3</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">3</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">3</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">3</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE="2">KSHB-TV, Kansas City, Ch. 41</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">NBC</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2009</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2006</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">31</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">8</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Digital Service Status</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">42</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="1">(6</FONT><FONT SIZE="1">)</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Average Audience Share </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">7</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">8</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">7</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">7</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">10</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station Rank in Market </FONT><FONT SIZE="1">(4)</FONT> </TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">4</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE="2">KMCI-TV, Lawrence, Ch. 38</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Ind.</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2006</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">31</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">8</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Digital Service Status</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">36</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="1">(6</FONT><FONT SIZE="1">)</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Average Audience Share </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station Rank in Market </FONT><FONT SIZE="1">(4)</FONT> </TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">7</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">8</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">8</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">8</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">8</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE="2">WCPO-TV, Cincinnati, Ch. 9</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">ABC </FONT><FONT SIZE="1">(5)</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2006</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2005</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">32</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">6</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Digital Service Status</FONT> </TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">10</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">1998</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Average Audience Share </FONT><FONT SIZE="1">(2)</FONT> </TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">12</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">14</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">14</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">15</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">17</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station Rank in Market </FONT><FONT SIZE="1">(4)</FONT> </TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">2</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD NOWRAP> <DIV ALIGN="left"><FONT SIZE="2">WPTV-TV, W. Palm Beach, Ch. 5</FONT> </DIV>
</TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">NBC</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2009</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2005</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">40</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">9</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Digital Service Status</FONT> </DIV>
</TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">55</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="1">(6</FONT><FONT SIZE="1">)</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Average Audience Share </FONT><FONT SIZE="1">(2)</FONT> </DIV>
</TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">16</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">15</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">15</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">16</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">19</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station Rank in Market </FONT><FONT SIZE="1">(4)</FONT> </DIV>
</TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">1</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1" ALIGN="left"> </TD>
</TR>
<TR>
<TD NOWRAP> <DIV ALIGN="left"><FONT SIZE="2">KJRH-TV, Tulsa, Ch. 2</FONT> </DIV>
</TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">NBC</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2009</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2006</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">59</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="center" WIDTH="3%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">10</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Digital Service Status</FONT> </DIV>
</TD>
<TD ALIGN="center" WIDTH="9%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">56</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="5%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="1">(6</FONT><FONT SIZE="1">)</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Average Audience Share </FONT><FONT SIZE="1">(2)</FONT> </DIV>
</TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">11</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">11</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">12</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">12</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">14</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Station Rank in Market </FONT><FONT SIZE="1">(4)</FONT> </DIV>
</TD>
<TD WIDTH="9%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">3</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">3</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">3</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">3</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="3%" NOWRAP> <DIV ALIGN="right"><FONT SIZE="2">3</FONT> </DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="21" NOWRAP> <HR NOSHADE SIZE="1" ALIGN="center"> </TD>
</TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" COLSPAN="2"><FONT SIZE="1">All market and audience data is based on the November A.C. Nielsen Company survey.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="4%">&nbsp;</TD>
<TD VALIGN="top" WIDTH="96%">&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="4%"><FONT SIZE="1">(1)</FONT></TD>
<TD WIDTH="96%"><FONT SIZE="1">Rank of Market represents the relative size of the television market in the United States.</FONT></TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="4%"><FONT SIZE="1">(2)</FONT></TD>
<TD WIDTH="96%"><FONT SIZE="1">Represents the number of television households tuned to a specific station from 6 a.m. to 2 a.m. each day, as a percentage of total viewing households in Area of Dominant Influence.</FONT></TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="4%"><FONT SIZE="1">(3)</FONT></TD>
<TD WIDTH="96%"><FONT SIZE="1">Stations in Market does not include public broadcasting stations, satellite stations, or translators which rebroadcast signals from distant stations.</FONT></TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="4%"><FONT SIZE="1">(4)</FONT></TD>
<TD WIDTH="96%"><FONT SIZE="1">Station Rank in Market is based on Average Audience Share as described in (2).</FONT></TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="4%"><FONT SIZE="1">(5)</FONT></TD>
<TD WIDTH="96%"><FONT SIZE="1">Prior to June 1996, WCPO was a CBS affiliate.</FONT></TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="4%"><FONT SIZE="1">(6)</FONT></TD>
<TD WIDTH="96%"><FONT SIZE="1">Barring technical difficulties, stations are expected to commence DTV service by May 2, 2002. Due to new tower construction requirements, the Company expects to seek and receive an extension for KSHB-TV, KMCI-TV and
WPTV-TV.</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="2"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">11</FONT></P>


<P><B><U><FONT SIZE="2">Network Affiliation and Programming</FONT></U></B><FONT SIZE="2"> - Nine of the Company's ten television stations are affiliated with national television networks. The networks offer a variety of programs to affiliated
stations, which have the right of first refusal before such programming may be offered to other television stations in the same market. Networks sell most of the advertising within the programs and compensate affiliated stations for carrying network
programming.</FONT></P>
<P><FONT SIZE="2">In 2001 the Company renegotiated and extended its affiliation agreements with NBC, which were originally scheduled to expire in 2004. Under the new agreements, which extend though 2009, network compensation will be substantially
reduced. Network compensation revenue at the Company's three NBC affiliates is expected to be approximately $300,000 in 2002. These stations recognized network compensation revenue totaling $1,400,000 in 2001 and $2,400,000 in 2000. The Company's
six ABC network affiliation agreements expire from 2004 through 2006.</FONT></P>
<P><FONT SIZE="2">In addition to network programs, the Company's television stations broadcast locally produced programs, syndicated programs, sports events, movies, public service programs and "niche" programs focusing on topics of interest in the
stations' local markets. The costs </FONT><FONT SIZE="2">of locally produced and syndicated programming are a significant portion of broadcast television operating expenses. The price of syndicated programming is based primarily upon demand for the
programming from other television stations within the market.</FONT></P>
<P><FONT SIZE="2">News is the focus of the Company's locally produced programming. Advertising during local news programs on the Company's stations account for approximately 30% of revenues.</FONT></P>
<P><B><U><FONT SIZE="2">Competition</FONT></U></B><FONT SIZE="2"> - The Company's television stations compete for advertising revenues primarily with other local media, including other television stations, radio stations, cable television networks,
newspapers, other Internet sites and direct mail. Competition for advertising revenue is based upon audience size and demographics, price and effectiveness. Television stations compete for consumers' discretionary time with all other information and
entertainment media.</FONT></P>
<P><FONT SIZE="2">The Company's television stations have experienced declines in their average audience share in recent years due to the creation of new networks and increased audience share of alternative service providers such as traditional
cable, "wireless" cable and direct broadcast satellite television. Continuing technological advances will improve the capability of alternative service providers to offer video services in competition with terrestrial broadcasting. The degree of
competition from such service providers is expected to increase. The Company intends to undertake upgrades in its services, including development of digital television broadcasting, to maintain its competitive posture as well as to comply with
government requirements. Technological advances in interactive media services will further increase these competitive pressures.</FONT></P>
<P><FONT SIZE="2">The Company's stations have emphasized locally produced news and entertainment programming in recent years to distinguish the stations from the competition and to control programming costs.</FONT></P>
<P><B><U><FONT SIZE="2">Federal Regulation of Broadcasting</FONT></U></B><FONT SIZE="2"> - Television broadcasting is subject to the jurisdiction of the Federal Communications </FONT><FONT SIZE="2">Commission ("FCC") pursuant to the Communications
Act of 1934, as amended ("Communications  Act"). The Communications Act prohibits the operation of television broadcasting stations except in accordance with a license issued by the FCC and empowers the FCC to revoke, modify and renew broadcasting
licenses, approve the transfer of control of any corporation holding such licenses, determine the location of stations, regulate the equipment used by stations and adopt and enforce necessary regulations. The FCC also adopts and enforces regulations
concerning station programming, including children's and political programming.</FONT></P>
<P><FONT SIZE="2">The Telecommunications Act of 1996 (the "1996 Act") significantly relaxed the regulatory environment applicable to broadcasters. Under the 1996 Act, television broadcast licenses may be granted for a term of eight years, rather
than five, and they remain renewable upon request. While there can be no assurance regarding the renewal of the Company's television broadcast licenses, the Company has never had a license revoked, has never been denied a renewal and all previous
renewals have been for the maximum term.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">12</FONT></P>


<P><FONT SIZE="2">FCC regulations govern the multiple ownership of television stations and other media. Under the multiple ownership rule, a license for a television station will generally not be granted or renewed if the grant of the license would
result in (i) the applicant owning more than one, or in some markets under certain conditions, two television stations in the same market, or (ii) the grant of the license would result in the applicant's owning, operating, controlling, or having an
interest in television stations whose total national audience reach exceeds 35% of all television households. The FCC rules also generally prohibit "cross-ownership" of a television station and daily newspaper or cable television system in the same
service area. The Company's television station and daily newspaper in Cincinnati were owned by the Company at the time the cross-ownership rules were enacted and enjoy "grandfathered" status. These properties would become subject to the
cross-ownership rules upon their sale. The 1996 Act directed the FCC to periodically review all its ownership rules, and a review of the newspaper/broadcast television cross-ownership is now underway. Also, the D.C. Circuit Court of Appeals has
recently directed the FCC to repeal its restriction on a cable television system owning a television station in the same market and has directed the FCC to reconsider its decision not to rescind the limit on television station owners' national
audience reach.</FONT></P>
<P><FONT SIZE="2">The FCC has adopted a series of orders to implement a transition from the current analog system of broadcast television to a digital transmission system. It has granted each television station a second channel on which to begin
offering digital service and it currently plans for the transition to be completed by 2006, at which time each station should have returned one of its two channels. The FCC can extend this deadline, and most observers expect that the deadline will
be extended.</FONT></P>
<P><FONT SIZE="2">A substantial number of technical, regulatory and market-related issues remain unresolved regarding digital television, including the timing of the transition, programming and other rules the FCC may adopt, the willingness of cable
systems to carry the broadcasters' digital offerings and the level of consumer demand for the new service. The Company cannot predict the effect of these uncertainties on the Company's offering of digital service or the Company's business.</FONT></P>
<P><FONT SIZE="2">Under the Cable Television Consumer Protection and Competition Act of 1992 ("1992 Act"), each television broadcast station gained "must-carry" rights on any cable system defined as "local" with respect to that station. Stations may
waive their must-carry rights and instead negotiate retransmission consent agreements with local cable companies. The Company's stations have generally elected to negotiate retransmission consent agreements with cable companies. While the FCC has
recently announced that a station's primary video transmission will enjoy must-carry rights after the transition to digital broadcasting, the FCC has so far declined to require carriage of a digital signal in addition to the station's analog
signal.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">13</FONT></P>


<P ALIGN="center"><B><U><FONT SIZE="2">
<A NAME="tx5"></A>
Licensing and Other Media</FONT></U></B></P>
<P><B><U><FONT SIZE="2">Operations</FONT></U></B><B><FONT SIZE="2"> -</FONT></B><FONT SIZE="2"> Licensing and other media aggregates the Company's operating segments that are too small to warrant separate reporting, including syndication and
licensing of news features and comics, and the divested television program production and independent telephone directories.</FONT></P>
<P><FONT SIZE="2">The Company acquired or divested the following operations in the five years ended December 31, 2001:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" NOWRAP><B><FONT SIZE="2">2000 </FONT>- </B></TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Divested independent telephone directories in Memphis, Tennessee; Kansas City, Missouri; North Palm Beach, Florida; and</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" NOWRAP><B></B> </TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">New Orleans, Louisiana.</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" NOWRAP><B><FONT SIZE="2">1998 -</FONT> </B></TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">Acquired the independent telephone directories. Divested Scripps Howard Productions, the Company's television program</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" NOWRAP>&nbsp; </TD>
<TD WIDTH="95%" NOWRAP><FONT SIZE="2">production operation based in Los Angeles.</FONT> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="center" COLSPAN="2" WIDTH="100%"> <DIV ALIGN="left"><B><FONT SIZE="2"><U>Revenues</U> </FONT></B><FONT SIZE="2">- Operating revenues for the five years ended December 31, 2001, were as follows:</FONT> </DIV>
</TD>
</TR>
<TR VALIGN="MIDDLE">
<TD COLSPAN="2"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="47%" VALIGN="TOP"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="47%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="5%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="5%"><FONT SIZE="2">1998</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="5%"><FONT SIZE="2">1997</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="47%"><FONT SIZE="2">Licensing</FONT> </TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">65,877</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">68,549</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">63,755</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">62,260</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">56,813</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="47%"><FONT SIZE="2">Newspaper feature distribution</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">21,517</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">23,590</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">23,382</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">22,650</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">20,920</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="47%"><FONT SIZE="2">Other</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">1,391</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">4,756</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">5,433</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">3,913</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">2,430</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="47%"><FONT SIZE="2">Total licensing and other media revenues</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">88,785</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">96,895</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">92,570</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">88,823</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">80,163</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="47%"><FONT SIZE="2">Divested other media</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">9,614</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">19,236</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">7,379</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">12,763</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="47%"><FONT SIZE="2">Total operating revenues</FONT> </TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">88,785</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">106,509</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">111,806</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">96,202</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">92,926</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The Company, under the trade name United Media, is a leading distributor of news columns, comics and other features for the newspaper industry. Included among these features is "Peanuts," one of the most successful strips in the
history of comic art.</FONT></P>
<P><FONT SIZE="2">United Media owns and licenses worldwide copyrights relating to "Peanuts," "Dilbert" and other character properties for use on numerous products, including plush toys, greeting cards and apparel, for promotional purposes and for
exhibit on television and other media. Charles Schulz, the creator of "Peanuts," died in February 2000. The Company continues syndication of previously published "Peanuts" strips, and retains the rights to license the characters. "Peanuts" provides
approximately 85% of the Company's licensing revenues. Approximately 60% of licensing revenues are earned in international markets, with the Japanese market providing approximately two-thirds of international revenue.</FONT></P>
<P><FONT SIZE="2">Merchandise, literary and exhibition licensing revenues are generally a negotiated percentage of the licensee's sales. The Company generally negotiates a fixed fee for the use of its copyrighted characters for promotional and
advertising purposes. The Company generally pays a percentage of gross syndication and licensing royalties to the creators of these properties.</FONT></P>
<P><B><U><FONT SIZE="2">Competition</FONT></U></B><B><FONT SIZE="2"> </FONT></B><FONT SIZE="2">- The Company's newspaper feature distribution operations compete for a limited amount of newspaper space with other distributors of news columns, comics
and other features. Competition is primarily based on price and popularity of the features. Popularity of licensed characters is a primary factor in obtaining and renewing merchandise and promotional licenses.</FONT></P>
<P ALIGN="center"><B><U><FONT SIZE="2">
<A NAME="tx6"></A>
Venture Capital and Other Investments</FONT></U></B></P>
<P><FONT SIZE="2">Through its Scripps Ventures Funds and other entities the Company invests in businesses focusing on new media technology. The Company recognized gains (losses), net of fund management expenses, totaling $5,100,000 in 2001,
($24,800,000) in 2000, $500,000 in 1999 and ($2,700,000) in 1997. Included in 2001 net investment results are net gains of $36,900,000 related to the Company's investment in AOL Time Warner.</FONT></P>
<P><FONT SIZE="2">See "Management's Discussion and Analysis of Financial Condition and Results of Operations  - Market Risk" and Note 7 to the Consolidated Financial Statements.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">14</FONT></P>


<P ALIGN="center"><B><U><FONT SIZE="2">
<A NAME="tx7"></A>
Employees</FONT></U></B></P>
<P><FONT SIZE="2">As of December 31, 2001, the Company had approximately 7,400 full-time employees, of whom approximately 5,000 were with newspapers, 800 with Scripps Networks, 1,300 with broadcast television and 100 with licensing and other media.
Various labor unions represent approximately 1,100 employees, primarily in newspapers. The present operations of the Company have not experienced any work stoppages since 1985. The Company considers its relationship with employees to be generally
satisfactory.</FONT></P>
<P><B><U><FONT SIZE="2">
<A NAME="tx8"></A>
ITEM 2.&nbsp;&nbsp;&nbsp; PROPERTIES</FONT></U></B></P>
<P><FONT SIZE="2">Newspapers require business and editorial offices and printing plants.</FONT></P>
<P><FONT SIZE="2">Scripps Networks requires offices and studios and other real and personal property to produce programs and to transmit the network programming via satellite. Scripps Networks operates from a production facility in Knoxville and
leased facilities in New York.</FONT></P>
<P><FONT SIZE="2">Broadcast Television requires offices and studios and other real property for towers upon which broadcasting transmitters and antenna equipment are located.</FONT></P>
<P><FONT SIZE="2">The Company owns substantially all of the properties used by its operations. Management believes the Company's facilities are generally well maintained and are sufficient to serve its present needs.</FONT></P>
<P><B><U><FONT SIZE="2">
<A NAME="tx9"></A>
ITEM 3. &nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS</FONT></U></B></P>
<P><FONT SIZE="2">The Company is involved in litigation arising in the ordinary course of business, such as defamation actions and various governmental and administrative proceedings primarily relating to renewal of broadcast licenses, none of which
is expected to result in material loss.</FONT></P>
<P><B><U><FONT SIZE="2">
<A NAME="tx10"></A>
ITEM 4. &nbsp;&nbsp;&nbsp;SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</FONT></U></B></P>
<P><FONT SIZE="2">No matters were submitted to a vote of security holders during the fourth quarter of 2001.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">15</FONT></P>


<P ALIGN="center"><B><U>
<A NAME="tx11"></A>
<FONT SIZE="2">PART </FONT></U></B><U><FONT SIZE="2"><B>II</B></FONT></U></P>
<P><B><U><FONT SIZE="2">
<A NAME="tx12"></A>
ITEM 5. &nbsp;&nbsp;&nbsp;MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</FONT></U></B></P>
<P><FONT SIZE="2">The Company's Class A Common shares are traded on the New York Stock Exchange ("NYSE") under the symbol "SSP." There are approximately 11,500 owners of the Company's Class A Common shares, based on security position listings, and
18 owners of the Company's Common Voting shares (which do not have a public market). The Company has declared cash dividends in every year since its incorporation in 1922. Future dividends are, however, subject to the Company's earnings, financial
condition and capital requirements.</FONT></P>
<P><FONT SIZE="2">The range of market prices of the Company's Class A Common shares, which represents the high and low sales prices for each full quarterly period, and quarterly cash dividends are as follows:</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="15"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="44%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">1st</FONT> </DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">2nd</FONT> </DIV>
</TD>
<TD WIDTH="4%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">3rd</FONT> </DIV>
</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">4th</FONT> </DIV>
</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="6%" NOWRAP>&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="44%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Quarter</FONT> </DIV>
</TD>
<TD WIDTH="3%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Quarter</FONT> </DIV>
</TD>
<TD WIDTH="4%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Quarter</FONT> </DIV>
</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Quarter</FONT> </DIV>
</TD>
<TD WIDTH="5%" NOWRAP> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" NOWRAP> <DIV ALIGN="center"> </DIV>
<DIV ALIGN="center"><FONT SIZE="2">Total</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="15"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="44%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2"><U></U></FONT><FONT SIZE="2"><U>2001</U></FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%"> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="44%"><FONT SIZE="2">Market price of common stock:</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="44%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">High</FONT> </TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2">66.600</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">69.000</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">71.700</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">68.050</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="44%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Low</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2">54.700</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">56.400</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">56.100</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">58.000</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="15"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="44%"><FONT SIZE="2">Cash dividends per share of common stock</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2">.15</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">.15</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">.15</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">.15</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="center" WIDTH="6%"> <DIV ALIGN="center"><FONT SIZE="2">.60</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="15"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="44%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2"><U>2000</U></FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="44%"><FONT SIZE="2">Market price of common stock:</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="44%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">High</FONT> </TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2">49.500</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">51.625</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">54.188</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">63.250</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="44%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Low</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2">42.375</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">43.625</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">47.438</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">50.750</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="center"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="15"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="44%"><FONT SIZE="2">Cash dividends per share of common stock</FONT> </TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2">.14</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">.14</FONT> </DIV>
</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">.14</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">.14</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="center" WIDTH="6%"> <DIV ALIGN="center"><FONT SIZE="2">.56</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="15"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><B><U><FONT SIZE="2">
<A NAME="tx13"></A>
ITEM 6. &nbsp;&nbsp;&nbsp;SELECTED FINANCIAL DATA</FONT></U></B></P>
<P><FONT SIZE="2">The Selected Financial Data required by this item is filed as part of this Form 10-K. See Index to Consolidated Financial Statement Information at page F-1 of this Form 10-K.</FONT></P>
<P><B><U><FONT SIZE="2">
<A NAME="tx14"></A>
ITEM 7. &nbsp;&nbsp;&nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF </FONT></U></B><B><U><FONT SIZE="2">OPERATIONS</FONT></U></B></P>
<P><FONT SIZE="2">Management's Discussion and Analysis of Financial Condition and Results of Operations required by this item is filed as part of this Form 10-K. See Index to Consolidated Financial Statement Information at page F-1 of this Form
10-K.</FONT></P>
<P><B><U><FONT SIZE="2">
<A NAME="tx15"></A>
ITEM 8. &nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</FONT></U></B></P>
<P><FONT SIZE="2">The Financial Statements and Supplementary Data required by this item is filed as part of this Form 10-K. See Index to Consolidated Financial Statement Information at page F-1 of this Form 10-K.</FONT></P>
<P><B><U><FONT SIZE="2">
<A NAME="tx16"></A>
ITEM 9. &nbsp;&nbsp;&nbsp;CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND </FONT></U></B><B><U><FONT SIZE="2">FINANCIAL DISCLOSURE</FONT></U></B></P>
<P><FONT SIZE="2">Not applicable.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">16</FONT></P>


<P ALIGN="center"><B><U>
<A NAME="tx17"></A>
<FONT SIZE="2">PART III</FONT></U></B></P>
<P><B><U><FONT SIZE="2">
<A NAME="tx18"></A>
ITEM 10. &nbsp;&nbsp;&nbsp;DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT</FONT></U></B></P>
<P ALIGN="center"><B><U><FONT SIZE="2">Executive Officers</FONT></U></B></P>
<P><FONT SIZE="2">Executive officers serve at the pleasure of the Board of Directors. Certain information about such officers appears in the table below.</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD NOWRAP WIDTH="14%">&nbsp;&nbsp;&nbsp;<B><FONT SIZE="2"><U>Name</U></FONT></B> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><B><FONT SIZE="2"><U>Age</U></FONT></B> </TD>
<TD ALIGN="center" WIDTH="4%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="76%"><B><FONT SIZE="2"><U>Position</U></FONT></B> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp; </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">Kenneth W. Lowe</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">51</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">President, Chief Executive Officer and Director (since 2000); Chairman and Chief Executive</FONT> <FONT SIZE="2">Officer, Scripps Networks (1993 to 2000)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">Richard A. Boehne</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">45</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Executive Vice President (since 1999); Vice President/Communications and Investor</FONT> <FONT SIZE="2">Relations (1995 to 1999)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp; </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">Daniel J. Castellini</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">62</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Senior Vice President and Chief Financial Officer (since 1986)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp; </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">Frank Gardner</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">59</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Senior Vice President (since 2000); Senior Vice President/Television (1993 to 2000)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp; </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">Alan M. Horton</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">58</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Senior Vice President/Newspapers (since 1994)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp; </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">John F. Lansing</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">44</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Vice President/Television (since July 2001); Vice President/Station Operations (1999 to</FONT> <FONT SIZE="2">2001); General Manager, Television Station WEWS (1997 to 1999)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp; </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">B. Jeff Craig</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">43</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Vice President and Chief Technology Officer (since February 2001); Senior Vice President,</FONT> <FONT SIZE="2">Interactive Technology and New Media Development, Discovery Communications, Inc.</FONT> <FONT
SIZE="2">(1998 to 2000); Managing Partner and founder, AAJ Interactive Technologies (1997 to</FONT> <FONT SIZE="2">1998); Vice President, System Design and Engineering, TELE-TV (1995 to 1997)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">Gregory L. Ebel</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">46</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Vice President/Human Resources (since 1994)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp; </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">M. Denise Kuprionis</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">45</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Vice President, Corporate Secretary and Director of Legal Affairs (since 1987)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp; </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">J. Robert Routt</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">47</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Vice President and Controller (since 1985)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp; </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">Timothy E. Stautberg</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">39</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Vice President/Investor Relations and Communications (since 1999); General Manager,</FONT> <FONT SIZE="2">Redding Record Searchlight (1997 to 1999); Assistant to the Publisher, Denver Rocky</FONT> <FONT
SIZE="2">Mountain News (1992 to 1997)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp; </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">Stephen W. Sullivan</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">55</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Vice President/Newspaper Operations (since 2000); Vice President/Newspapers (1997 to</FONT> <FONT SIZE="2">2000); President, Harte-Hanks Newspapers and Senior Vice President, Harte-Hanks</FONT> <FONT
SIZE="2">Communications (1991 to 1997)</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%">&nbsp; </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%">&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP WIDTH="14%"><FONT SIZE="2">E. John Wolfzorn</FONT> </TD>
<TD NOWRAP WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="4%"><FONT SIZE="2">56</FONT> </TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="76%"><FONT SIZE="2">Treasurer (since 1979)</FONT> </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">17</FONT></P>


<P ALIGN="center"><B><FONT SIZE="2"><U>Directors</U></FONT></B></P>
<P> <FONT SIZE="2">The information required by Item 10 of Form 10-K relating to directors of the Company is incorporated by reference to the material captioned "Election  of Directors" in the Company's definitive proxy statement for the Annual
Meeting of Shareholders ("Proxy Statement"). The Proxy Statement will be filed with the Securities and Exchange Commission on or before April 28, 2002.</FONT></P>
<P> <B><FONT SIZE="2"><U>
<A NAME="tx19"></A>
ITEM 11.&nbsp;&nbsp;&nbsp; EXECUTIVE COMPENSATION</U></FONT></B></P>
<P> <FONT SIZE="2">The information required by Item 11 of Form 10-K is incorporated by reference to the material captioned "Executive Compensation" in the Proxy Statement.</FONT></P>
<P> <B><FONT SIZE="2">
<A NAME="tx20"></A>
I<U>TEM 12. &nbsp;&nbsp;&nbsp;SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</U></FONT></B></P>
<P> <FONT SIZE="2">The information required by Item 12 of Form 10-K is incorporated by reference to the material captioned "Security Ownership of Certain Beneficial Owners and Management" in the Proxy Statement.</FONT></P>
<P> <B><FONT SIZE="2"><U>
<A NAME="tx21"></A>
ITEM 13. &nbsp;&nbsp;&nbsp;CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</U></FONT></B></P>
<P> <FONT SIZE="2">The information required by Item 13 of Form 10-K is incorporated by reference to the material captioned "Certain Transactions" in the Proxy Statement.</FONT></P>
<P ALIGN="center"> <B><FONT SIZE="2">
<A NAME="tx22"></A>
PART IV</FONT></B></P>
<P> <B><FONT SIZE="2"><U>
<A NAME="tx23"></A>
ITEM 14. &nbsp;&nbsp;&nbsp;EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K</U></FONT></B></P>
<P ALIGN="center"> <B><FONT SIZE="2"><U>Financial Statements and Supplemental Schedules</U></FONT></B> </P>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="top">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="95%">&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="5%"><FONT SIZE="2">(a)</FONT> &nbsp;&nbsp; </TD>
<TD WIDTH="95%"><FONT SIZE="2">The consolidated financial statements of the Company are filed as part of this Form 10-K. See Index to Consolidated Financial Statement Information at page F-1.</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="95%">&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="95%"><FONT SIZE="2">The report of Deloitte &amp; Touche LLP, Independent Auditors, dated January 23, 2002, is filed as part of this Form 10-K. See Index to Consolidated Financial Statement Information at page F-1.</FONT> </TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="95%">&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="5%"><FONT SIZE="2">(b)</FONT> &nbsp;&nbsp; </TD>
<TD WIDTH="95%"><FONT SIZE="2">The consolidated supplemental schedules of the Company are filed as part of this Form 10-K. See Index to Consolidated Financial Statement Schedules at page S-1.</FONT> </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2"><B><FONT SIZE="2"><U>Exhibits</U></FONT></B> </FONT></P>
<P ALIGN="left"><FONT SIZE="2"><FONT SIZE="2">The information required by this item appears at page E-1 of this Form 10-K.</FONT> </FONT></P>
<P ALIGN="left"><FONT SIZE="2"><B><FONT SIZE="2"><U>Reports on Form 8-K</U></FONT></B> </FONT></P>
<P ALIGN="left"><FONT SIZE="2"><FONT SIZE="2">No Current Reports on Form 8-K were filed in the fourth quarter of 2001.</FONT></FONT></P>
<P ALIGN="center"><FONT SIZE="2"> 18</FONT></P>

<P> </P>
<P ALIGN="center"><B><U><FONT SIZE="2">SIGNATURES</FONT></U></B></P>
<P><FONT SIZE="2">Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934 the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 28,
2002.</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="59%">&nbsp;</TD>
<TD COLSPAN="3" NOWRAP><FONT SIZE="2">THE E. W. SCRIPPS COMPANY</FONT> </TD>
</TR>
<TR>
<TD WIDTH="59%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="34%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="59%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">By</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="34%"> <DIV ALIGN="left"><FONT SIZE="2">/s/ Kenneth W. Lowe</FONT> </DIV>
</TD>
</TR>
<TR>
<TD WIDTH="59%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="34%"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="59%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="34%"><FONT SIZE="2">Kenneth W. Lowe</FONT> </TD>
</TR>
<TR>
<TD WIDTH="59%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="34%"><FONT SIZE="2">President and Chief Executive Officer</FONT> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities indicated, on March 28, 2002.</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="25%">&nbsp;&nbsp;&nbsp;<B><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Signature</U></FONT></B> </TD>
<TD ALIGN="center" WIDTH="40%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="35%"> <DIV ALIGN="left"><B><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title</U></FONT></B> </DIV>
</TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ Kenneth W. Lowe</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">President and Chief Executive Officer</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">(Principal Executive Officer)</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">Kenneth W. Lowe</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ Daniel J. Castellini</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Senior Vice President and Chief Financial Officer</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">Daniel J. Castellini</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ William R. Burleigh</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Chairman of the Board of Directors</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">William R. Burleigh</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ Charles E. Scripps</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Chairman of the Executive Committee</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">of the Board of Directors</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">Charles E. Scripps</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ Paul K. Scripps</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Director</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">Paul K. Scripps</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ Edward Scripps, Jr.</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Director</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">Edward Scripps, Jr.</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ John H. Burlingame</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Director</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">John H. Burlingame</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ Daniel J. Meyer</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Director</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">Daniel J. Meyer</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ Nicholas B. Paumgarten</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Director</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">Nicholas B. Paumgarten</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ Ronald W. Tysoe</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Director</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">Ronald W. Tysoe</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ Julie A. Wrigley</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Director</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">Julie A. Wrigley</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%">&nbsp; </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">/s/ Nackey E. Scagliotti</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%"><FONT SIZE="2">Director</FONT> </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
<TR>
<TD NOWRAP WIDTH="25%"><FONT SIZE="2">Nackey E. Scagliotti</FONT> </TD>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="35%">&nbsp; </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">19</FONT></P>

<P ALIGN="center"><B>THE E. W. SCRIPPS COMPANY</B></P>
<P ALIGN="center"><B><U>INDEX TO CONSOLIDATED FINANCIAL STATEMENT INFORMATION</U></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="center" WIDTH="100%">
<TR VALIGN="bottom">
<TD NOWRAP><B><FONT SIZE="2">Item No.</FONT></B></TD>
<TD WIDTH="1%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD><B>&nbsp;&nbsp;</B></TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="center" NOWRAP><B><FONT SIZE="2">Page</FONT></B></TD>
</TR>
<TR VALIGN="top">
<TD WIDTH="8%"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%"><FONT SIZE="2">1.</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#f1">Selected Financial Data</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-2</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%"><FONT SIZE="2">2.</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#f2">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD><FONT SIZE="2">
<A HREF="#f3">Accounting Policies</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-5</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD><FONT SIZE="2">
<A HREF="#f4">Forward Looking Statements</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-5</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD><FONT SIZE="2">
<A HREF="#f5">Results of Operations</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-5</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD><FONT SIZE="2">
<A HREF="#f6">Newspapers</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-8</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD><FONT SIZE="2">
<A HREF="#f7">Scripps Networks</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-10</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD><FONT SIZE="2">
<A HREF="#f8">Broadcast Television</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-12</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD><FONT SIZE="2">
<A HREF="#f9">Liquidity and Capital Resources</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-14</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD><FONT SIZE="2">
<A HREF="#f10">Market Risk</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-15</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%"><FONT SIZE="2">3.</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#f11">Consolidated Balance Sheets</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-16</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%"><FONT SIZE="2">4.</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#f12">Consolidated Statements of Income</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-18</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%"><FONT SIZE="2">5.</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#f13">Consolidated Statements of Cash Flows</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-19</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%"><FONT SIZE="2">6.</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#f14">Consolidated Statements of Comprehensive Income and Stockholders&#146; Equity</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-20</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%"><FONT SIZE="2">7.</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#f15">Notes to Consolidated Financial Statements</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-21</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="8%"><FONT SIZE="2">8.</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">
<A HREF="#f16">Independent Auditors&#146; Report</A>
</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">F-44</FONT></TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 1</FONT></P>


<A NAME="f1"></A>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR>
<TD ALIGN="center" COLSPAN=6 NOWRAP> <DIV ALIGN="left"><B><FONT SIZE=2>ELEVEN-YEAR FINANCIAL HIGHLIGHTS</FONT></B></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN=35 NOWRAP> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD NOWRAP><I><FONT SIZE=1>( in millions, except per share data )</FONT></I></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE=2>2001</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP WIDTH="20"> <DIV ALIGN="right"></DIV>
</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE=2>2000</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP WIDTH="20"> <DIV ALIGN="right"></DIV>
</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE=2>1999</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP WIDTH="20"> <DIV ALIGN="right"></DIV>
</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE=2>1998</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP WIDTH="20"> <DIV ALIGN="right"></DIV>
</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE=2>1997</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP WIDTH="20"> <DIV ALIGN="right"></DIV>
</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE=2>1996</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP WIDTH="20"> <DIV ALIGN="right"></DIV>
</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE=2>1995</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP WIDTH="20"> <DIV ALIGN="right"></DIV>
</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE=2>1994</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP WIDTH="20"> <DIV ALIGN="right"></DIV>
</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE=2>1993</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP WIDTH="20"> <DIV ALIGN="right"></DIV>
</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE=2>1992</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP WIDTH="20"> <DIV ALIGN="right"></DIV>
</TD>
<TD NOWRAP COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE=2>1991</FONT><FONT SIZE=1>(1)</FONT></DIV>
</TD>
<TD NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35" NOWRAP> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD NOWRAP><B><FONT SIZE=2>Summary of Operations</FONT></B></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Revenues:</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD HEIGHT="10" WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other newspapers</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>720</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>735</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>705</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>671</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>530</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>454</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>426</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>402</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>369</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>353</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>339</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Rocky Mountain News </FONT><FONT SIZE=1>(10)</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>19</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>221</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>210</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>200</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>197</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>183</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>184</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>170</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>154</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>146</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>140</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35" NOWRAP> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newspapers</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>739</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>956</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>914</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>872</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>727</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>637</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>610</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>572</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>523</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>499</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>479</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scripps Networks</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>337</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>296</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>213</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>133</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>57</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>30</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>19</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcast television</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>278</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>343</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>312</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>331</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>331</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>323</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>295</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>288</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>255</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>247</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>216</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensing and other media</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>89</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>97</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>93</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>89</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>80</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>75</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>68</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>68</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>85</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>87</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>92</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35" NOWRAP> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>1,443</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,692</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,532</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,424</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,196</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,065</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>992</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>933</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>863</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>833</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>787</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested operating units </FONT><FONT SIZE=1>(2)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>23</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>25</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>46</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>65</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>49</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>43</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>93</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>195</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>298</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unusual items </FONT><FONT SIZE=1>(3)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>(6</FONT></TD>
<TD NOWRAP WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35" NOWRAP> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>1,437</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1,702</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1,555</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1,449</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1,242</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1,130</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1,041</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>976</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>956</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1,028</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE=2>$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>1,085</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35" NOWRAP> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Income (Loss):</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other newspapers</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>202</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>230</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>231</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>204</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>171</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>133</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>126</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>118</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>93</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>96</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>81</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Rocky Mountain News</FONT><FONT SIZE=1> (10)</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>(16</FONT></TD>
<TD NOWRAP WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(24</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(16</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(8</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(4</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(2</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(2</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(20</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(12</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>(15</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="35" NOWRAP> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newspapers</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>186</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>206</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>215</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>196</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>173</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>129</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>124</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>116</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>73</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>84</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>66</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scripps Networks</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>59</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>54</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>22</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(7</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(14</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(17</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(19</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(9</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(1</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcast television</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>51</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>68</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>93</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>104</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>87</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>95</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>69</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>62</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>50</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensing and other media</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>14</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>15</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>9</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>7</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>8</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>10</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>(20</FONT></TD>
<TD NOWRAP WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(21</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(19</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(17</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(17</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(18</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(17</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(15</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(14</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(15</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>(13</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="35" NOWRAP> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>291</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>355</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>297</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>276</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>256</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>203</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>182</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>192</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>132</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>139</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>113</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested operating units </FONT><FONT SIZE=1>(2)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(3</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>22</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>36</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unusual items </FONT><FONT SIZE=1>(3)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>(16</FONT></TD>
<TD NOWRAP WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(10</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(2</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(4</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(8</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(1</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(33</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35" NOWRAP> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating income</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>274</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>345</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>295</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>276</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>252</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>202</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>185</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>185</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>142</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>128</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>149</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>(39</FONT></TD>
<TD NOWRAP WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(52</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(45</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(47</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(19</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(10</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(11</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(16</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(26</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(34</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>(38</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD COLSPAN=2 NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on divested operations </FONT><FONT SIZE=1>(1)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>6</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>48</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>92</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>78</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of Garfield copyrights </FONT><FONT SIZE=1>(4)</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>32</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment results, net of expenses </FONT><FONT SIZE=1>(5)</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>5</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(25</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(3</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>37</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other unusual credits (charges) </FONT><FONT SIZE=1>(6)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(15</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(17</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(4</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous, net</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>1</FONT></TD>
<TD NOWRAP WIDTH="20">&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(1</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(2</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(4</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes </FONT><FONT SIZE=1>(7)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>(100</FONT></TD>
<TD NOWRAP WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(108</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(104</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(93</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(118</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(84</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(76</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(81</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(86</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(65</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>(48</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interests</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE=2>(4</FONT></TD>
<TD NOWRAP WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(4</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(4</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(5</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(5</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(3</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(3</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(8</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(16</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(9</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>(7</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="35"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>138</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>163</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>146</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>131</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>158</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>127</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>96</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>93</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>105</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>91</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>55</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><B><FONT SIZE=2>Per Share Data</FONT></B></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1.73</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>2.06</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1.85</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1.62</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1.94</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1.58</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>1.19</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1.22</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1.40</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>1.22</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>.74</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD COLSPAN=3><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted income from continuing operations</FONT></TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(excluding unusual items and net</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1.80</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2.20</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1.86</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1.62</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1.64</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1.38</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1.19</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1.26</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.72</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.80</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>.74</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.60</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.56</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.56</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.54</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.52</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.52</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.50</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.44</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.44</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.40</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>.40</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD ALIGN="right" COLSPAN=4> <DIV ALIGN="left"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market value of proceeds from Cable Transaction </FONT><FONT SIZE=1>(8)</FONT></DIV>
</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>19.83</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN=35> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD ALIGN="right" COLSPAN=4> <DIV ALIGN="left"><B><FONT SIZE=2>Market Value of Common Shares at December 31</FONT></B></DIV>
</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per share</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>65.59</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>62.88</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>44.81</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>49.75</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>48.44</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>35.00</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>39.38</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>30.25</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>27.50</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>24.75</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE=2>$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>24.13</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>5,194</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>4,951</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>3,502</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>3,908</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>3,906</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2,827</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>3,153</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2,415</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2,056</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,847</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>1,798</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN=2><B><FONT SIZE=2>EBITDA (excluding divested operating</FONT></B></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><B><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;units and unusual items):</FONT></B></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other newspapers</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>251</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>279</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>279</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>254</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>201</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>156</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>147</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>139</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>116</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>117</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE=2>$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>101</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Rocky Mountain News </FONT><FONT SIZE=1>(10)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(13</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(10</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(3</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>6</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>16</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(7</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>(6</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="35"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newspapers</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>238</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>269</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>276</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>260</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>217</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>166</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>158</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>150</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>109</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>118</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>95</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scripps Networks</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>76</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>69</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>34</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>6</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(9</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(14</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(17</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(8</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(1</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcast television</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>80</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>129</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>96</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>118</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>128</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>126</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>113</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>116</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>89</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>82</FONT></DIV>
</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>66</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensing and other media</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>15</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>16</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>13</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>12</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>8</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>6</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>6</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>9</FONT></DIV>
</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>11</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(19</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(20</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(18</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(16</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(16</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(17</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(16</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(15</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(13</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>(13</FONT></DIV>
</TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>(12</FONT></DIV>
</TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="35"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>389</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>464</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>400</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>379</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>331</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>269</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>247</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>249</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>190</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>196</FONT></DIV>
</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>$</FONT></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>161</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="35"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><B><FONT SIZE=2>Scripps Cable Financial Data </FONT><I><FONT SIZE=1>(8)</FONT></I></B></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating revenues</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE=2>270</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>280</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>255</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"><FONT SIZE=2>252</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD><FONT SIZE=2>$</FONT></TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>238</FONT></DIV>
</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>$</FONT></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>218</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excluding unusual items</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>61</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>65</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>43</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>46</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>44</FONT></DIV>
</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>36</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>40</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>40</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>30</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>24</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>15</FONT></DIV>
</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>11</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income per share of common stock</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.49</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.50</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.39</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>.32</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>.20</FONT></DIV>
</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>.14</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA - excluding unusual items</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>109</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>119</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>101</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>106</FONT></TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>102</FONT></DIV>
</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>92</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD WIDTH="20">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(58</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(48</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(42</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(67</FONT></TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>(58</FONT></DIV>
</TD>
<TD WIDTH="20"><FONT SIZE=2>)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE=2>(37</FONT></DIV>
</TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="35"> <HR NOSHADE SIZE=1> </TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<P ALIGN="center"> <FONT SIZE="2">Note: Certain amounts may not foot as each is rounded independently.</FONT>
<BR>
</P>
<P ALIGN="center">F-2 </P>


<P ALIGN="left"></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR>
<TD ALIGN="center" COLSPAN=7> <DIV ALIGN="LEFT"><B><FONT SIZE=2>ELEVEN-YEAR FINANCIAL HIGHLIGHTS</FONT></B></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN=45> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><I><FONT SIZE=1>( in millions, except per share data )</FONT></I></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="2" ROWSPAN="2">&nbsp;</TD>
<TD ALIGN="right" COLSPAN=3 ROWSPAN="2" NOWRAP><FONT SIZE=2>2001</FONT><FONT SIZE=1>(1</FONT><FONT SIZE=1>)</FONT></TD>
<TD ALIGN="right" COLSPAN=4 ROWSPAN="2" NOWRAP><FONT SIZE=2>2000</FONT><FONT SIZE=1>(1</FONT><FONT SIZE=1>)</FONT></TD>
<TD ALIGN="right" COLSPAN=4 ROWSPAN="2" NOWRAP><FONT SIZE=2>1999</FONT><FONT SIZE=1>(1</FONT><FONT SIZE=1>)</FONT></TD>
<TD ALIGN="right" COLSPAN=4 ROWSPAN="2" NOWRAP><FONT SIZE=2>1998</FONT><FONT SIZE=1>(1</FONT><FONT SIZE=1>)</FONT></TD>
<TD ALIGN="right" COLSPAN=4 ROWSPAN="2" NOWRAP><FONT SIZE=2>1997</FONT><FONT SIZE=1>(1</FONT><FONT SIZE=1>)</FONT></TD>
<TD ALIGN="right" COLSPAN=4 ROWSPAN="2" NOWRAP><FONT SIZE=2>1996</FONT><FONT SIZE=1>(1</FONT><FONT SIZE=1>)</FONT></TD>
<TD ALIGN="right" COLSPAN=4 ROWSPAN="2" NOWRAP><FONT SIZE=2> 1995</FONT><FONT SIZE=1>(1</FONT><FONT SIZE=1>)</FONT></TD>
<TD ALIGN="right" COLSPAN=4 ROWSPAN="2" NOWRAP><FONT SIZE=2>1994</FONT><FONT SIZE=1>(1</FONT><FONT SIZE=1>)</FONT></TD>
<TD ALIGN="right" COLSPAN=4 ROWSPAN="2" NOWRAP><FONT SIZE=2>1993</FONT><FONT SIZE=1>(1</FONT><FONT SIZE=1>)</FONT></TD>
<TD ALIGN="right" COLSPAN=4 ROWSPAN="2" NOWRAP><FONT SIZE=2>1992</FONT><FONT SIZE=1>(1</FONT><FONT SIZE=1>)</FONT></TD>
<TD ALIGN="right" COLSPAN=3 ROWSPAN="2" NOWRAP><FONT SIZE="2">1991</FONT></TD>
<TD ALIGN="right" ROWSPAN="2" NOWRAP> <DIV ALIGN="left"><FONT SIZE="2"><FONT SIZE="1">(1)</FONT></FONT></DIV>
</TD>
</TR>
<TR><TD> </TD></TR>
<TR>
<TD COLSPAN="45"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD NOWRAP><B><FONT SIZE=2>Cash Flow Statement Data</FONT></B></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>Net cash provided by continuing operations</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;206</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;256</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;194</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;239</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;193</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;176</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;114</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;170</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;142</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;127</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;136</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>Depreciation and amortization of intangible</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>99</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>109</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>104</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>104</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>78</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>69</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>67</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>59</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>61</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>64</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>56</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>assets</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>Investing activity:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(68</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(75</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(80</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(67</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(57</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(53</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(57</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(54</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(37</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(87</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(114</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business acquisitions and investments</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(102</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(139</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(70</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(29</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(745</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(128</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(12</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(32</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(42</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(17</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(131</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (investing)/divesting activity, net</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>16</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>62</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>33</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>10</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>31</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>35</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(19</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>51</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>147</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>38</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>3</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>Financing activity:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in long-term debt</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>9</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(54</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(1</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(4</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>651</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>41</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(30</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(138</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(194</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(50</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>124</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(51</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(47</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(47</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(47</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(46</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(45</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(43</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(37</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(37</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(34</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(35</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued (retired)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(22</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(5</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(35</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(108</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(26</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financing activity</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>16</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>6</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>6</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>4</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>9</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>6</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>(1</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><B><FONT SIZE=2>Balance Sheet Data</FONT></B></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>Total assets</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2,644</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN=3><FONT SIZE=2>2,590</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2,538</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN=3><FONT SIZE=2>2,378</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>2,307</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,479</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN=3><FONT SIZE=2>1,362</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,302</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN=3><FONT SIZE=2>1,260</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,291</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN=3><FONT SIZE=2>1,301</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>Long-term debt (including current portion)</FONT><FONT SIZE=1>(9)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>724</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>715</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>769</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>771</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>773</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>122</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>81</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>110</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>248</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>442</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>492</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD NOWRAP><FONT SIZE=2>Stockholders' equity </FONT><FONT SIZE=1>(9)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,352</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN=3><FONT SIZE=2>1,278</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,164</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN=3><FONT SIZE=2>1,070</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,050</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>945</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN=3><FONT SIZE=2>1,194</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>1,084</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>860</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>733</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE=2>677</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="45"> <HR NOSHADE SIZE=1> </TD>
</TR>
</TABLE>
<P ALIGN="center"> <FONT SIZE="2">Note: Certain amounts may not foot as each is rounded independently.</FONT> </P>
<DIV ALIGN="LEFT">
<P>&nbsp;</P>
<P ALIGN="CENTER"><I><U>Notes to Selected Financial Data</U></I></P>
<FONT SIZE="2">
<P><I>The income statement and cash flow data for the eleven years ended December 31, 2001, and the balance sheet data as of the same dates have been derived from the audited consolidated financial statements of the Company. The data should be read
in conjunction with &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and the consolidated financial statements and notes thereto included elsewhere herein. All per share amounts are presented on
a diluted basis. EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. See page F-7.</I></P>
<I>(1)&nbsp; In the periods presented the Company acquired and divested the following:</I>
<BR>
<BR>
</FONT>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="2"><FONT SIZE="2"><I><U>Acquisitions</U></I></FONT></TD>
<TD WIDTH="92%">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>2001-</I></FONT></TD>
<TD WIDTH="1%"></TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Additional 4.0% interest in Food Network.</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>2000 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Daily newspapers in Ft. Pierce, Florida (in exchange for the Company&#146;s newspaper in Destin, Florida, and cash), and Henderson, Kentucky, weekly newspaper in Marco Island, Florida, and television station KMCI in
Lawrence, Kansas.</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1999 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Additional 7.0% interest in Food Network.</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1998 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Independent telephone directories in Memphis, Tennessee; Kansas City, Missouri; North Palm Beach, Florida; and New Orleans, Louisiana.</I> <I>Additional 1.0% interest in Food Network.</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1997 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Daily newspapers in Abilene, Corpus Christi, Plano, San Angelo and Wichita Falls, Texas; community newspapers in the Dallas, Texas, market; daily newspapers in Anderson, South Carolina, and Boulder, Colorado (in
exchange for the Company&#146;s daily newspapers in Monterey and San Luis Obispo, California). Approximate 56% interest in Food Network.</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1996 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Vero Beach, Florida, daily newspaper.</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1994 - </I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>The remaining 13.9% minority interest in Scripps Howard Broadcasting Company (&#147;SHB&#148;) in exchange for 4,952,659 Class A Common Shares. Cinetel Productions (an independent producer of programs for cable
television).</I> </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1993 - </I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>The remaining 2.7% minority interest in the Knoxville News-Sentinel and 5.7% of the outstanding shares of SHB.</I> </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1992 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Three daily newspapers in California (including The Monterey County Herald in connection with the sale of The Pittsburgh Press). </I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1991 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Baltimore television station WMAR.</I> </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN="2"><FONT SIZE="2"><I><U>Divestitures</U></I> </FONT></TD>
<TD WIDTH="92%">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>2000 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Destin, Florida, newspaper (in exchange for Ft. Pierce, Florida, newspaper), independent yellow page directories. The divestitures resulted in net pre-tax gains of $6.2 million, increasing income from continuing
operations $4.0 million, $.05 per share.</I> </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1998 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Dallas community newspapers, including the Plano daily, and Scripps Howard Productions, the Company&#146;s television program production operation based in Los Angeles, California. No material gain or loss was
realized as proceeds approximated the book value of net assets sold.</I> </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1997 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Monterey and San Luis Obispo, California, daily newspapers (in exchange for Boulder, Colorado, daily newspaper). Terminated joint operating agency (&#147;JOA&#148;) and ceased operations of El Paso, Texas, daily
newspaper. The JOA termination and trade resulted in pre-tax gains totaling $47.6 million, increasing income from continuing operations by $26.2 million, $.32 per share.</I> </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1995 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Watsonville, California, daily newspaper. No material gain or loss was realized as proceeds approximated the book value of net assets sold. </I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1993 -</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>Book publishing operations; newspapers in Tulare, California, and San Juan; Memphis television station; radio stations. The divestitures resulted in net pre-tax gains of $91.9 million, increasing income from
continuing operations by $46.8 million, $.63 per share.</I> </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1992 - </I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>The Pittsburgh Press; TV Data; certain other investments. The divestitures resulted in net pre-tax gains of $78.0 million, increasing income from continuing operations $45.6 million, $.61 per share.</I> </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE="2"><I>1991 - </I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="92%"><FONT SIZE="2"><I>George R. Hall Company (contracting firm specializing in the installation, relocation, and rebuilding of newspaper presses). No gain or loss was realized as proceeds equaled the book value of net assets sold.</I>
</FONT></TD>
</TR>
</TABLE>
<FONT SIZE="2"> <I> </I> <I> </I> <I> </I> <I> </I> <I> </I> <I> </I> </FONT></DIV>
<P>&nbsp; </P>
<P> <FONT SIZE="2"><I>(2)&nbsp; Operating units other than cable television systems sold prior to December 31, 2001.</I> </FONT></P>
<DIV ALIGN="center">
<P><FONT SIZE="2"> F-3</FONT></P>

<P><FONT SIZE="2"> </FONT> </P>
</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0">
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1"><I>(3)</I> &nbsp;&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="3"><FONT SIZE="1"><I>The following unusual items affected operating income:</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>2001-</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>Costs associated with workforce reductions, including the Company&#146;s share of such costs at the Denver JOA, totaled $16.1 million, reducing income from continuing operations $10.1 million, $.13 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>2000 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>Expenses of $9.5 million associated with preparations for the Denver JOA reduced income from continuing operations $6.2 million, $.08 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1999 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>Severance payments of $1.2 million to certain television station employees and $0.8 million of costs incurred to move Food Network&#146;s operations to a different location in Manhattan reduced operating income $2.0 million.
Income from continuing operations was reduced $1.2 million, $.02 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I> 1996 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>A $4.0 million charge for the Company&#146;s share of certain costs associated with restructuring portions of the distribution system of the Cincinnati JOA. The charge reduced income from continuing operations by $2.6 million,
$.03 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1994 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>A $7.9 million loss on program rights expected to be sold as a result of changes in television network affiliations. The loss reduced income from continuing operations by $4.9 million, $.07 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1993 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>A change in estimate of disputed music license fees increased operating income by $4.3 million; a gain on the sale of certain publishing equipment increased operating income by $1.1 million; a charge for workforce reductions at
i) the Company&#146;s Denver newspaper and ii) the newspaper feature and the licensing operations of United Media decreased operating income by $6.3 million. The planned workforce reductions were fully implemented in 1994. These items totaled $0.9
million and reduced income from continuing operations by $0.6 million, $.01 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1992 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>Operating losses of $32.7 million during the Pittsburgh Press strike reduced income from continuing operations $20.2 million, $.27 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1"><I>(4)</I>&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3"><FONT SIZE="1"><I>In 1994 the Company sold its worldwide GARFIELD and U.S. ACRES copyrights. The sale resulted in a pre-tax gain of $31.6 million, increasing income from continuing operations $17.4 million, $.23 per
share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1"><I>(5)</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3"><FONT SIZE="1"><I>Investment results include i) gains and losses from the sale or write-down of investments and ii) accrued incentive compensation and other expenses associated with the management of the Scripps Ventures investment
portfolios. Investment results include the following:</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>2001-</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>Net realized losses of $2.9 million. Accrued incentive compensation was decreased $11.5 million, to zero, in connection with the decline in value of the Scripps Ventures I investment portfolio. Net investment results increased
income from continuing operations $3.8 million, $.05 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>2000 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>Net realized losses of $17.5 million. Accrued incentive compensation was increased $4.5 million, to $11.5 million. Income from continuing operations was reduced $15.8 million, $.20 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1999 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>Net realized gains of $8.6 million. Accrued incentive compensation was increased $7.0 million, to $7.0 million. Income from continuing operations was increased $0.4 million, $.00 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1997 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>Write-down of investments totaling $2.7 million. Income from continuing operations was reduced $1.7 million, $.02 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1996 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>A $40.0 million gain on the Company&#146;s investment in Turner Broadcasting Systems when Turner was merged into Time Warner and a $3.0 million write-off of an investment in Patient Education Media, Inc. Income from continuing
operations was increased $24.3 million, $.30 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1"><I>(6)</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3"><FONT SIZE="1"><I>Other unusual credits (charges) included the following:</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1996 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>$15.5 million contribution of appreciated Time Warner stock to a charitable foundation, decreasing income from continuing operations by $5.2 million, $.07 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1994 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>An estimated $2.8 million loss on real estate expected to be sold as a result of changes in television network affiliations; an $8.0 million contribution to a charitable foundation; and a $6.1 million accrual for lawsuits
associated with a divested operating unit. These items totaled $16.9 million and reduced income from continuing operations by $9.8 million, $.13 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1993 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>A $2.5 million fee received in connection with the change in ownership of the Ogden, Utah, newspaper. Income from continuing operations was increased $1.6 million, $.02 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP> <FONT SIZE="1"><I>1992 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>Write-downs of real estate and investments totaling $3.5 million. Income from continuing operations was reduced $2.3 million, $.03 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1"><I>(7)</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3"><FONT SIZE="1"><I>The provision for income taxes was affected by the following unusual items:</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>2000 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>A change in estimated tax liability for prior years reduced the tax provision, increasing income from continuing operations by $7.2 million, $.09 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1994 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>A change in estimated tax liability for prior years increased the tax provision, reducing income from continuing operations by $5.3 million, $.07 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1993 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>A change in estimated tax liability for prior years decreased the tax provision, increasing income from continuing operations by $5.4 million, $.07 per share; the effect of the increase in the federal income tax rate to 35%
from 34% on the beginning of the year deferred tax liabilities increased the tax provision, reducing income from continuing operations by $2.3 million, $.03 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="1"><I>1992 -</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1"><I>A change in estimated tax liability for prior years decreased the tax provision, increasing income from continuing operations $8.4 million, $.11 per share.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1"><I>(8)</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3"><FONT SIZE="1"><I>The Company&#146;s cable television systems (&#147;Scripps Cable&#148;) were acquired by Comcast Corporation (&#147;Comcast&#148;) on November 13, 1996, (&#147;Cable Transaction&#148;) through a merger whereby the
Company&#146;s shareholders received, tax-free, a total of 93 million shares of Comcast&#146;s Class A Special Common Stock. The aggregate market value of the Comcast shares was $1.593 billion and the net book value of Scripps Cable was $356
million, yielding an economic gain of $1.237 billion to the Company&#146;s shareholders. This gain is not reflected in the Company&#146;s financial statements as accounting rules required the Company to record the transaction at book value. Unless
otherwise noted, the data excludes the cable television segment, which is reported as a discontinued business operation.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1"><I>(9)</I> &nbsp;&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3"><FONT SIZE="1"><I>Includes effect of discontinued cable television operations prior to completion of the Cable Transaction.</I></FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD NOWRAP><FONT SIZE="1"><I>(10)</I></FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3"><FONT SIZE="1"><I>A 50-year Joint Operating Agency (&#147;JOA&#148;) between the Company&#146;s Denver Rocky Mountain News (&#147;RMN&#148;) and MediaNews Group Inc.&#146;s Denver Post commenced operations on January 22, 2001. The
Company&#146;s 50% share of the operating profit (loss) of the Denver JOA is reported as &#147;Share of Joint Agency Profits&#148; in its financial statements. The editorial costs associated with the RMN are included in operating expenses. The
Company&#146;s financial statements do not include advertising and other revenue of the JOA, nor the costs to produce, distribute and market the newspapers, nor related depreciation. To enhance comparability of year-over-year operating results, the
Company reports the RMN separately.</I></FONT></TD>
</TR>
</TABLE>

<P ALIGN="center"><FONT SIZE="2">F-4</FONT></P>

<P><B>
<A NAME="f2"></A>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P><FONT SIZE="2">The Company operates in three reportable segments: newspapers, cable television networks (referred to as &quot;Scripps Networks&quot;), and broadcast television. Each of the Company's businesses relies upon advertising as a primary
source of revenue. Advertising comprises 75% to 80% of the Company's total revenues. Declines in advertising spending, particularly in recessionary periods, adversely affect the newspaper, cable television network and broadcast television
business.</FONT></P>
<P><B><FONT SIZE="2">
<A NAME="f3"></A>
ACCOUNTING POLICIES</FONT></B></P>
<P><FONT SIZE="2">In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management must make a variety of decisions which affect the reported amounts and the
related disclosures. Such decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. In reaching such decisions, management applies judgment based on its
understanding and analysis of the relevant circumstances. Note 1 to the Consolidated Financial Statements provides a summary of the significant accounting policies followed in the preparation of the financial statements; other footnotes describe
various elements of the financial statements and the assumptions on which specific amounts were determined. While actual results could, in fact, differ from those estimated at the time of preparation of the financial statements, management is
committed to preparing financial statements incorporating accounting principles, assumptions and estimates that promote the representational faithfulness, verifiability, neutrality and transparency of the accounting information included in the
financial statements.</FONT></P>
<P><B><FONT SIZE="2">
<A NAME="f4"></A>
FORWARD-LOOKING STATEMENTS</FONT></B></P>
<P><FONT SIZE="2">This discussion and the information contained in the notes to the consolidated financial statements contain certain forward-looking statements that are based on management's current expectations. Forward-looking statements are
subject to certain risks, trends and uncertainties that could cause actual results to differ materially from the expectations expressed in the forward-looking statements. Such risks, trends and uncertainties, which in most instances are beyond the
Company's control, include changes in advertising demand and other economic conditions; consumers' taste; newsprint prices; program costs; labor relations; technological developments; competitive pressures; interest rates; regulatory rulings; and
reliance on third-party vendors for various products and services. The words &quot;believe,&quot; &quot;expect,&quot; &quot;anticipate,&quot; &quot;estimate,&quot; &quot;intend&quot; and similar expressions identify forward-looking statements. All
forward-looking statements, which are as of the date of this filing, should be evaluated with the understanding of their inherent uncertainty.</FONT></P>
<P><B><FONT SIZE="2">
<A NAME="f5"></A>
RESULTS OF OPERATIONS</FONT></B></P>
<P><FONT SIZE="2">Acquisitions and divestitures can affect the comparability of year-over-year reported results. The accompanying tables include the results of operations for acquired operations from the dates of acquisition. Divested operating
units are removed from segment operating results and reported separately because management believes they impede analysis of the Company's on-going operations.</FONT></P>
<P><FONT SIZE="2">See Note 3 to the Consolidated Financial Statements on page F-27 regarding acquisitions and divestitures in the three years ending December 31, 2001.</FONT></P>
<P><FONT SIZE="2">The application for a 50-year Joint Operating Agency (&quot;JOA&quot;) between the Company's Denver Rocky Mountain News (&quot;RMN&quot;) and MediaNews Group Inc.'s (&quot;MediaNews&quot;) Denver Post was approved in January 2001
by the U.S. Department of Justice. The JOA commenced operations on January 22, 2001. Denver Publishing Company, a wholly-owned subsidiary of the Company, received a 50% interest in the JOA in exchange for the contribution of most of its assets to
the JOA and the payment of $60 million to MediaNews.</FONT></P>
<P><FONT SIZE="2">The Company's 50% share of the operating profit (loss) of the Denver JOA is reported as &quot;Share of Joint Operating Agency Profits&quot; in its financial statements. Editorial costs associated with the RMN are included in
operating expenses. The Company's financial statements do not include advertising and other revenue of the JOA, nor the costs to produce, distribute and market the newspapers, nor related depreciation. To enhance comparability of year-over-year
operating results, the Company reports the RMN separately in Management's Discussion and Analysis.</FONT></P>
<P><FONT SIZE="2">All per share disclosures are on a diluted basis. Consolidated results of operations are presented on the following page.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 5</FONT></P>


<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%"><I><FONT SIZE="1">( in thousands, except per share data )</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="13"> <DIV ALIGN="center"><FONT SIZE="2">For the years ended December 31,</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2"><FONT SIZE="2">2001</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1999</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Operating revenues:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Newspapers</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">719,990</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(2.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">734,559</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">4.2</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> % </FONT></TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">704,690</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Scripps Networks</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">337,195</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">14.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">295,681</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">38.9</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">212,922</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Broadcast television</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">277,601</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(19.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">343,125</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">9.8</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">312,362</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Licensing and other media</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">88,785</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(8.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">96,895</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">4.7</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">92,570</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,423,571</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(3.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,470,260</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">11.2</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,322,544</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Denver Rocky Mountain News</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">19,441</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(91.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">220,998</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">5.4</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">209,713</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Unusual item</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(5,881</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Divested operating units</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">10,500</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">23,042</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Total operating revenues</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,437,131</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(15.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">1,701,758</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">9.4</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> % </FONT></TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,555,299</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Operating income (loss):</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Newspapers</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">201,941</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(12.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">229,717</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">(0.5 </FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">&nbsp;$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">230,810</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Scripps Networks</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">59,387</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">9.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">54,471</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">21,670</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Broadcast television</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">50,568</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(49.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">100,270</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">46.4</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">68,491</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Licensing and other media</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">14,050</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(8.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">15,330</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">40.3</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">10,924</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Corporate</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(19,545</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">6.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(20,797</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">(12.1</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(18,558</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">306,401</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(19.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">378,991</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">21.0</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">313,337</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Denver Rocky Mountain News</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(15,885</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(24,104</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(16,178</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Unusual items</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(16,079</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(9,523</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(2,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Divested operating units</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(275</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">195</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Total operating income</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">274,437</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(20.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">345,089</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">16.8</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">295,354</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Interest expense</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(39,197</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(51,934</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(45,219</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Investment results, net of expenses</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">5,063</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(24,834</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">544</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Net gains on divested operations</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">6,196</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Miscellaneous, net</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,079</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,485</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">3,505</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Income taxes</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(99,622</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(108,090</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(103,612</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Minority interest</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(3,797</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(4,459</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(4,450</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Net income</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">137,963</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(15.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">163,453</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">11.9</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> % </FONT></TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">146,122</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%"><FONT SIZE="2">Per share of common stock:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Net income</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">$1.73</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(16.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">$2.06</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">11.4</FONT></TD>
<TD WIDTH="8%"><FONT SIZE="2"> %&nbsp;</FONT></TD>
<TD WIDTH="3%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">$1.85</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Weighted-average shares outstanding</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">79,970</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">79,161</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">78,951</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%"><I><FONT SIZE="2">Reconciliation to earnings from core operations:</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Reported net income</FONT></I></TD>
<TD ALIGN="center" WIDTH="1%"><I><FONT SIZE="2">$</FONT></I></TD>
<TD ALIGN="right" COLSPAN="2"><I><FONT SIZE="2">137,963</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><I><FONT SIZE="2">(15.6 </FONT></I></TD>
<TD WIDTH="2%"><I><FONT SIZE="2">)%</FONT></I></TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">$</FONT></I></TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">163,453</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><I><FONT SIZE="2">11.9</FONT></I></TD>
<TD WIDTH="8%"><I><FONT SIZE="2"> % </FONT></I></TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><I><FONT SIZE="2">$</FONT></I></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><I><FONT SIZE="2">146,122</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Net investment results</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><I><FONT SIZE="2">(3,754</FONT></I></TD>
<TD WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2"><I>)</I></FONT></DIV>
</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><I><FONT SIZE="2">15,835</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">(355</FONT></I></TD>
<TD WIDTH="2%"><I><FONT SIZE="2">)</FONT></I></TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Workforce reductions</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><I><FONT SIZE="2">10,086</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">746</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Net gains on divested operations</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><I><FONT SIZE="2">(3,955</FONT></I></TD>
<TD WIDTH="2%"><I><FONT SIZE="2">)</FONT></I></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Denver JOA preparatory expenses</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><I><FONT SIZE="2">6,190</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Income tax liability adjustments</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><I><FONT SIZE="2">(7,170</FONT></I></TD>
<TD WIDTH="2%"><I><FONT SIZE="2">)</FONT></I></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Food Network move</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">498</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Net income from core operations</FONT></I></TD>
<TD ALIGN="center" WIDTH="1%"><I><FONT SIZE="2">$</FONT></I></TD>
<TD ALIGN="right" COLSPAN="2"><I><FONT SIZE="2">144,295</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><I><FONT SIZE="2">(17.2</FONT></I></TD>
<TD WIDTH="2%"><I><FONT SIZE="2">)%</FONT></I></TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2"> $</FONT></I></TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">174,353</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><I><FONT SIZE="2">18.6</FONT></I></TD>
<TD WIDTH="8%"><I><FONT SIZE="2"> % </FONT></I></TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><I><FONT SIZE="2">$</FONT></I></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><I><FONT SIZE="2">147,011</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Per share of common stock:</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Reported net income</FONT></I></TD>
<TD WIDTH="1%"><I></I></TD>
<TD WIDTH="1%"><I></I></TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">$1.73</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><I><FONT SIZE="2">(16.0</FONT></I></TD>
<TD WIDTH="2%"><I><FONT SIZE="2">)%</FONT></I></TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><I></I></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">$2.06</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><I><FONT SIZE="2">11.4</FONT></I></TD>
<TD WIDTH="8%"><I><FONT SIZE="2"> %&nbsp;</FONT></I></TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><I></I></DIV>
</TD>
<TD WIDTH="1%"><I></I></TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">$1.85</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Net investment results</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">(.05</FONT></I></TD>
<TD WIDTH="2%"><I><FONT SIZE="2">)</FONT></I></TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">.20</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">(.00</FONT></I></TD>
<TD WIDTH="2%"><I><FONT SIZE="2">)</FONT></I></TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Workforce reductions</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">.13</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">.01</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Net gains on divested operations</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">(.05</FONT></I></TD>
<TD WIDTH="2%"><I><FONT SIZE="2">)</FONT></I></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Denver JOA preparatory expenses</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">.08</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Income tax liability adjustments</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">(.09</FONT></I></TD>
<TD WIDTH="2%"><I><FONT SIZE="2">)</FONT></I></TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="39%">&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Food Network move</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%"><I></I></TD>
<TD WIDTH="5%"><I></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="10%"><I></I></TD>
<TD WIDTH="2%"><I></I></TD>
<TD WIDTH="5%"><I></I></TD>
<TD WIDTH="5%"><I></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="9%"><I></I></TD>
<TD WIDTH="8%"><I></I></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><I><FONT SIZE="2">.01</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="39%"><I><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Net income from core operations</FONT></I></TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><I></I></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><I></I></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><I><FONT SIZE="2">$1.80</FONT></I></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><I><FONT SIZE="2">(18.2</FONT></I></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="left"><I><FONT SIZE="2">)%</FONT></I></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><I></I></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><I><FONT SIZE="2">$2.20</FONT></I></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><I><FONT SIZE="2">18.3 </FONT></I></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"><I><FONT SIZE="2">%&nbsp;</FONT></I></DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="right"><I></I></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><I></I></DIV>
</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><I><FONT SIZE="2">$1.86</FONT></I></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD>&nbsp;&nbsp;&nbsp;<I></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><I></I></TD>
<TD ALIGN="right" WIDTH="4%"><I></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="8%"><I></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><I></I></TD>
<TD ALIGN="right" WIDTH="4%"><I></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="6%"><I></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><I></I></TD>
<TD ALIGN="right" WIDTH="4%"><I></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="15">&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12" WIDTH="90%"><I><FONT SIZE="2">See Notes to Selected Financial Data on pages F-3 and F-4 regarding items excluded from core operations.</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 6</FONT></P>


<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( In thousands )</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="16"> <DIV ALIGN="center"><FONT SIZE="2">For the years ended December 31,</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%"> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%"> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"> <DIV ALIGN="center"><FONT SIZE="2">1999</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="2">Other Financial and Statistical Data - excluding</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">divested operating units and unusual items:</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total advertising revenues</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">1,071,217</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(5.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">1,133,474</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">14.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">990,457</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Advertising revenues as a percentage of
<BR>
total revenues</FONT></TD>
<TD WIDTH="1%" VALIGN="bottom">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%" VALIGN="bottom"><FONT SIZE="2">75.2</FONT></TD>
<TD WIDTH="2%" VALIGN="bottom"><FONT SIZE="2"> %&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="bottom">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="bottom">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="bottom">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="bottom">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%" VALIGN="bottom"><FONT SIZE="2">77.1</FONT></TD>
<TD WIDTH="2%" VALIGN="bottom"><FONT SIZE="2"> %&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="bottom">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="bottom">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="bottom">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="bottom">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%" VALIGN="bottom"><FONT SIZE="2">74.9</FONT></TD>
<TD WIDTH="2%" VALIGN="bottom"><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">EBITDA:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Newspapers</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">250,823</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(10.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">279,050</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">0.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">278,803</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Scripps Networks</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">75,547</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">9.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">68,770</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">104.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">33,567</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Broadcast television</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">79,651</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(38.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">129,018</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">34.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">95,955</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Licensing and other media</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">14,881</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(7.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">16,144</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">27.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">12,640</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Corporate</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(18,596</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">6.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(19,825</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(13.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(17,519</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">402,306</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(15.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">473,157</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">17.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">403,446</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Denver Rocky Mountain News</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(13,137</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(9,641</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(3,132</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total EBITDA</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">389,169</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(16.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">463,516</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">15.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">400,314</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Effective income tax rate for core operations</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">41.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">41.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">40.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="2">Statement of Cash Flows Information:</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net cash provided by operating activities</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">206,067</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(19.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">255,743</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">32.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">193,515</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Capital expenditures</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(68,223</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(74,577</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(79,826</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Business acquisitions and investments</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(102,299</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(139,056</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(69,515</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Increase (decrease) in long-term debt</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">9,202</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(53,958</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(1,256</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Dividends paid, including to minority interests</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(50,784</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(47,202</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(47,094</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Purchase and retirement of common stock</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(22,449</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(4,571</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">(34,951</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Earnings before interest, income taxes, depreciation and amortization (&quot;EBITDA&quot;) is included in the discussion of results of operations because:</FONT> <UL> <LI><FONT SIZE="2">Management believes the year-over-year change
in EBITDA, combined with information on historical and anticipated capital spending, is a more useful and reliable measure of year-over-year performance than the change in operating income.</FONT>
<BR>
</LI>
<LI><FONT SIZE="2">Banks and other lenders use EBITDA to determine the Company's borrowing capacity.</FONT></LI>
<LI><FONT SIZE="2">Financial analysts and acquirors use EBITDA, combined with capital spending requirements, to value communications media companies. </FONT></LI>
</UL>
<P><FONT SIZE="2">EBITDA should not, however, be construed as an alternative measure of the amount of the Company's income or cash flows from operating activities.</FONT> </P>
<P><FONT SIZE="2">Interest expense decreased in 2001 primarily due to lower rates on variable rate credit facilities, and increased in 2000 primarily due to higher short-term interest rates. The weighted-average interest rate was 4.2% in 2001, 6.4%
in 2000, and 5.3% in 1999. The Company is currently rolling over short-term debt at an effective 90-day yield of 1.8%. Average daily borrowings under short-term credit facilities were $504,000,000 in 2001, $527,000,000 in 2000 and $537,000,000 in
1999. The average balance of all interest bearing obligations was $741,000,000 in 2001, $767,000,000 in 2000 and $780,000,000 in 1999.</FONT></P>
<P> <FONT SIZE="2">Amortization of intangible assets reduced earnings per share approximately $.39 in 2001, $.37 in 2000 and $.35 in 1999.</FONT> </P>
<P><FONT SIZE="2">The Company adopted Financial Accounting Standard (&quot;FAS&quot;) No. 142 &#150; Goodwill and Other Intangible Assets effective January 1, 2002. See Note 2 to the Consolidated Financial Statements. If FAS No. 142's provisions
regarding not amortizing goodwill and other intangible assets had been effective in 2001, amortization of goodwill and other intangible assets would have been $38,000,000 less, increasing earnings per share by $.35. The effective income tax rate on
core operations would have been 39.4% under the same pro forma assumptions. The effective income tax rate in 2002 is expected to be approximately 39%.</FONT></P>
<P><FONT SIZE="2">Capital expenditures in 2002 are estimated to be approximately $78,000,000.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 7</FONT></P>


<P></P>
<P><FONT SIZE="2">
<A NAME="f6"></A>
NEWSPAPERS - RMN operating results are presented separately as a single line item to enhance comparability of year-over-year results. Excluding Divested Operating Units and unusual items, operating results were as follows:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="11"> <DIV ALIGN="CENTER"><FONT SIZE="2">For the years ended December 31,</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">2001&nbsp;&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">2000&nbsp;&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="center"></DIV>
</TD>
<TD ALIGN="center" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="center"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="center"></DIV>
<DIV ALIGN="right"><FONT SIZE="2">1999&nbsp;&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating revenues:</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Local</FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">203,610</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(3.8 </FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="LEFT"><FONT SIZE="2">)%</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">211,568</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">2.8</FONT></TD>
<TD WIDTH="2%" NOWRAP><FONT SIZE="2"> % </FONT></TD>
<TD WIDTH="2%" NOWRAP> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">205,767</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Classified</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">196,842</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(6.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">209,942</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">7.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">195,809</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">National</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">32,947</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">6.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">30,977</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">10.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">27,937</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Preprint and other</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">92,204</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">1.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">90,536</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">13.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">79,902</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total advertising</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">525,603</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(3.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">543,023</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">6.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">509,415</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Circulation</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">139,358</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">4.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">133,948</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(0.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">135,029</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Share of joint operating agency profits</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">43,285</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(8.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">47,412</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(6.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">50,511</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">11,744</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">15.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">10,176</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">4.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">9,735</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total operating revenues</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">719,990</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(2.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">734,559</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">4.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">704,690</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating expenses, excluding depreciation and amortization:</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Editorial and newspaper content</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">87,748</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">2.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">85,637</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">0.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">85,158</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Newsprint and ink</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">82,272</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">1.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">80,830</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">10.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">73,022</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other press and production</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">69,131</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">3.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">66,721</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">5.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">63,507</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Circulation and distribution</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">65,126</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">5.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">61,738</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">11.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">55,566</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other advertising products, internet and printing</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">29,786</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">17.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">25,259</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">21.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">20,794</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Advertising sales and marketing</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">64,241</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">2.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">62,914</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">6.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">58,945</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">General and administrative</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">67,224</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(3.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">69,793</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">2.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">68,196</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">465,528</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">2.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">452,892</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">6.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">425,188</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">EBITDA before equity-method investments</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">254,462</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(9.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">281,667</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">0.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">279,502</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Share of pre-tax earnings of equity-method investments</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(3,639</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(2,617</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(699</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">EBITDA</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">250,823</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(10.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">279,050</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">0.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">278,803</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Depreciation and amortization</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">48,882</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(0.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">49,333</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">2.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">47,993</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating income before RMN</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">201,941</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(12.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">229,717</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(0.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">230,810</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Denver Rocky Mountain News (&quot;RMN&quot;)</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(15,885</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(24,104</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(16,178</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating income</FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">186,056</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(9.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)% </FONT></TD>
<TD ALIGN="right" WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">205,613</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(4.2</FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="left"><FONT SIZE="2">)%</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">214,632</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="2">Other Financial and Statistical Data:</FONT></I></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13">&nbsp; </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Percent of operating revenues:</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">EBITDA</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">34.8</FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">38.0</FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">39.6</FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Operating income</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">28.0</FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">31.3</FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">32.8</FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Cash received greater (less) than share of profits of JOAs</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">and equity-method investments</FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">20,949</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">2,617</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">699</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Capital expenditures</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">34,363</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">29,834</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">30,693</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Business acquisitions and investments</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">63,199</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">74,878</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">4,005</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 8</FONT></P>


<P ALIGN="left"></P>
<P><FONT SIZE="2">The demand for advertising was weak in most of the Company's markets in 2001, particularly local retail and help-wanted classified advertising. On a pro forma basis, assuming all acquisitions had been completed as of January 1,
1999, local advertising decreased 5.6% in 2001 and increased 1.9% in 2000; classified advertising decreased 7.3% in 2001 and increased 5.8% in 2000; circulation revenue increased 2.6% in 2001 and decreased 1.2% in 2000.</FONT></P>
<P><FONT SIZE="2">The average price of newsprint increased 6% in 2001 and 7% in 2000, after declining 15% in 1999. The average price of newsprint was $573 per metric ton in 2001, and $514 per metric ton in the fourth quarter.</FONT></P>
<P><FONT SIZE="2">Circulation and distribution costs increased primarily due to efforts to gain circulation at the Company's larger newspapers.</FONT></P>
<P><FONT SIZE="2">Operating losses in Denver were $15,900,000 in 2001 and $24,100,000 in 2000. In the fourth quarter, operating losses narrowed to $1,700,000 in 2001 from $3,100,000 in 2000. The Company's operating results in Denver have improved
due to advertising and circulation rate increases and cost-cutting measures implemented by the JOA, including publication of combined weekend editions and a single classified advertising section distributed in both newspapers. However, in addition
to the soft demand for advertising in general, major metropolitan markets in the U.S., including Denver, have experienced sharp decreases in help-wanted advertising. The weak demand for advertising has reduced the immediate improvement in operating
results that was expected at the outset of the JOA.</FONT></P>
<P><FONT SIZE="2">Capital expenditures in 2002 are estimated to be approximately $39,000,000. Expected capital expenditures in 2002 include construction of a new production facility for the Knoxville newspaper. Depreciation is expected to be
approximately $25,000,000. Amortization is expected to be approximately $700,000.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 9</FONT></P>


<P ALIGN="left"> </P>
<P><FONT SIZE="2">
<A NAME="f7"></A>
SCRIPPS NETWORKS - Operating results, excluding unusual items, were as follows:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="11"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><I><FONT SIZE="1">( in thousands )</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="7" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">For the years ended December 31,</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">2001</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">Change</FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">1999</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="6%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Operating revenues:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Advertising</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">272,299</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">9.1</FONT></TD>
<TD WIDTH="4%" NOWRAP><FONT SIZE="2"> %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">249,619</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">46.9</FONT></TD>
<TD WIDTH="4%" NOWRAP><FONT SIZE="2"> %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">169,959</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Affiliate fees</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">59,175</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">46.8</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">40,312</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">18.0</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">34,149</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">5,721</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(0.5</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">5,750</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(34.8</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">8,814</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="6%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Total operating revenues</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">337,195</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">14.0</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">295,681</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">38.9</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">212,922</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="6%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%" NOWRAP><FONT SIZE="2">Operating expenses, excluding depreciation and amortization:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Programming and production</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">103,892</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">16.4</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">89,274</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">31.7</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">67,804</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Operations and distribution</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">33,947</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">9.1</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">31,127</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">10.5</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">28,169</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Sales and marketing</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">72,391</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">4.2</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">69,442</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">29.7</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">53,530</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">General and administrative</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">56,072</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">33.5</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">41,992</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">26.3</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">33,254</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="6%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Total</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">266,302</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">14.9</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">231,835</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">26.9</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">182,757</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="6%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">EBITDA - before equity-method investments</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">70,893</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">11.0</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">63,846</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">30,165</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%" NOWRAP><FONT SIZE="2">Share of pretax earnings of equity-method investments</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">4,654</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(5.5</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">4,924</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">3,402</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="6%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">EBITDA</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">75,547</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">9.9</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">68,770</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">33,567</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Depreciation and amortization</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">16,160</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">13.0</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">14,299</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">11,897</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="6%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Operating income</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">59,387</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">9.0</FONT></TD>
<TD WIDTH="4%" NOWRAP><FONT SIZE="2"> %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">54,471</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">21,670</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="6%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><I><FONT SIZE="2"><U>Other Financial and Statistical Data:</U></FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Percent of operating revenues:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">EBITDA</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">22.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">23.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">15.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Operating income</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">17.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">18.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">10.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD WIDTH="51%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="6%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%" NOWRAP><FONT SIZE="2">Payments for programming less (greater) than amounts</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">recognized as expense</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(42,290</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(45,509</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(52,839</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Cash received for affiliate fees, net of launch incentive</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%" NOWRAP>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">payments, greater (less) than amounts recognized as</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">affiliate fee revenue</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(49,316</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">13,005</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(3,245</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Dividends greater (less) than share of earnings of</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">equity-method investments</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">1,406</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(2,524</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(762</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Capital expenditures</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">14,114</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">12,236</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">21,557</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Business acquisitions and investments</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">20,934</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">1,587</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">18,206</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"><FONT SIZE="2">Other information:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Program assets capitalized during the year</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">138,773</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">126,471</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">121,289</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Launch incentives capitalized during the year</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">82,329</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">13,448</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">21,693</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="51%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="6%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="7%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 10</FONT></P>

<P ALIGN="left"> </P>
<P><FONT SIZE="2">According to the Nielsen Homevideo Index, HGTV was telecast to 76.4 million homes in December 2001, 67.1 million homes in December 2000, 59.0 million homes in December 1999, and 48.4 million homes in December 1998. Food Network was
telecast to 71.5 million homes in December 2001, 54.4 million homes in December 2000, 44.2 million homes in December 1999, and 37.1 million homes in December 1998.</FONT></P>
<P><FONT SIZE="2">The advertising recession in 2001 contributed to Scripps Networks' reduced growth in advertising revenue.</FONT></P>
<P><FONT SIZE="2">The Company recognizes affiliate fees received from cable and satellite television systems pursuant to network distribution contracts over the terms of the contracts, including any initial free period. Launch incentives are
amortized based upon the percentage of the current period's total revenues earned on the contract to the estimated total of such revenues over the duration of the contract. See Note 1 to the Consolidated Financial Statements.</FONT></P>
<P><FONT SIZE="2">In 2001 Food Network renewed and extended its network distribution contracts with AT&amp;T and AOL Time Warner. The agreements expand distribution of Food Network and provide for payment of affiliate fees to Food Network beginning
in 2004. Food Network's network distribution contracts generally provided the network to cable television systems without charge through 2003. In exchange for the agreement to pay affiliate fees and expanded distribution, Food Network agreed to make
additional launch incentive payments.</FONT></P>
<P><FONT SIZE="2">Affiliate fee revenue for HGTV and Food Network is expected to increase approximately 9% in 2002.</FONT></P>
<P><FONT SIZE="2">Programming and production expense has increased as the Company improves the quality and variety of programming and expands the hours of original programming presented on its networks. The Company owns the rights to substantially
all of the programming it produces and expects to telecast the programs over several years. Programming and production expense in 2002 is expected to increase approximately 13% for HGTV and approximately 27% for Food Network, and approximately 18%
for the two networks combined.</FONT></P>
<P><FONT SIZE="2">The Company launched DIY, its third network, in the fourth quarter of 1999, and launched a fourth network, Fine Living, in the first quarter of 2002. Start-up costs associated with DIY and Fine Living reduced EBITDA by $22,100,000
in 2001, $10,900,000 in 2000, and $3,700,000 in 1999. Operating losses for DIY and Fine Living are expected to reduce EBITDA by approximately $28,000,000 to $33,000,000 in 2002. The cash required by DIY and Fine Living will substantially exceed the
reported operating losses in 2002 because of investments in programming and launch incentive payments to cable television systems.</FONT></P>
<P><FONT SIZE="2">Excluding losses associated with the launch of new networks, EBITDA increased 23% in 2001 and more than doubled in 2000.</FONT></P>
<P><FONT SIZE="2">Capital expenditures in 1999 included expansion of the studio and office facilities for HGTV and DIY. Capital expenditures in 2002 are expected to be approximately $14,000,000. Depreciation is expected to be approximately
$10,000,000. Amortization is expected to be approximately $3,000,000.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 11</FONT></P>


<P ALIGN="left"> </P>
<P><FONT SIZE="2">
<A NAME="f8"></A>
BROADCAST TELEVISION - Operating results, excluding unusual items, were as follows:</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="14"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="TOP"><I><FONT SIZE="1">( in thousands )</FONT></I></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="11"><DIV ALIGN="CENTER"><FONT SIZE="2">For the years ended December 31,</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE="2">2001</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE="2">Change</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><DIV ALIGN="CENTER"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE="2">Change</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><DIV ALIGN="CENTER"><FONT SIZE="2">1999</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating revenues:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Local</FONT></TD>
<TD ALIGN="center"><FONT SIZE="2">$&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;162,761</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(6.4</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2"> &nbsp;&nbsp;173,878</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">1.5</FONT></TD>
<TD><FONT SIZE="2"> % </FONT></TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;171,353</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">National</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">96,866</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(18.9</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">119,428</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(1.0</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">120,638</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Political</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">2,400</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">34,762</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">2,478</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Network compensation</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">9,279</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(6.8</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">9,951</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(24.2</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">13,121</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">6,295</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">23.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">5,106</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">7.0</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">4,772</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total operating revenues</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">277,601</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(19.1</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">343,125</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">9.8</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">312,362</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating expenses, excluding depreciation and amortization:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Programming and station operations</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">138,132</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(5.8</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">146,630</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(2.5</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">150,444</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Sales and marketing</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">34,918</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(14.4</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">40,807</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">4.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">39,110</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">General and administrative</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">24,900</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(6.6</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">26,670</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(0.7</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">26,853</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">197,950</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(7.5</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">214,107</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(1.1</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">216,407</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">EBITDA</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">79,651</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(38.3</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">129,018</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">34.5</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">95,955</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Depreciation and amortization</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">29,083</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">1.2</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">28,748</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">4.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">27,464</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating income</FONT></TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;50,568</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(49.6</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2"> &nbsp;&nbsp;100,270</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">46.4</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2"> &nbsp;&nbsp;&nbsp;&nbsp;68,491</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="2"><U>Other Financial and Statistical Data:</U></FONT></I></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Percent of operating revenues:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">EBITDA</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">28.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">37.6</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">30.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Operating income</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">18.2</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">29.2</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">21.9</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Payments for programming less than</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">amounts recognized as expense</FONT></TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,464</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">$&nbsp;</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;1,460</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,029</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Capital expenditures</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">18,785</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">31,280</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">25,749</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Business acquisitions and investments</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">27</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">14,710</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">130</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Program assets capitalized during the year</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">37,358</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">42,671</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">51,540</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 12</FONT></P>

<P></P>
<P><FONT SIZE="2">Average audience shares for broadcast television stations have declined in recent years due to competition from new broadcast television networks and increases in the audience share of cable television networks. Technological
advancement in interactive media services is expected to further increase these competitive pressures. In addition, the Company continues to be adversely affected by its relatively high exposure to the ABC television network, for which audience
levels have generally declined in recent years. Six of the Company's 10 television stations are ABC affiliates. Those six stations provide more than 75% of the Company's total broadcast television revenues.</FONT></P>
<P><FONT SIZE="2">Year-over-year revenue comparisons are difficult because of the political advertising revenue in even-numbered years. Demand for advertising was weak in the Company's television markets in 2001. The return of political advertising
and the Olympics are expected to boost EBITDA in 2002.</FONT></P>
<P><FONT SIZE="2">In 2001 the Company renegotiated and extended its affiliation agreements with NBC. Originally scheduled to expire in 2004, network compensation will be sharply reduced under the new agreements, which extend through 2009. The
Company's three NBC affiliates recognized $2,400,000 in network compensation in 2000 and $1,400,000 in 2001. Network compensation at the Company's NBC affiliates is expected to be approximately $300,000 in 2002. The Company's ABC affiliation
agreements expire in 2004 through 2006.</FONT></P>
<P><FONT SIZE="2">Operating expenses, excluding depreciation and amortization, are expected to increase approximately 2% in 2002.</FONT></P>
<P><FONT SIZE="2">Capital expenditures include the construction of a new building for the West Palm Beach station in 2000. Capital spending was also higher in 2000 and 1999 as five of the Company's stations were equipped to broadcast a digital
signal. The Company is required to begin digital broadcasting in all of its markets by May 2002. Capital expenditures in 2002 are expected to be approximately $23,000,000. Depreciation in 2002 is expected to be approximately $21,000,000.
Amortization is expected to be approximately $100,000.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 13</FONT></P>


<P ALIGN="left"> </P>
<P><B><FONT SIZE="2">
<A NAME="f9"></A>
LIQUIDITY AND CAPITAL RESOURCES</FONT></B></P>
<P><FONT SIZE="2">The Company's primary source of liquidity is cash flow from operating activities. Advertising provides 75% to 80% of the Company's total revenues, so the Company's cash flow from operating activities is adversely affected during
recessionary periods. The Company's cash flow from operating activities was $206,000,000 in 2001 and $256,000,000 in 2000. Lower advertising revenues, investments in Scripps Network's programming and increased launch incentive payments for Scripps
Networks were the primary causes of the decrease. The Company expects to continue to make similar investments in programming and to continue to increase the distribution of Scripps Networks.</FONT></P>
<P><FONT SIZE="2">Despite the advertising recession in 2001, cash flow from operating activities exceeded capital expenditures and cash dividends by $87,100,000, and is expected to substantially exceed capital expenditures and cash dividends in
2002, as it has since 1992.</FONT></P>
<P><FONT SIZE="2">The excess cash flow from existing businesses and the Company's substantial borrowing capacity have been used primarily to fund acquisitions, investments, and to develop new businesses. There are essentially no legal or other
restrictions on the transfer of funds among the Company's business segments.</FONT></P>
<P><FONT SIZE="2">A summary of the Company's contractual cash commitments as of December 31, 2001, is as follows:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="16"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><DIV ALIGN="CENTER"><FONT SIZE="2">Less than</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">1 to 3</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">4 to 5</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">Over</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><DIV ALIGN="CENTER"><FONT SIZE="2">1 Year</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">Years</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">Years</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">5 Years</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="9%"><FONT SIZE="2">Total</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">On balance sheet amounts:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Long-term debt</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">613,878</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">91</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">111</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">109,764</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">723,844</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other long-term obligations:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Network distribution contracts</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">61,624</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">3,123</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">1,796</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">66,543</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Programming</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">40,932</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">1,302</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">42,234</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Employee compensation and benefits</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">4,221</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">9,494</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">8,243</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">76,121</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">98,079</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other long-term obligations</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">41</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">62</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">15,387</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">15,490</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Commitments and off-balance sheet obligations:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Network distribution contracts</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">44,500</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">44,500</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Programming</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">64,400</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">85,500</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">8,200</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">158,100</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Operating leases</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">13,800</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">20,100</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">15,900</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">16,800</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">66,600</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Purchase commitments</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">18,600</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">31,000</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">10,200</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">1,900</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">61,700</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total contractual cash obligations</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">861,955</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">150,651</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">44,512</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">219,972</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">1,277,090</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Repurchase of a total of 6,000,000 Class A Common shares was authorized by the Board of Directors in 1998. The balance remaining on this authorization is 1,730,000 shares.</FONT></P>
<P><FONT SIZE="2">Net debt (borrowings less cash equivalent and other short-term investments) increased $8,000,000 in 2001, to $722,000,000 at December 31, 2001. Net debt includes commercial paper borrowings totaling $514,000,000, with average
maturities of 90 days or less. Commercial paper borrowings are supported by bank credit facilities which permit maximum borrowings of $675,000,000 and expire in September 2002. This facility is expected to be replaced with a similar facility prior
to expiration. The Company's access to commercial paper markets can be affected by macroeconomic factors outside of its control. In addition to macroeconomic factors, the Company's access to commercial paper markets and its borrowing costs are
affected by short and long-term debt ratings assigned by independent rating agencies.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 14</FONT></P>


<P ALIGN="left"> </P>
<P><B><FONT SIZE="2">
<A NAME="f10"></A>
MARKET RISK</FONT></B></P>
<P><FONT SIZE="2">The Company's earnings and cash flow can be affected by, among other things, economic conditions, interest rate changes, foreign currency fluctuations (primarily in the exchange rate for the Japanese yen) and changes in the price
of newsprint. See &quot;Business - Newspapers - Raw Materials and Labor Costs.&quot; The Company is also exposed to changes in the market value of its investments.</FONT></P>
<P><FONT SIZE="2">The Company may use foreign currency forward and option contracts to hedge its cash flow exposures that are denominated in Japanese yen and forward contracts to reduce the risk of changes in the price of newsprint on anticipated
newsprint purchases. The Company held no foreign currency or newsprint derivative financial instruments at December 31, 2001, or during the year then ended.</FONT></P>
<P><FONT SIZE="2">The following table presents additional information about the Company's market-risk-sensitive financial instruments:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD ALIGN="right" COLSPAN="5" WIDTH="19%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD ALIGN="right" COLSPAN="5" WIDTH="19%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I></TD>
<TD ALIGN="right" COLSPAN="5" WIDTH="19%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">As of December 31, 2001</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="5" WIDTH="19%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">As of December 31, 2000</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">Cost</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">Fair</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">Cost</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">Fair</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">Basis</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">Value</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">Basis</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">Value</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Financial instruments subject to interest rate risk:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Variable rate credit facilities, including commercial paper</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">513,855</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">513,855</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">512,788</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">512,788</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">$100 million, 6.625% note, due in 2007</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">99,916</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">104,376</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">99,901</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">97,900</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">$100 million, 6.375% note, due in 2002</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">99,983</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">102,685</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">99,964</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">99,800</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other notes</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">10,090</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">9,084</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">1,956</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">812</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total long-term debt including current portion</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">723,844</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">730,000</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">714,609</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">711,300</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Financial instruments subject to market value risk:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">AOL Time Warner common stock (2,017,000 shares)</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">64,740</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">64,740</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Time Warner common stock (1,344,000 shares)</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">27,816</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">70,239</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Centra Software (700,500 and 1,792,500 common shares)</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">1,427</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">5,604</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">3,652</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">6,946</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other available-for-sale securities</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">597</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">4,213</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">639</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">3,969</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total investments in publicly-traded companies</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">66,764</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">74,557</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">32,107</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">81,154</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other equity investments</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">51,714</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%" ALIGN="center"><FONT SIZE="1">&nbsp;&nbsp;(a)</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">87,266</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="1">&nbsp;&nbsp;(a)</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="2%" VALIGN="top"><FONT SIZE="1">(a)</FONT></TD>
<TD COLSPAN="2"><FONT SIZE="1">Included in other equity investments are securities that do not trade in public markets, so they do not have readily determinable fair values. Many of the investees have had no rounds of equity financing in the past
two years. There can be no assurance as to the amounts the Company would receive if these securities were sold.</FONT></TD>
</TR>
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
</TR>
</TABLE>
<FONT SIZE="2">The Company manages interest rate risk primarily by maintaining a mix of fixed-rate and variable-rate debt. The Company currently does not use interest rate swaps, forwards or other derivative financial instruments to manage its
interest rate risk. The weighted-average interest rate on borrowings under the Variable Rate Credit Facilities at December 31 was 2.0% in 2001, 6.6% in 2000, and 6.0% in 1999.</FONT>
<P ALIGN="center"><FONT SIZE="2">F - 15</FONT></P>

<A NAME="f11"></A>
<P ALIGN="LEFT"></P>
<DIV ALIGN="LEFT"></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD VALIGN="bottom"><B><FONT SIZE="2">CONSOLIDATED BALANCE SHEETS</FONT></B> </TD>
<TD WIDTH="1%" VALIGN="bottom">&nbsp; </TD>
<TD WIDTH="9%" VALIGN="bottom">&nbsp; </TD>
<TD WIDTH="2%" VALIGN="bottom">&nbsp; </TD>
<TD WIDTH="1%" VALIGN="bottom">&nbsp; </TD>
<TD WIDTH="9%" VALIGN="bottom">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6" VALIGN="bottom"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD COLSPAN="5"> <DIV ALIGN="center"><FONT SIZE="2">As of December</FONT> <FONT SIZE="2">31,</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><B><FONT SIZE="2">ASSETS</FONT></B> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Current Assets:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Cash and cash equivalents</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">17,419</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">14,112</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Accounts and notes receivable (less allowances - 2001, $13,964; 2000, $13,891)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">236,311</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">289,583</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Program rights and production costs</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">120,715</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">115,513</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Inventories</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">7,345</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">17,802</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Deferred income taxes</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">30,850</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">30,421</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Miscellaneous</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">38,018</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">35,449</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total current assets</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">450,658</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">502,880</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Investments</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">331,542</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">177,922</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Property, Plant and Equipment</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">394,677</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">502,041</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Goodwill and Other Intangible Assets</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">1,203,191</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">1,226,306</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other Assets:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Program rights and production costs (less current portion)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">122,620</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">96,881</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Network distribution contracts</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">124,639</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">63,966</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Miscellaneous</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">16,433</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">20,044</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total other assets</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">263,692</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">180,891</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><B><FONT SIZE="2">TOTAL ASSETS</FONT></B> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">2,643,760</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">2,590,040</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">See notes to consolidated financial statements.</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 16</FONT></P>

<P ALIGN="LEFT"></P>
<DIV ALIGN="LEFT"> </DIV>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="2"><B><FONT SIZE="2">CONSOLIDATED BALANCE SHEETS</FONT></B> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD VALIGN="TOP"><I><FONT SIZE="1">( in thousands, except share data )</FONT></I> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD COLSPAN="4" NOWRAP> <DIV ALIGN="CENTER"><FONT SIZE="2">As of December</FONT><FONT SIZE="2"> 31,</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="center"><FONT SIZE="2">2001</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><DIV ALIGN="CENTER"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD COLSPAN="3"><B><FONT SIZE="2">LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></B> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Current Liabilities:</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Current portion of long-term debt</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right"><FONT SIZE="2">613,878</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right"><FONT SIZE="2">212,828</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Accounts payable</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">81,690</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">114,275</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="2"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits and unearned revenue</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">29,381</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">37,214</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Accrued liabilities:</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Employee compensation and benefits</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">44,792</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">49,089</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Network distribution contracts</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">61,624</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">48,257</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Miscellaneous</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">74,146</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">71,313</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total current liabilities</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">905,511</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">532,976</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Deferred Income Taxes</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">146,989</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">147,106</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Long-Term Debt (less current portion)</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">109,966</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">501,781</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD COLSPAN="3"><FONT SIZE="2">Other Long-Term Obligations and Minority Interests (less current portion)</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">129,394</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">130,367</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD COLSPAN="2"><FONT SIZE="2">Commitments and Contingencies (Note 14)</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Stockholders' Equity:</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Preferred stock, $.01 par - authorized:</FONT> <FONT SIZE="2">25,000,000 shares; none outstanding</FONT> </TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Common stock, $.01 par:</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Class A - authorized:</FONT> <FONT SIZE="2">120,000,000 shares;</FONT> <FONT SIZE="2">issued and</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp<FONT SIZE="2">outstanding: 2001 - 60,103,746 shares; 2000 - 59,641,828 shares</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">601</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">596</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Voting - authorized:</FONT> <FONT SIZE="2">30,000,000 shares; issued and</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">outstanding:</FONT> <FONT SIZE="2">2001 - 19,096,913 shares; 2000 - 19,096,913 shares</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">191</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">191</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">792</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">787</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Additional paid-in capital</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">174,485</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">157,394</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Retained earnings</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">1,183,595</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">1,093,138</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="3"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains on securities available for sale</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">5,067</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">31,877</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="2"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">(554</FONT> </TD>
<TD><FONT SIZE="2">)</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">361</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="2"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Unvested restricted stock awards</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">(11,485</FONT> </TD>
<TD><FONT SIZE="2">)</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">(5,747</FONT> </TD>
<TD><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total stockholders' equity</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">1,351,900</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">1,277,810</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD COLSPAN="3"><B><FONT SIZE="2">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></B> </TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right"><FONT SIZE="2">2,643,760</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right"><FONT SIZE="2">2,590,040</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">See notes to consolidated financial statements.</FONT></I> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 17</FONT> </P>

<A NAME="f12"></A>
<P></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD><B><FONT SIZE="2">CONSOLIDATED STATEMENTS OF INCOME</FONT></B></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands, except per share data )</FONT></I> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD COLSPAN="11"> <DIV ALIGN="center"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD COLSPAN="3"> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT> </DIV>
</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3"> <DIV ALIGN="center"><FONT SIZE="2">1999</FONT> </DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating Revenues:</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Advertising</FONT></TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,081,996</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,346,477</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,198,306</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Circulation</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">140,138</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">147,848</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">153,742</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Licensing</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">65,877</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">68,549</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">63,755</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Affiliate fees</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">59,175</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">40,312</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">34,149</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Share of joint operating agency profits</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">45,175</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">47,412</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">50,511</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">44,770</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">51,160</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">54,836</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total operating revenues</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,437,131</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,701,758</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,555,299</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating Expenses:</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Employee compensation and benefits</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">470,538</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">516,707</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">492,162</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Newsprint and ink</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">88,120</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">156,369</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">143,183</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Amortization of program rights and production costs</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">135,489</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">121,044</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">98,810</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other operating expenses</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">369,420</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">453,384</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">421,939</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Depreciation</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">55,721</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">69,057</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">65,300</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Amortization of intangible assets</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">43,406</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">40,108</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">38,551</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total operating expenses</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,162,694</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,356,669</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,259,945</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating Income</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">274,437</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">345,089</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">295,354</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other Credits (Charges):</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Interest expense</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(39,197</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(51,934</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(45,219</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Investment results, net of expenses</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">5,063</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(24,834</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">544</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Net gains on divested operations</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">6,196</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Miscellaneous, net</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,079</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,485</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">3,505</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Net other credits (charges)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(33,055</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(69,087</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(41,170</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Income Before Taxes and Minority Interests</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">241,382</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">276,002</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">254,184</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Provision for Income Taxes</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">99,622</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">108,090</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">103,612</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Income Before Minority Interests</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">141,760</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">167,912</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">150,572</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Minority Interests</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">3,797</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">4,459</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">4,450</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net Income</FONT></TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">137,963</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">163,453</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">146,122</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net Income per Share of Common Stock:</FONT></TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Basic</FONT></TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">1.75</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">2.09</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">1.87</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Diluted</FONT></TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">1.73</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">2.06</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">1.85</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="12"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">See notes to consolidated financial statements.</FONT></I> </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 18</FONT></P>


<A NAME="f13"></A>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="bottom">
<TD><FONT SIZE="2"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD><FONT SIZE="2"><I>( in thousands )</I></FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD COLSPAN="8" ALIGN="center"><FONT SIZE="2">For the years ended December 31,</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center"><FONT SIZE="2">2001</FONT><FONT SIZE="2">&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center"><FONT SIZE="2">2000</FONT><FONT SIZE="2">&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center"><FONT SIZE="2">1999</FONT><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD HEIGHT="14"><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Cash Flows from Operating Activities:</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Net income</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">137,963</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2"> &nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">163,453</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2"> &nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">146,122</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Adjustments to reconcile net income</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to net cash flows from operating activities:</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">99,127</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">109,165</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">103,851</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received greater than share of profits</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of JOAs and equity method investments</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">22,413</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">1,214</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">1,119</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">14,068</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(3,119</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">14,333</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefits of stock compensation plans</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">10,478</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4,959</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,959</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock and deferred compensation plans</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">9,940</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">11,116</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">9,960</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interests in income of subsidiary companies</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,797</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4,459</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4,450</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received for affiliate fees, net of launch incentive payments,</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;greater (less) than affiliate fees revenue</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(49,316</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">13,005</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(3,245</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program cost amortization greater (less) than payments</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(39,826</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(44,049</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(51,810</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment results and loss (gain) on divestitures</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(6,658</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">17,732</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(1,554</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other changes in certain working capital accounts, net</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4,069</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(18,773</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(29,130</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous, net</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">12</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(3,419</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(4,540</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="bottom"><FONT SIZE="2">Net operating activities</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">206,067</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">255,743</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">193,515</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Cash Flows from Investing Activities:</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Additions to property, plant and equipment</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(68,223</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(74,577</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(79,826</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Investments in Denver JOA</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(61,420</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Purchase of subsidiary companies and long-term investments</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(40,879</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(139,056</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(69,515</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Change in short-term investments, net</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">20,551</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Sale of subsidiary companies and long-term investments</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">14,550</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">50,940</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">9,344</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Miscellaneous, net</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">1,575</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">10,789</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">2,602</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Net investing activities</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(154,397</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(151,904</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(116,844</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Cash Flows from Financing Activities:</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Increase in long-term debt</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">9,271</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">737</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4,340</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Payments on long-term debt</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(69</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(54,695</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(5,596</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Dividends paid</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(47,506</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(43,924</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(43,816</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Repurchase Class A Common shares</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(22,449</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(4,571</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(34,951</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Dividends paid to minority interests</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(3,278</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(3,278</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(3,278</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Miscellaneous, net (primarily employee stock options)</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">15,668</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">5,548</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">1,667</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Net financing activities</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(48,363</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(100,183</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(81,634</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Increase (Decrease) in Cash and Cash Equivalents</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,307</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,656</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(4,963</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Cash and Cash Equivalents:</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Beginning of year</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">14,112</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">10,456</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">15,419</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">End of year</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">17,419</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">14,112</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">10,456</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Supplemental Cash Flow Disclosures:</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Interest paid, excluding amounts capitalized</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">38,538</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">51,434</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">45,162</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Income taxes paid</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">63,008</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">110,065</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">89,117</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Denver newspaper assets contributed to JOA</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">156,830</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Destin newspaper traded for Fort Pierce newspaper (see Note 3)</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,857</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="top">
<TD><FONT SIZE="2"><I>See notes to consolidated financial statements.</I></FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 19</FONT> </P>

<A NAME="F14"></A>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="bottom">
<TD COLSPAN="26"><FONT SIZE="2"><B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND STOCKHOLDERS' EQUITY</B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" VALIGN="top"><I><FONT SIZE="1">( in thousands, except share data )</FONT></I></TD>
<TD><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;Common
<BR>
Stock&nbsp;</FONT></TD>
<TD ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;Additional
<BR>
Paid-in
<BR>
Capital&nbsp;</FONT></TD>
<TD ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;Retained
<BR>
Earnings&nbsp;</FONT></TD>
<TD ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;</FONT> <FONT SIZE="2">Accumulated
<BR>
Other
<BR>
Comprehensive
<BR>
Income&nbsp;</FONT></TD>
<TD ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;Unvested
<BR>
Restricted
<BR>
Stock
<BR>
Awards&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center" NOWRAP><FONT SIZE="2">&nbsp;</FONT> <FONT SIZE="2">Total
<BR>
Stockholders'
<BR>
Equity&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">As of December 31, 1998</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">785</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">161,878</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">871,303</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">39,485</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(3,731</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">1,069,720</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Comprehensive income</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Net income</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">146,122</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">146,122</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Unrealized gains, net of tax of ($9,393)</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">17,358</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">17,358</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Reclassification adjustment for losses (gains) in income, net of tax of ($558)</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">1,036</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">1,036</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Increase in unrealized gains</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">18,394</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">18,394</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Currency translation, net of tax of $176</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">392</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">392</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">146,122</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">18,786</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">164,908</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Dividends: declared and paid - $.56 per share</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(43,816</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(43,816</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Convert 2,000 Voting Shares to Class A shares</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Repurchase 784,793 Class A Common shares</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(8</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(34,943</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(34,951</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Compensation plans, net: 430,896 shares issued; 200 shares forfeited; 47,421 shares repurchased</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">4</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">5,984</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(1,209</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">4,779</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Tax benefits of compensation plans</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">3,812</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">3,812</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">As of December 31, 1999</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">781</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">136,731</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">973,609</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">58,271</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(4,940</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">1,164,452</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Comprehensive income:</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Net income</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">163,453</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">163,453</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Unrealized gains (losses), net of tax of $17,973</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(32,819</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(32,819</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Reclassification adjustment for losses (gains) in income, net of tax of ($4,233)</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">7,398</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">7,398</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Increase (decrease) in unrealized gains</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(25,421</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(25,421</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Currency translation</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(612</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(612</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">163,453</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(26,033</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">137,420</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Dividends: declared and paid - $.56 per share</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(43,924</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(43,924</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Convert 120,000 Voting Shares to Class A shares</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Repurchase 80,500 Class A Common shares</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(1</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(4,570</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(4,571</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Compensation plans, net: 742,915 shares issued; 15,445 shares forfeited; 50,591 shares repurchased</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">7</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">20,275</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(807</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">19,475</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Tax benefits of compensation plans</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">4,958</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">4,958</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">As of December 31, 2000</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">787</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">157,394</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">1,093,138</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">32,238</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(5,747</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">1,277,810</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Comprehensive income:</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Net income</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">137,963</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">137,963</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Unrealized gains, net of tax of ($2,687)</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">4,990</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">4,990</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Reclassification adjustment for losses (gains) in income, net of tax of $17,124</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(31,800</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(31,800</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Increase (decrease) in unrealized gains</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(26,810</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(26,810</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Currency translation, net of tax of $180</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(915</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(915</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">137,963</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(27,725</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">110,238</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Dividends: declared and paid - $.60 per share</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(47,506</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(47,506</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Repurchase 382,200 Class A Common shares</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(4</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(22,445</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(22,449</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Compensation plans, net: 966,084 shares issued; 2,500 shares forfeited; 119,466 shares repurchased</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">9</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">29,058</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(5,738</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">23,329</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Tax benefits of compensation plans</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">10,478</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">10,478</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top" NOWRAP> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">As of December 31, 2001</FONT></TD>
<TD><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">792</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">174,485</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">1,183,595</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">4,513</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">(11,485</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP> <FONT SIZE="2">1,351,900</FONT></TD>
<TD NOWRAP><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="25" VALIGN="top"> <HR NOSHADE SIZE="1"></TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"></TD>
</TR>
</TABLE>
<P><FONT SIZE="1">See notes to consolidated financial statements.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 20</FONT></P>


<P ALIGN="LEFT"></P>
<DIV ALIGN="LEFT"></DIV>
<P><B><U><FONT SIZE="2">
<A NAME="F15"></A>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></U></B></P>
<P><B><FONT SIZE="2">1.</FONT></B>&nbsp;<B><FONT SIZE="2">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B></P>
<P><B><FONT SIZE="2">Nature of Operations - </FONT></B><FONT SIZE="2">The E. W. Scripps Company ("Company") operates in three reportable segments: newspapers, cable television networks (referred to as "Scripps Networks") and broadcast
television.</FONT></P>
<P><FONT SIZE="2">Newspapers include 21 daily newspapers in the U.S., and derive revenue primarily from the sale of advertising space to local and national advertisers and from the sale of the newspapers to readers.</FONT></P>
<P><FONT SIZE="2">Scripps Networks includes three national television networks that are distributed by cable and satellite television systems: Home &amp; Garden Television ("HGTV"), Food Network and Do It Yourself ("DIY"), and the Company's 12%
interest in FOX SportsSouth, a regional television network. The Company owned 68.0% of Food Network on December 31, 2001. The Company will launch Fine Living, its fourth national network, in March 2002. The Company owns 94% of Fine Living. Revenues
are derived primarily from the sale of advertising time and from affiliate fees paid by distributors.</FONT></P>
<P><FONT SIZE="2">Broadcast television includes ten stations, nine of which are affiliated with national broadcast networks. Broadcast television derives revenue from the sale of advertising time to local and national advertisers and from affiliated
networks for broadcasting their programs.</FONT></P>
<P><FONT SIZE="2">The relative importance of each line of business is indicated in the segment information presented in Note 13. Licensing and other media aggregates the Company's operating segments that are too small to report separately, and
primarily includes syndication and licensing of news features and comics.</FONT></P>
<P><FONT SIZE="2">The Company's operations are geographically dispersed and its customer base is diverse. However, more than 75% of the Company's operating revenues are derived from advertising. Operating results can be affected by changes in the
demand for advertising both nationally and in individual markets.</FONT></P>
<P><FONT SIZE="2">The Company grants credit to substantially all of its customers. Management believes bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have a
material effect on the Company's financial position.</FONT></P>
<P><B><FONT SIZE="2">Use of Estimates - </FONT></B><FONT SIZE="2">Preparation of the financial statements requires the use of estimates. The Company's financial statements include estimates for such items as income taxes payable and self-insured
risks. The Company self-insures for employees' medical and disability income benefits, workers' compensation and general liability. The recorded liability for self-insured risks is calculated using actuarial methods and is not discounted. The
recorded liability for self-insured risks totaled $22,700,000 at December 31, 2001. Management does not believe it is likely that its estimates for such items will change materially in the near term.</FONT></P>
<P><B><FONT SIZE="2">Consolidation -</FONT></B><FONT SIZE="2"> The consolidated financial statements include the accounts of the Company and its majority-owned subsidiary companies.</FONT></P>
<P ALIGN="center">&nbsp; </P>
<DIV ALIGN="center"><FONT SIZE="2">F-21 </FONT> </DIV>
<P ALIGN="LEFT"> </P>
<P><B><FONT SIZE="2"> Revenue Recognition</FONT></B><FONT SIZE="2"> - Significant revenue recognition policies are as follows:</FONT> <UL> <LI><FONT SIZE="2">Advertising revenues are recognized based on dates of publication or broadcast, net of
agency commissions. Advertising contracts, which generally have terms of one year or less, provide discounts based upon the volume of advertising purchased during the terms of the contracts. Advertising revenues are recognized net of estimated
discounts that will be earned during the contracts terms. Revenues from advertising on the Company's Internet sites are recognized over the terms of the contracts.</FONT>
<BR>
</LI>
<LI><FONT SIZE="2">Circulation revenues are recognized based on dates of publication. The Company's newspapers are either: i) sold directly to subscribers and delivered by employees or independent newspaper carriers, or ii) sold to independent
newspaper distributors who resell the newspapers. Circulation revenue from newspapers sold directly to subscribers is based on the subscription price. Circulation revenue from newspapers sold to independent newspaper distributors is based upon the
wholesale prices.</FONT>
<BR>
</LI>
<LI><FONT SIZE="2">Broadcast television's network compensation revenues are recognized on a straight-line basis over the terms of the contracts. The network affiliation agreements generally provide for the payment of pre-determined fees.
Compensation dependent upon other factors and which may vary over the terms of the contracts is recognized when such amounts are earned.</FONT>
<BR>
</LI>
<LI><FONT SIZE="2">Affiliate fees represent monthly payments received from cable and satellite television systems pursuant to network distribution contracts. Affiliate fees are reported net of amortization of incentive payments (referred to as
"launch incentives") to cable and satellite television systems in exchange for long-term distribution contracts. Such contracts may provide for an initial period wherein affiliate fees are waived (referred to as a "free period"). Affiliate fee
revenues are recognized as programming is provided to cable and satellite television systems over the lives of the contracts, including any free period. Launch incentives are amortized based upon the percentage of the current period's total revenues
earned on the contract to the estimated total of such revenues over the duration of the contract. Accrued revenue and unamortized launch incentives are included in Network Distribution Contracts in the accompanying Consolidated Balance Sheets.</FONT>
<BR>
</LI>
<LI><FONT SIZE="2">Royalties from merchandise licensing are recognized as the licensee sells products. Royalties from promotional licensing are recognized on a straight-line basis over the terms of the licensing agreements.</FONT>
<BR>
</LI>
</UL>
<P><B><FONT SIZE="2">Program Rights and Production Costs -</FONT></B><FONT SIZE="2"> Program rights are recorded when licensed programs become available for broadcast. Amortization is computed using the straight-line method based on the license
period or based on usage, whichever yields the greater accumulated amortization for each program. The liability for program rights is not discounted for imputed interest.</FONT></P>
<P><FONT SIZE="2">Production costs are primarily costs incurred in the production of internally developed programming. These costs are amortized on a straight-line basis over the estimated useful lives of the programs, generally three years. Program
and production costs are stated at the lower of unamortized cost or fair value. The portion of the unamortized balance expected to be amortized within one year is classified as a current asset.</FONT></P>
<P><FONT SIZE="2">Program rights liabilities payable within the next twelve months are included in accounts payable. Noncurrent program rights liabilities are included in other long-term obligations.</FONT></P>
<P><B><FONT SIZE="2">Long-Lived Assets -</FONT></B><FONT SIZE="2"> Long-lived assets used in business operations are recorded at unamortized cost. Management reviews long-lived assets, including related goodwill and other intangible assets, for
impairment whenever events or changes in circumstances indicate the carrying amounts of the assets may not be recoverable. Recoverability is determined by comparing the forecasted undiscounted cash flows of the operation to which the assets relate
to the carrying amount of the assets. If the operation is determined to be unable to recover the carrying amount of its assets, then goodwill and other intangible assets are written down first, followed by other long-lived assets of the operation,
to fair value. Fair value is determined based on discounted cash flows. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell.</FONT></P>
<P ALIGN="center">&nbsp; </P>
<DIV ALIGN="center"><FONT SIZE="2">F-22</FONT> </DIV>
<A NAME="page_23"></A>

<P><B><FONT SIZE="2">Goodwill and Other Intangible Assets -</FONT></B><FONT SIZE="2"> Goodwill represents the cost of acquisitions in excess of the acquired businesses' tangible assets and identifiable intangible assets. Audience and newspaper
subscriber base represents the cost of acquisitions assigned to the potential to deliver advertising to the viewers and readers of the acquired business' programming and publications. Amortization is calculated on a straight-line basis over 40
years. Upon adoption of Financial Accounting Standard ("FAS") No. 142 &#150; Goodwill and Other Intangible Assets these assets will be subsumed into goodwill (see Note 2).</FONT></P>
<P><FONT SIZE="2">Broadcast television network affiliation represents the cost of acquisitions assigned to audience recognition of the acquired television station as a network affiliate. Broadcast television network affiliation and FCC licenses are
amortized on a straight-line basis over 40 years. Upon adoption of FAS No. 142 amortization of these intangible assets will cease.</FONT></P>
<P><FONT SIZE="2">Cable network affiliation represents the cost of acquisitions assigned to the potential of the cable television network to deliver advertising to cable and satellite television subscribers during the terms of existing network
distribution contracts. Amortization is calculated on a straight-line basis over the greater of five years or the remaining duration of the network distribution contracts. Customer lists and other intangible assets are amortized on a straight-line
basis over periods of up to 20 years.</FONT></P>
<P><B><FONT SIZE="2">Property, Plant and Equipment -</FONT></B><FONT SIZE="2"> Depreciation is computed using the straight-line method over maximum estimated useful lives as follows:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="56%"><FONT SIZE="2">Buildings and improvements</FONT> </TD>
<TD WIDTH="40%"><FONT SIZE="2">35 years</FONT> </TD>
</TR>
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="56%"><FONT SIZE="2">Printing presses</FONT> </TD>
<TD WIDTH="40%"><FONT SIZE="2">30 years</FONT> </TD>
</TR>
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="56%"><FONT SIZE="2">Other newspaper production equipment</FONT> </TD>
<TD WIDTH="40%"><FONT SIZE="2">5 to 10 years</FONT> </TD>
</TR>
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="56%"><FONT SIZE="2">Television transmission towers and related equipment</FONT> </TD>
<TD WIDTH="40%"><FONT SIZE="2">15 years</FONT> </TD>
</TR>
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="56%"><FONT SIZE="2">Other television and program production equipment</FONT> </TD>
<TD WIDTH="40%"><FONT SIZE="2">5 to 15 years</FONT> </TD>
</TR>
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="56%"><FONT SIZE="2">Office and other equipment</FONT> </TD>
<TD WIDTH="40%"><FONT SIZE="2">3 to 10 years</FONT> </TD>
</TR>
</TABLE>
<P><B><FONT SIZE="2">Income Taxes -</FONT></B><FONT SIZE="2"> Deferred income taxes are provided for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in
future years. The Company's temporary differences primarily result from accelerated depreciation and amortization for tax purposes, investment gains and losses not yet recognized for tax purposes and accrued expenses not deductible for tax purposes
until paid.</FONT></P>
<P><B><FONT SIZE="2">Investments </FONT></B><FONT SIZE="2">- The Company has invested in various securities, including public and private companies. Investment securities, in general, are exposed to various risks, such as interest rate, credit and
overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially
affect the amounts reported in the Consolidated Statements of Income.</FONT></P>
<P><FONT SIZE="2">The Company records its investments at fair value, except for securities accounted for under the equity method or that do not trade in a public market. All investments recorded at fair value have been classified as available for
sale. The fair value of available-for-sale investments is determined by quoted market prices. The cost basis of available-for-sale securities is adjusted when a decline in market value is determined to be other than temporary, with the resulting
adjustment charged against net income. The difference between adjusted cost basis and fair value, net of related tax effects, is recorded in the accumulated other comprehensive income component of stockholders' equity. Investments in private
companies are recorded at cost, net of impairment write-downs, because no readily determinable market price is available.</FONT></P>
<P><FONT SIZE="2">Investments in 20%- to 50%-controlled companies and in all joint ventures are accounted for using the equity method.</FONT></P>
<P><FONT SIZE="2">The cost of securities sold is determined by specific identification.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 23</FONT></P>

<P ALIGN="LEFT"></P>
<DIV ALIGN="LEFT"></DIV>
<P><B><FONT SIZE="2">Newspaper Joint Operating Agencies -</FONT></B><FONT SIZE="2"> A JOA combines all but the editorial operations of two competing newspapers in a market in order to reduce aggregate expenses and take advantage of economies of
scale, thereby allowing the continuing operation of both newspapers in that market. The Newspaper Preservation Act of 1970 provides a limited exemption from anti-trust laws, generally permitting the continuance of JOAs in existence prior to its
enactment and the formation, under certain circumstances, of new JOAs between newspapers.</FONT></P>
<P><FONT SIZE="2">The Company is a partner in JOAs in four markets. The JOA between the Company's Denver Rocky Mountain News and </FONT><FONT SIZE="2">MediaNews Group Inc.'s Denver Post was approved by the U.S. Attorney General in January 2001. The
50-year agreement created a new entity called the Denver Newspaper Agency L.L.C., which is 50%-owned by each partner. Both partners contributed certain assets used in the operations of their newspapers to the new entity. In addition, the Company
paid $60,000,000 to MediaNews Group Inc. The JOA commenced operations on January 22, 2001.</FONT></P>
<P><FONT SIZE="2">The Company receives a 50% share of the operating profits of the Denver JOA, and between 20% and 40% of the operating profits in the other three markets. The Company includes its portion of JOA operating profits in operating
revenues, and includes its residual interest in the net assets of the Denver and Albuquerque JOAs in Investments in the Consolidated Balance Sheets. The Company does not include any assets or liabilities related to its other JOAs in its Consolidated
Balance Sheets because the Company has no residual interest in the net assets of those JOAs.</FONT></P>
<P><B><FONT SIZE="2">Inventories -</FONT></B><FONT SIZE="2"> Inventories are stated at the lower of cost or market. The cost of inventories is computed using the first in, first out ("FIFO") method.</FONT></P>
<P><B><FONT SIZE="2">Stock-Based Compensation - </FONT></B><FONT SIZE="2">The Company's incentive plans provide for awards of options to purchase Class A Common shares and awards of Class A Common shares. Stock options are awarded to purchase Class
A Common shares at not less than 100% of the fair market value on the date of the award. Stock options and awards of Class A Common shares vest over an incentive period conditioned upon the individual's employment through that period. The Company
measures compensation expense using the intrinsic-value-based method (see Note 15).</FONT></P>
<P><B><FONT SIZE="2">Cash Equivalent and Short-term Investments -</FONT></B><FONT SIZE="2"> Cash equivalents represent debt instruments with an original maturity of less than three months. Short-term investments represent excess cash invested in
securities not meeting the criteria to be classified as cash equivalents. Cash equivalent and short-term investments are carried at cost plus accrued income, which approximates fair value.</FONT></P>
<P><B><FONT SIZE="2">Risk Management Contracts - </FONT></B><FONT SIZE="2">The Company does not hold derivative financial instruments for trading or speculative purposes, and does not hold leveraged contracts. The impact of risk management
activities on the Company's financial position, its results of operations, and its cash flows is immaterial. The Company held no derivative financial instruments in the three years ended December 31, 2001.</FONT></P>
<P><B><FONT SIZE="2">Net Income Per Share -</FONT></B><FONT SIZE="2"> The following table presents additional information about basic and diluted weighted-average shares outstanding:</FONT></P>
<TABLE WIDTH="94%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="60%"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="10%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%">&nbsp; </TD>
<TD COLSPAN="5"> <DIV ALIGN="center"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="10%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="9%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="9%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="10%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="9%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="9%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%"><FONT SIZE="2">Basic weighted-average shares outstanding</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">78,825</FONT> </DIV>
</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">78,170</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">77,936</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%"><FONT SIZE="2">Effect of dilutive securities:</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Unvested restricted stock held by employees</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">169</FONT> </DIV>
</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">165</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">179</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Stock options held by employees</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">976</FONT> </DIV>
</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">826</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">836</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="10%"> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="9%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="9%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%"><FONT SIZE="2">Diluted weighted-average shares outstanding</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">79,970</FONT> </DIV>
</TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">79,161</FONT> </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">78,951</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="60%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="10%"> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="9%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="9%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
</TABLE>
<P><B><FONT SIZE="2">Reclassifications -</FONT></B><FONT SIZE="2"> For comparative purposes, certain 2000 and 1999 amounts have been reclassified to conform to 2001 classifications.</FONT></P>
<P ALIGN="center">&nbsp; </P>
<DIV ALIGN="center"><FONT SIZE="2">F-24</FONT> </DIV>

<P ALIGN="LEFT"></P>
<DIV ALIGN="LEFT"> </DIV>
<P><B><FONT SIZE="2">2.</FONT></B>&nbsp;<B><FONT SIZE="2">ACCOUNTING CHANGES AND RECENTLY ISSUED ACCOUNTING STANDARDS</FONT></B></P>
<P><B><FONT SIZE="2">Accounting Changes </FONT></B><FONT SIZE="2">- The Company adopted FAS No. 133 &#150; Accounting for Derivative Financial Instruments and Hedging Activities effective January 1, 2001. Adoption of this standard had no effect on
the Company's financial statements.</FONT></P>
<P><FONT SIZE="2">The Company adopted FAS No. 144 &#150; Accounting for the Impairment or Disposal of Long-Lived Assets in 2001. Adoption of this standard had no effect on the Company's financial statements.</FONT></P>
<P><FONT SIZE="2">In 2001 the Company adopted the accounting method prescribed in Emerging Issues Task Force Issue ("EITF") 00-25 &#150; Vendor Income Statement Classification of Consideration Paid to a Reseller of the Vendor's Products. EITF 00-25
requires consideration paid to customers to be deducted from revenue. Prior to adoption of this accounting method, the Company had classified amortization of launch incentives paid to cable and satellite television systems as an operating expense in
its Consolidated Statements of Income. Previously issued financial statements have been reclassified. The reclassification had no effect on the Company's reported net income or financial position.</FONT></P>
<P><B><FONT SIZE="2">Recently Issued Accounting Standards </FONT></B><FONT SIZE="2">- FAS No. 141 - Business Combinations and FAS No. 142 - Goodwill and Other Intangible Assets were issued in August 2001. FAS No. 141 requires business combinations
initiated after June 30, 2001, to be accounted for using the purchase method of accounting. FAS No. 141 also specifies the types of acquired intangible assets that are required to be recognized and reported separately from goodwill. Intangible
assets acquired that are obtained through contractual or legal right, or are capable of being separately sold, transferred, licensed, rented or exchanged are recognized as an asset apart from goodwill. Intangible assets that do not meet the
requirements for recognition apart from goodwill are subsumed into goodwill.</FONT></P>
<P><FONT SIZE="2">The Company adopted FAS No. 142 effective January 1, 2002. Recorded goodwill and intangible assets with indefinite lives are no longer amortized, but instead are tested for impairment at least annually. Other intangible assets are
reviewed for impairment in accordance with FAS No. 144. The Company must complete a transitional evaluation of whether goodwill is impaired prior to June 30, 2002. To complete the transitional impairment evaluation, the Company must (i) identify
reporting units, (ii) determine the carrying value of each reporting unit by assigning the assets and liabilities, including existing goodwill and other intangible assets, to those reporting units, and (iii) determine whether the carrying value of
the reporting unit exceeds its fair value. If the carrying value of any reporting unit exceeds its fair value, then detailed fair values for each of the assigned assets and liabilities (excluding goodwill) and liabilities will be determined to
calculate the amount of goodwill impairment, if any. This second step is required to be completed as soon as possible, but no later than December 31, 2002. Any transitional impairment loss will be recorded as the cumulative effect of a change in
accounting principle.</FONT></P>
<P><FONT SIZE="2">If the non-amortization provisions of FAS No. 142 had been effective for all periods presented, reported results of operations would have been as follows:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="BOTTOM">
<TD COLSPAN="28"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="TOP"><I><FONT SIZE="1">( in thousands, except per share data )</FONT></I></TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="7" WIDTH="19%"><DIV ALIGN="CENTER"><FONT SIZE="2">For the Years Ended</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="7"><DIV ALIGN="CENTER"><FONT SIZE="2">December 31, 2001</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="7"><DIV ALIGN="CENTER"><FONT SIZE="2">December 31, 2000</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="7"><DIV ALIGN="CENTER"><FONT SIZE="2">December 31, 1999</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%"><DIV ALIGN="CENTER"><FONT SIZE="2">Net</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">Basic</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">Diluted</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD WIDTH="7%"><DIV ALIGN="CENTER"><FONT SIZE="2">Net</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">Basic</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">Diluted</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD WIDTH="7%"><DIV ALIGN="CENTER"><FONT SIZE="2">Net</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">Basic</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">Diluted</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp; </TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="7%"><DIV ALIGN="CENTER"><FONT SIZE="2">Income</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">EPS</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">EPS</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="7%"><DIV ALIGN="CENTER"><FONT SIZE="2">Income</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">EPS</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">EPS</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="7%"><DIV ALIGN="CENTER"><FONT SIZE="2">Income</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">EPS</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="5%"><DIV ALIGN="CENTER"><FONT SIZE="2">EPS</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="28"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2">As reported</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$137,963</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">$1.75</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$1.73</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$163,453</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">$2.09</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$2.06</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$146,122</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">$1.87</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$1.85</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2">Add back amortization of:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Goodwill</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">27,163</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">.34</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"><DIV ALIGN="RIGHT"><FONT SIZE="2">.34</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">25,798</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">.33</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"><DIV ALIGN="RIGHT"><FONT SIZE="2">.33</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">25,029</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">.32</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"><DIV ALIGN="RIGHT"><FONT SIZE="2">.32</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">FCC licenses</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">470</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">.01</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"><DIV ALIGN="RIGHT"><FONT SIZE="2">.01</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">470</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">.01</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"><DIV ALIGN="RIGHT"><FONT SIZE="2">.01</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">470</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">.01</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"><DIV ALIGN="RIGHT"><FONT SIZE="2">.01</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Network affiliation and other</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">233</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">.00</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"><DIV ALIGN="RIGHT"><FONT SIZE="2">.00</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">226</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">.00</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"><DIV ALIGN="RIGHT"><FONT SIZE="2">.00</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">226</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">.00</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"><DIV ALIGN="RIGHT"><FONT SIZE="2">.00</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="28"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2">As adjusted</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$165,829</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">$2.10</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$2.07</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$189,947</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">$2.43</FONT></TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$2.40</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$171,847</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">$2.20</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$2.18</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="28"> <HR NOSHADE SIZE="2"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2" WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
</TABLE>
<DIV ALIGN="CENTER"><FONT SIZE="2">F - 25</FONT> </DIV>

<P ALIGN="LEFT"></P>
<DIV ALIGN="LEFT"></DIV>
<P>&nbsp;</P>
<P><FONT SIZE="2">Information regarding the Company's goodwill and other intangible assets as of the date of adoption of FAS No. 142 is as follows:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="20"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="10%">&nbsp; </TD>
</TR>
<TR>
<TD HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%" HEIGHT="18"> <DIV ALIGN="right"><FONT SIZE="2">Scripps</FONT> </DIV>
</TD>
<TD WIDTH="1%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2" WIDTH="7%" HEIGHT="18"> <DIV ALIGN="right"><FONT SIZE="2">Broadcast</FONT> </DIV>
</TD>
<TD WIDTH="1%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%" HEIGHT="18"> <DIV ALIGN="right"><FONT SIZE="2">Licensing</FONT> </DIV>
</TD>
<TD WIDTH="1%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%" HEIGHT="18"> <DIV ALIGN="right"><FONT SIZE="2">Net Book</FONT> </DIV>
</TD>
<TD WIDTH="1%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%" HEIGHT="18"> <DIV ALIGN="right"><FONT SIZE="2">Carrying</FONT> </DIV>
</TD>
<TD WIDTH="1%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%" HEIGHT="18"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%" HEIGHT="18"> <DIV ALIGN="right"><FONT SIZE="2">Accumulate</FONT><FONT SIZE="2">d</FONT> </DIV>
</TD>
</TR>
<TR>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">Newspapers</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">Networks</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">Television</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">and Other</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">Value</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">Amount</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">Amortizatio</FONT><FONT SIZE="2">n</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="20"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Goodwill:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="10%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Goodwill</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">724,106</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">138,115</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">153,882</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">18</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;1,016,121</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Audience and subscriber base</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">55,004</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">56,644</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">111,648</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Work force</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">1,622</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">8,841</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">10,463</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">780,732</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">138,115</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">219,367</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">18</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">1,138,232</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Unamortized intangible assets:</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">FCC licenses</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">25,622</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">25,622</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Network affiliation</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">26,748</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">26,748</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">1,153</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">432</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">1,585</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">1,153</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">432</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">52,370</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">53,955</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Amortized intangible assets:</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Cable network affiliation</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">5,456</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">5,456</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">20,669</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">15,213</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Customer lists</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">3,003</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">3,003</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">4,219</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">1,216</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">1,181</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">1,015</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">349</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">2,545</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">6,607</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">4,062</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="5"> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">4,184</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">6,471</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">349</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">11,004</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">31,495</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">20,491</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="5"> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total goodwill and intangible assets</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">786,069</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">145,018</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">272,086</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">18</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">1,203,191</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Program rights</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">214,419</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">28,916</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">243,335</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">539,746</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">296,411</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="20"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Network distribution contracts</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">124,639</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">124,639</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">209,536</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">84,897</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="20"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Amortization for assets recorded as of December 31, 2001, for each of the five succeeding years is presented below. Amortization will be greater than the reported amounts because additional assets will be acquired.</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="38%"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">Scripps</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">Broadcast</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">Licensing</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">Newspapers</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">Networks</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">Television</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">and Other</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">Total</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="38%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Intangible assets</FONT> </TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">400</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">3,100</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">100</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">3,600</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Program rights</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">94,100</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">26,600</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">120,700</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Network distribution contracts</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">19,200</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">19,200</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Total 2002</FONT> </TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">400</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">116,400</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">26,700</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">143,500</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Intangible assets</FONT> </TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">400</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">2,200</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">100</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">2,700</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Program rights</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">70,800</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">1,400</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">72,200</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Network distribution contracts</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">18,200</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">18,200</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Total 2003</FONT> </TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">400</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">91,200</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">1,500</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">93,100</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Intangible assets</FONT> </TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">400</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">600</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">100</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">1,100</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Program rights</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">35,400</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">700</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">36,100</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Network distribution contracts</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">17,200</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">17,200</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Total 2004</FONT> </TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">400</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">53,200</FONT> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">800</FONT> </DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">54,400</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Intangible assets</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">400</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">&nbsp;$&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">100</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">500</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Program rights</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">10,900</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">100</FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">11,000</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Network distribution contracts</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">18,000</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">18,000</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Total 2005</FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">400</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">29,000</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">100</FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">29,500</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Intangible assets</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">400</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">100</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">500</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Program rights</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">2,500</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">2,500</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Network distribution contracts</FONT> </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">16,400</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">16,400</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="38%"><FONT SIZE="2">Total 2006</FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">400</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$&nbsp;</FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">19,000</FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">19,400</FONT></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F-26 </FONT></P>

<P ALIGN="LEFT"></P>
<P><B><FONT SIZE="2">3.</FONT></B>&nbsp;<B><FONT SIZE="2">ACQUISITIONS AND DIVESTITURES</FONT></B></P>
<P><B><U><FONT SIZE="2">Acquisitions</FONT></U></B></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="3%"><DIV ALIGN="RIGHT"><B><FONT SIZE="2">2001</FONT></B></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="CENTER"><B><FONT SIZE="2">- </FONT></B></DIV>
</TD>
<TD WIDTH="95%">
<P><B><FONT SIZE="2"> </FONT></B><FONT SIZE="2">The Company acquired an additional 4.0% interest in Food Network.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="CENTER"><B></B></DIV>
</TD>
<TD WIDTH="95%">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="TOP" WIDTH="3%"><B><FONT SIZE="2">2000</FONT></B><FONT SIZE="2"> </FONT></TD>
<TD VALIGN="TOP" WIDTH="2%"><DIV ALIGN="CENTER"><B><FONT SIZE="2">- </FONT></B></DIV>
</TD>
<TD WIDTH="95%">
<P><FONT SIZE="2">The Company acquired the daily newspaper in Fort Pierce, Florida, in exchange for its newspaper in Destin, Florida, and cash; the daily newspaper in Henderson, Kentucky; the weekly newspaper in Marco Island, Florida; and television
station KMCI in Lawrence, Kansas.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="CENTER"><B></B></DIV>
</TD>
<TD WIDTH="95%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="3%"><B><FONT SIZE="2">1999</FONT></B></TD>
<TD WIDTH="2%"><DIV ALIGN="CENTER"><B><FONT SIZE="2">-</FONT></B></DIV>
</TD>
<TD WIDTH="95%">
<P><B><FONT SIZE="2"> </FONT></B><FONT SIZE="2">The Company acquired an additional 6.9% interest in Food Network.</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The following table presents additional information about the acquisitions:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="10"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="TOP"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="7" NOWRAP> <DIV ALIGN="CENTER"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Goodwill and other intangible assets acquired</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="7%"><DIV ALIGN="RIGHT"><FONT SIZE="2">19,435</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">73,305</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">18,243</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other assets acquired (primarily property and equipment)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">14,495</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%"><DIV ALIGN="RIGHT"><FONT SIZE="2">19,435</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">87,800</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">18,243</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Fair value of Destin newspaper</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(3,857</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Liabilities assumed</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(1,876</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(592</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Cash paid</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="7%"><DIV ALIGN="RIGHT"><FONT SIZE="2">19,435</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">82,067</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">17,651</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The acquisitions have been accounted for as purchases. The allocations of the purchase prices in 2001 are based upon preliminary appraised values of the assets acquired and liabilities assumed, and are therefore subject to change.
Operating results are included in the Consolidated Statements of Income from the dates of acquisitions, with the exception of KMCI whose results were included while the Company operated the station under a contract with the previous owner. Pro forma
results are not presented because the combined results of operations would not be significantly different than the reported amounts.</FONT></P>
<P><B><U><FONT SIZE="2">Divestitures</FONT></U></B></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD VALIGN="TOP" WIDTH="3%"><B><FONT SIZE="2">2000</FONT></B><FONT SIZE="2"> </FONT></TD>
<TD VALIGN="TOP" WIDTH="2%"><DIV ALIGN="CENTER"><FONT SIZE="2"><B>-</B> </FONT></DIV>
</TD>
<TD WIDTH="95%">
<P><B><FONT SIZE="2"> </FONT></B><FONT SIZE="2">The Company sold its independent telephone directories and traded its Destin, Florida, newspaper and cash for the daily newspaper in Fort Pierce, Florida. The sales and trade resulted in net gains of
$6,196,000, $4,000,000 after-tax ($.05 per share).</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Included in the consolidated financial statements were the following results of divested operating units (excluding gains on sales):</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="7"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="TOP" WIDTH="53%"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="30%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2">&nbsp;</TD>
<TD WIDTH="1%">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" WIDTH="53%">&nbsp; </TD>
<TD VALIGN="BOTTOM" WIDTH="30%">&nbsp; </TD>
<TD COLSPAN="4" VALIGN="BOTTOM"> <DIV ALIGN="CENTER"><FONT SIZE="2"><I><FONT SIZE="1"> </FONT></I><FONT SIZE="2">For the years ended</FONT>
<BR>
December 31,</FONT> </DIV>
</TD>
<TD WIDTH="1%">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" WIDTH="53%">&nbsp; </TD>
<TD VALIGN="BOTTOM" WIDTH="30%">&nbsp; </TD>
<TD ALIGN="center" VALIGN="BOTTOM" WIDTH="6%"><FONT SIZE="2">2000</FONT> </TD>
<TD VALIGN="BOTTOM" WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2" VALIGN="BOTTOM"><DIV ALIGN="CENTER"><FONT SIZE="2">1999</FONT> </DIV>
</TD>
<TD WIDTH="1%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="53%"><FONT SIZE="2">Operating revenues</FONT> </TD>
<TD WIDTH="30%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">$&nbsp;&nbsp;&nbsp;10,500</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="1%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">$&nbsp;&nbsp;&nbsp;23,042</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="53%"><FONT SIZE="2">Operating income (loss)</FONT> </TD>
<TD WIDTH="30%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(275</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">195</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P ALIGN="CENTER"><FONT SIZE="2">F - 27</FONT></P>
<P ALIGN="center">&nbsp; </P>
<P> <FONT SIZE="2"> </FONT></P>
<TABLE>
<TR>
<TD VALIGN="top" COLSPAN="3"><B><FONT SIZE=2>4.</FONT></B> &nbsp;&nbsp;<B><FONT SIZE=2>UNUSUAL CREDITS AND CHARGES</FONT></B>
<BR>
</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%" NOWRAP><B><FONT SIZE=2>2001 - </FONT></B><FONT SIZE=2></FONT></TD>
<TD VALIGN="top" COLSPAN="2"><FONT SIZE=2>The Company&#146;s reported results of operations were affected by the following items:</FONT>
<BR>
</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" WIDTH="5%"> <LI> &nbsp;&nbsp;</LI>
</TD>
<TD VALIGN="top" WIDTH="90%"><FONT SIZE=2>Included in net investment results are i) recognized net investment gains and ii) adjustments to accrued incentive compensation related to changes in the net gains (realized and estimated unrealized) on the
Scripps Ventures I portfolio. Included in recognized net investment gains are i) realized net gains totaling $77,300,000, including $65,900,000 on the exchange of the Company&#146;s investment in Time Warner for America Online (&#147;AOL&#148;),
which acquired Time Warner in the first quarter, and an $11,700,000 gain on the sale of a portion of the Company&#146;s investment in Centra Software, ii) $80,200,000 in write-downs for several investments, including a $29,000,000 write-down of the
investment in AOL in the fourth quarter, and iii) an $11,500,000 reduction in accrued incentive compensation, to zero at December 31, 2001. Net investment results increased net income $3,800,000 ($.05 per share).</FONT>
<BR>
</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" WIDTH="5%"> <LI></LI>
</TD>
<TD VALIGN="top" WIDTH="90%"><FONT SIZE=2>Costs associated with workforce reductions, including the Company&#146;s share of such costs at the Denver JOA, reduced operating income $16,100,000. Net income was reduced $10,100,000 ($.13 per
share).</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT SIZE=2>The combined effect of the above items was to reduce 2001 net income $6,300,000 ($.08 per share).</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%" NOWRAP><B><FONT SIZE=2>2000 - </FONT></B><FONT SIZE=2></FONT></TD>
<TD VALIGN="top" COLSPAN="2"> <FONT SIZE=2>In addition to the gains on divested operations described in Note 3, the Company&#146;s reported results of operations were affected by the following items:</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" WIDTH="5%"> <LI> &nbsp;&nbsp;</LI>
</TD>
<TD VALIGN="top" WIDTH="90%"><FONT SIZE=2>Included in net investment results are i) realized gains of $12,400,000, ii) $29,900,000 in write-downs for several investments, and iii) a $4,500,000 increase in accrued incentive compensation, to
$11,500,000 at December 31, 2000. Net investment results reduced net income $15,800,000 ($.20 per share).</FONT>
<BR>
</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" WIDTH="5%"> <LI> &nbsp;&nbsp;</LI>
</TD>
<TD VALIGN="top" WIDTH="90%"><FONT SIZE=2>$9,500,000 of expenses associated with preparations for the joint newspaper operations in Denver. Net income was reduced $6,200,000 ($.08 per share).</FONT>
<BR>
</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" WIDTH="5%"> <LI></LI>
</TD>
<TD VALIGN="top" WIDTH="90%"><FONT SIZE=2>Reduction of the estimated liability for prior year income taxes and a reduction in the estimate of unrealizable state net operating loss carryforwards (see Note 5). Net income was increased $7,200,000 ($.09
per share).</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT SIZE=2>The combined effect of the above items was to reduce 2000 net income $10,900,000 ($.14 per share).</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%" NOWRAP><B><FONT SIZE=2>1999 - </FONT></B><FONT SIZE=2></FONT></TD>
<TD VALIGN="top" COLSPAN="2"><FONT SIZE=2>The Company&#146;s reported results of operations were affected by the following items:</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" WIDTH="5%"> <LI> &nbsp;&nbsp;</LI>
</TD>
<TD VALIGN="top" WIDTH="90%"><FONT SIZE=2>Included in net investment results are i) realized gains of $11,200,000, ii) $2,600,000 in write-downs for several investments, and iii) a $7,000,000 increase in accrued incentive compensation, to $7,000,000
at December 31, 1999. Net investment results increased net income $400,000 ($.00 per share).</FONT>
<BR>
</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" WIDTH="5%"> <LI> &nbsp;&nbsp;</LI>
</TD>
<TD VALIGN="top" WIDTH="90%"><FONT SIZE=2>Costs incurred to move the Food Network&#146;s operations to a different location in Manhattan totaled $800,000. Net income was reduced $500,000 ($.01 per share).</FONT>
<BR>
</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" WIDTH="5%"> <LI></LI>
</TD>
<TD VALIGN="top" WIDTH="90%"><FONT SIZE=2>Severance payments totaling $1,200,000 to certain television station employees, reducing net income $700,000 ($.01 per share).</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="5%">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <FONT SIZE=2>The combined effect of the above items was to reduce 1999 net income $900,000 ($.01 per share).</FONT>
<BR>
</TD>
</TR>
</TABLE>
<FONT SIZE="2"> </FONT>
<P ALIGN="center">F-28</P>
<P ALIGN="center">&nbsp;</P>

<P><B><FONT SIZE="2">5.</FONT></B>&nbsp;<B><FONT SIZE="2">INCOME TAXES</FONT></B></P>
<P><FONT SIZE="2">The Company's 1992 through 1995 consolidated federal income tax returns are currently under examination by the IRS. In 2000 the Company reduced its liability for prior year income taxes by $4,200,000. Management believes that
adequate provision for income taxes has been made for all open years.</FONT></P>
<P><FONT SIZE="2">The approximate effects of the temporary differences giving rise to the Company's deferred income tax liabilities (assets) were as follows:</FONT></P>

<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="2" WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="4"> <DIV ALIGN="center"><FONT SIZE="2">As of December</FONT> <FONT SIZE="2">31,</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="8%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Accelerated depreciation and amortization</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">150,929</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">163,469</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Investments, primarily gains and losses not yet recognized for tax</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">22,795</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">12,266</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Accrued expenses not deductible until paid</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(10,219</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(10,575</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Deferred compensation and retiree benefits not deductible until paid</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(29,673</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(31,682</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other temporary differences, net</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(10,499</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(11,217</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">123,333</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">122,261</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">State net operating loss carryforwards</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(13,587</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(12,128</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Valuation allowance for state deferred tax assets</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">6,393</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">6,552</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net deferred tax liability</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">116,139</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">116,685</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The Company's state net operating loss carryforwards expire from 2003 through 2016. At each balance sheet date management estimates the amount of state net operating loss carryforwards that are not expected to be used prior to
expiration of the carryforward period. The tax effect of these unused state net operating loss carryforwards is included in the valuation allowance. Based upon expected taxable income of subsidiary companies with state net operating loss
carryforwards during the carryforward periods, the Company reduced its valuation allowance by $3,000,000 in 2000.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 29</FONT></P>


<P ALIGN="left"></P>
<P><FONT SIZE="2">The provision for income taxes consisted of the following:</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="10"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="TOP"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="7"> <DIV ALIGN="CENTER"></DIV>
<DIV ALIGN="CENTER"></DIV>
<DIV ALIGN="CENTER"></DIV>
<DIV ALIGN="CENTER"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center"><DIV ALIGN="CENTER"><FONT SIZE="2">2001</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center"><DIV ALIGN="CENTER"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center"><DIV ALIGN="CENTER"><FONT SIZE="2">1999</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="10"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Current:</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Federal</FONT> </TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right"><FONT SIZE="2">55,758</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right"><FONT SIZE="2">82,514</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right"><FONT SIZE="2">67,247</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">State and local</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">15,531</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">18,361</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">13,588</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Foreign</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">3,787</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">5,376</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">4,485</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total current</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">75,076</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">106,251</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">85,320</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Deferred:</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Federal</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">435</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">(13,340</FONT> </TD>
<TD><FONT SIZE="2">)</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">22,111</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">(981</FONT> </TD>
<TD><FONT SIZE="2">)</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">(3,519</FONT> </TD>
<TD><FONT SIZE="2">)</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">2,144</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total deferred</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">(546</FONT> </TD>
<TD><FONT SIZE="2">)</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">(16,859</FONT> </TD>
<TD><FONT SIZE="2">)</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">24,255</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total income taxes</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">74,530</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">89,392</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">109,575</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Income taxes allocated to stockholders' equity</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">25,092</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">18,698</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">(5,963</FONT> </TD>
<TD><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Provision for income taxes</FONT> </TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right"><FONT SIZE="2">99,622</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right"><FONT SIZE="2">108,090</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right"><FONT SIZE="2">103,612</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="2"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"><FONT SIZE="2">The difference between the statutory rate for federal income tax and the effective income tax rate was as follows:</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD COLSPAN="7"> <DIV ALIGN="CENTER"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><DIV ALIGN="CENTER"><FONT SIZE="2">2001</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="right"><DIV ALIGN="CENTER"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="right"><DIV ALIGN="CENTER"><FONT SIZE="2">1999</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2">Statutory rate</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">35.0</FONT> </TD>
<TD><FONT SIZE="2"> %</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">35.0</FONT> </TD>
<TD><FONT SIZE="2"> %</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">35.0</FONT> </TD>
<TD><FONT SIZE="2"> %</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2">Effect of:</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">State and local income taxes</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">4.0</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">3.5</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">4.0</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Adjustment of liability for prior year income taxes</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">(1.5</FONT> </TD>
<TD><FONT SIZE="2">)</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Amortization of nondeductible goodwill</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">1.6</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">1.4</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">1.4</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Miscellaneous</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">0.7</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">0.8</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">0.4</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2">Effective income tax rate</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">41.3</FONT> </TD>
<TD><FONT SIZE="2"> %</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">39.2</FONT> </TD>
<TD><FONT SIZE="2"> %</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">40.8</FONT> </TD>
<TD><FONT SIZE="2"> %</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="10" VALIGN="TOP"> <HR NOSHADE SIZE="2"> </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 30</FONT></P>

<P ALIGN="left"></P>
<P><B><FONT SIZE="2">6.</FONT></B>&nbsp;<B><FONT SIZE="2">LONG-TERM DEBT</FONT></B></P>
<P><FONT SIZE="2">Long-term debt consisted of the following:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="4"> <DIV ALIGN="center"><FONT SIZE="2">As of December</FONT> <FONT SIZE="2">31,</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Variable rate credit facilities, including commercial paper</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">513,855</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">512,788</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">$100 million, 6.625% note, due in 2007</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">99,916</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">99,901</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">$100 million, 6.375% note, due in 2002</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">99,983</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">99,964</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other notes</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">10,090</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">1,956</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total long-term debt</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">723,844</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">714,609</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Current portion of long-term debt</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">613,878</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">212,828</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Long-term debt (less current portion)</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">109,966</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">501,781</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Fair value of long-term debt *</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">730,000</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">711,300</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="1">*</FONT>&nbsp;<FONT SIZE="1">Fair value was estimated based on current rates available to the Company for debt of the same remaining maturity.</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
</TABLE>

<P><FONT SIZE="2">The Company has a Competitive Advance and Revolving Credit Facility Agreement, which expires in September 2002 and permits aggregate borrowings up to $675,000,000 (the &quot;Variable Rate Credit Facilities&quot;). Borrowings are
available on a committed revolving credit basis at the Company's choice of three short-term rates or through an auction procedure at the time of each borrowing. The Variable Rate Credit Facilities are also used by the Company in whole or in part, in
lieu of direct borrowings, as credit support for its commercial paper. The weighted-average interest rates on the Variable Rate Credit Facilities at December 31 was 2.0% in 2001 and 6.6% in 2000.</FONT></P>
<P><FONT SIZE="2">Certain long-term debt agreements contain maintenance requirements for net worth and coverage of interest expense and restrictions on incurrence of additional indebtedness. The Company is in compliance with all debt
covenants.</FONT></P>
<P><FONT SIZE="2">Current maturities of long-term debt are classified as long-term to the extent they can be refinanced under existing long-term credit commitments. The Variable Rate Credit Facilities are expected to be replaced with a similar
facility prior to expiration.</FONT></P>
<P><FONT SIZE="2">Interest costs capitalized were $700,000 in 2001, $200,000 in 2000, and $400,000 in 1999.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 31</FONT></P>

<P ALIGN="left"></P>
<P><B><FONT SIZE="2">7.</FONT></B>&nbsp;<B><FONT SIZE="2">INVESTMENTS</FONT></B></P>
<P><FONT SIZE="2">Investments consisted of the following:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands, except share data )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="4"> <DIV ALIGN="center"><FONT SIZE="2">As of December</FONT> <FONT SIZE="2">31,</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Securities available for sale (at market value):</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">AOL Time Warner common stock (2,017,000 shares)</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">64,740</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Time Warner common stock (1,344,000 shares)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">70,239</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Centra Software (700,500 and 1,792,500 common shares)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">5,604</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">6,946</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">4,213</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">3,969</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total available-for-sale securities</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">74,557</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">81,154</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Denver newspaper JOA</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">198,527</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">FOX SportSouth and other joint ventures</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">6,744</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">9,502</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other equity investments</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">51,714</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">87,266</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total investments</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">331,542</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">177,922</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Unrealized gains on securities available for sale</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">7,793</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">49,047</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD>&nbsp; </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Investments available for sale represent securities in publicly traded companies. Investments available for sale are recorded at fair value. Fair value is based upon the closing price of the security on the reporting
date.</FONT></P>
<P><FONT SIZE="2">The Company exchanged its investment in Time Warner for America Online, which acquired Time Warner, in the first quarter of 2001. The Company sold 1,092,000 shares of Centra Software in the second quarter of 2001.</FONT></P>
<P><FONT SIZE="2">Other equity investments include securities that do not trade in public markets, so they do not have readily determinable fair values. Management estimates the fair value of these securities is approximately $60,000,000. However,
many of the investees have had no rounds of equity financing in the past two years and there can be no assurance as to the amounts the Company would receive if the securities were sold.</FONT></P>
<P><FONT SIZE="2">The Company's Scripps Ventures Funds I and II invest in new businesses focusing primarily on new media technology. Scripps Ventures I invested $54,000,000. The managers' compensation includes a share of that portfolio's cumulative
net gain through December 2002 if a specified minimum return is achieved. The incentive compensation accrual was zero at December 31, 2001, and will be subject to change as the net gain changes through December 2002. Scripps Ventures II is
authorized to invest up to $100,000,000, of which $44,000,000 was invested as of December 31, 2001. The managers have a minority equity interest in the return on Scripps Ventures II's investments if a specified minimum return is achieved.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 32</FONT></P>


<P ALIGN="left"> </P>
<P><B><FONT SIZE="2">8.</FONT></B>&nbsp;<B><FONT SIZE="2">PROPERTY, PLANT AND EQUIPMENT</FONT></B></P>
<P><FONT SIZE="2">Property, plant and equipment consisted of the following:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="BOTTOM">
<TD COLSPAN="7"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="4"> <DIV ALIGN="CENTER"><FONT SIZE="2">As of December</FONT><FONT SIZE="2"> 31,</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="13%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="13%"><DIV ALIGN="CENTER"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Land and improvements</FONT> </TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">45,246</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">47,395</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Buildings and improvements</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">204,792</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">255,320</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Equipment</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">549,660</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">685,314</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">799,698</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">988,029</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Accumulated depreciation</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">405,021</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">485,988</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net property, plant and equipment</FONT> </TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">394,677</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="13%"><DIV ALIGN="RIGHT"><FONT SIZE="2">502,041</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><B><FONT SIZE="2">9.</FONT></B>&nbsp;<B><FONT SIZE="2">GOODWILL AND OTHER INTANGIBLE ASSETS</FONT></B></P>
<P><FONT SIZE="2">Goodwill and other intangible assets arising from business acquisitions consisted of the following:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="7"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="TOP"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="4"> <DIV ALIGN="CENTER"><FONT SIZE="2">As of December</FONT> <FONT SIZE="2">31,</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="14%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="CENTER"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Goodwill</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">1,225,437</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">1,207,828</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Audience and subscriber base</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">180,694</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">180,694</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Work force</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">17,020</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">17,020</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Broadcast television network affiliation</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">37,851</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">37,851</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">FCC licenses</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">30,644</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">30,644</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Cable network affiliation</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">20,669</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">20,669</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Customer lists</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">4,219</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">4,219</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">8,940</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">8,733</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">1,525,474</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">1,507,658</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Accumulated amortization</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">322,283</FONT> </DIV>
</TD>
<TD WIDTH="3%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">281,352</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net goodwill and other intangible assets</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">1,203,191</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD WIDTH="14%"><DIV ALIGN="RIGHT"><FONT SIZE="2">1,226,306</FONT> </DIV>
</TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 33</FONT></P>


<P ALIGN="left"></P>
<P><B><FONT SIZE="2">10. OTHER LONG-TERM OBLIGATIONS AND MINORITY INTERESTS</FONT></B></P>
<P><FONT SIZE="2">Other long-term obligations and minority interests consisted of the following:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="top">
<TD COLSPAN="6"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="4"> <DIV ALIGN="center"><FONT SIZE="2">As of December</FONT> <FONT SIZE="2">31,</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Program rights payable</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">42,234</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">50,928</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Employee compensation and benefits</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">98,079</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">96,952</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Network distribution contracts</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">66,543</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">55,235</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Minority interests</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">13,825</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">13,274</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">15,490</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">16,054</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total other long-term obligations and minority interests</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">236,171</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">232,443</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Current portion of other long-term obligations</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">106,777</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">102,076</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other long-term obligations and minority interests (less current portion)</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">129,394</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">130,367</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
</TABLE>
<P><B><FONT SIZE="2">11. SUPPLEMENTAL CASH FLOW INFORMATION</FONT></B></P>
<P><FONT SIZE="2">The following table presents additional information about the change in certain working capital accounts:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="top">
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="7"> <DIV ALIGN="center"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="8%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="8%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="8%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other changes in certain working capital accounts, net:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Accounts receivable</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">23,500</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(24,238</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(53,847</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Accounts payable</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(24,464</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(2,120</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">13,374</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Accrued income taxes</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">11,868</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">586</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">503</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other accrued liabilities</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(14,927</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">8,024</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">3,356</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other, net</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">8,092</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(1,025</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">7,484</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">4,069</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(18,773</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(29,130</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 34</FONT></P>


<P ALIGN="left"></P>
<P><B><FONT SIZE="2">12. EMPLOYEE BENEFIT PLANS</FONT></B></P>
<P><FONT SIZE="2">Retirement plans expense consisted of the following:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="BOTTOM">
<TD COLSPAN="10"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="TOP"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="9%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="7"> <DIV ALIGN="CENTER"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="9%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="9%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="9%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Service cost</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">13,022</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">13,857</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">14,078</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Interest cost</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">20,970</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">19,198</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">17,012</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Actual (return) loss on plan assets, net of expenses</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">22,589</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">799</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">(50,022</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net amortization and deferral</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">(50,022</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">(29,654</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">27,120</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total for defined benefit plans</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">6,559</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">4,200</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">8,188</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Multi-employer plans</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">747</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">1,248</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">1,162</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Defined contribution plans</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">5,618</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">6,208</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">5,698</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">12,924</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">11,656</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="9%"><FONT SIZE="2">15,048</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The following table presents information about the Company's employee benefit plan assets and obligations:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="BOTTOM">
<TD COLSPAN="10"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="7"> <DIV ALIGN="CENTER"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="8%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="8%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="8%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><B><FONT SIZE="2">Change in benefit obligation</FONT></B> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Benefit obligation at beginning of year</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">274,971</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">268,810</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">269,493</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Service cost</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">13,022</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">13,857</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">14,078</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Interest cost</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">20,970</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">19,198</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">17,012</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Benefits paid</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(17,920</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(16,606</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(16,224</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Reductions associated with dispositions</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(15,940</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Actuarial losses (gains)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(1,896</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(10,288</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(15,549</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Benefit obligation at end of year</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">273,207</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">274,971</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">268,810</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><B><FONT SIZE="2">Change in plan assets</FONT></B> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Fair value at beginning of year</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">286,338</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">302,934</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">268,386</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Actual return (loss) on plan assets</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(22,589</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(799</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">50,022</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Company contributions</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">1,477</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">809</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">750</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Benefits paid</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(17,920</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(16,606</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(16,224</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Transfers associated with dispositions</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(17,846</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Fair value at end of year</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">229,460</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">286,338</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">302,934</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Plan assets greater than (less than) projected benefits</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(43,747</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">11,367</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">34,124</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Unrecognized net loss (gain)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">10,169</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(38,904</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(57,774</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Unrecognized prior service cost</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">1,880</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">2,629</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">3,547</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Unrecognized net asset at the date FAS No. 87 was</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="8%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">adopted, net of amortization</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(603</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(2,012</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(3,434</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net pension asset (liability) recognized in the balance sheet</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(32,301</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(26,920</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">(23,537</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 35</FONT></P>

<P ALIGN="left"> </P>
<P><FONT SIZE="2">Assumptions used in the accounting for the defined benefit plans were as follows:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Discount rate for determining annual expense</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">8.0</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">7.5</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">6.5</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Discount rate for determining year-end obligation</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">7.5</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">8.0</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">7.5</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Assumed long-term rate of return on plan assets</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">10.0</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">9.5</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">8.5</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Assumed rate of increase in compensation levels</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">5.5</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">5.0</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">4.0</FONT> </TD>
<TD WIDTH="3%"><FONT SIZE="2">%</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="7"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Management believes the discount rate plus two percentage points is the best estimate of the long-term return on plan assets, and the discount rate minus two and one-half percentage points is the best estimate of the long-term
increase in compensation levels. Therefore, when the discount rate changes, management's expectation for the future long-term rate of return on plan assets and increase in compensation levels changes in tandem. For 2002 the assumed return on plan
assets is 9.5% and the assumed rate of increase in compensation levels is 5.0%.</FONT></P>
<P><FONT SIZE="2">Plan assets consist of marketable equity and fixed-income securities.</FONT></P>
<P><B><FONT SIZE="2">13. SEGMENT INFORMATION</FONT></B></P>
<P><FONT SIZE="2">The Company's reportable segments are strategic businesses that offer different products and services. The Company evaluates the operating performance of its segments based primarily on earnings before interest, income taxes,
depreciation and amortization (&quot;EBITDA&quot;), excluding divested operating units (see Note 3), unusual items (see Note 4) and all amounts classified as other credits (charges) in the Consolidated Statements of Income. No single customer
provides more than 10% of the Company's revenue. International revenues are primarily derived from licensing comic characters and HGTV and Food Network programming in international markets. Licensing of comic characters in Japan provides more than
60% of the Company's international revenues, which are less than $50,000,000 annually.</FONT></P>
<P><FONT SIZE="2">Information regarding the Company's business segments is presented on the following page.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 36</FONT></P>

<P ALIGN="left"> </P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="46%"><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="7"> <DIV ALIGN="center"><FONT SIZE="2">For the years ended December 31,</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%"> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="13%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">OPERATING REVENUES</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Newspapers</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">739,431</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">955,557</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">914,403</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Scripps Networks</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">337,195</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">295,681</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">212,922</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Broadcast television</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">277,601</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">343,125</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">312,362</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Licensing and other media</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">88,785</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">96,895</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">92,570</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">1,443,012</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">1,691,258</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">1,532,257</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Unusual item</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">(5,881</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Divested operating units</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">10,500</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">23,042</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Per consolidated financial statements</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">1,437,131</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">1,701,758</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">1,555,299</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">EBITDA</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Newspapers</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">237,686</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">269,409</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">275,671</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Scripps Networks</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">75,547</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">68,770</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">33,567</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Broadcast television</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">79,651</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">129,018</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">95,955</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Licensing and other media</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">14,881</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">16,144</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">12,640</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Corporate</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">(18,596</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">(19,825</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">(17,519</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">389,169</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">463,516</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">400,314</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Unusual items</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">(15,605</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">(9,523</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">(2,000</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Divested operating units</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">261</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">891</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Per consolidated financial statements</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">373,564</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">454,254</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">399,205</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">DEPRECIATION</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Newspapers</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">25,869</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">40,574</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">38,925</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Scripps Networks</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">8,357</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">7,063</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">5,533</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Broadcast television</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">19,652</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">19,277</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">17,962</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Licensing and other media</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">831</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">814</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">1,472</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Corporate</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">949</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">972</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">1,039</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">55,658</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">68,700</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">64,931</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Unusual items</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">63</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Divested operating units</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">357</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">369</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Per consolidated financial statements</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">55,721</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">69,057</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">65,300</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">AMORTIZATION OF INTANGIBLE ASSETS</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Newspapers</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">25,761</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">23,222</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">22,114</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Scripps Networks</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">7,803</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">7,236</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">6,364</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Broadcast television</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">9,431</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">9,471</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">9,502</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Licensing and other media</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">244</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">42,995</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">39,929</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">38,224</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Unusual items</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">411</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Divested operating units</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">179</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">327</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Per consolidated financial statements</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">43,406</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">40,108</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">38,551</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">OPERATING INCOME</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="14%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD WIDTH="13%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Newspapers</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">186,056</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">205,613</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%"><FONT SIZE="2"> $</FONT> </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">214,632</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Scripps Networks</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">59,387</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">54,471</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">21,670</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Broadcast television</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">50,568</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">100,270</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">68,491</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Licensing and other media</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">14,050</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">15,330</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">10,924</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Corporate</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">(19,545</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">(20,797</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">(18,558</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">290,516</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">354,887</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">297,159</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Unusual items</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">(16,079</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">(9,523</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="3%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">(2,000</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Divested operating units</FONT> </TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">(275)</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">195</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD ALIGN="right" WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD ALIGN="right" WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD ALIGN="right" WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="46%"><FONT SIZE="2">Per consolidated financial statements</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">274,437</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="14%"><FONT SIZE="2">345,089</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="13%"><FONT SIZE="2">295,354</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="46%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE="1"> </TD>
<TD ALIGN="right" WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD ALIGN="right" WIDTH="14%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE="1"> </TD>
<TD ALIGN="right" WIDTH="13%"> <HR NOSHADE SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 37</FONT></P>


<P ALIGN="left"></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="10"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right" COLSPAN="7"><DIV ALIGN="CENTER"><FONT SIZE="2">For the years ended December 31,</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="CENTER"><FONT SIZE="2">2001</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="right"><DIV ALIGN="CENTER"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center"><DIV ALIGN="CENTER"><FONT SIZE="2">1999</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Newspapers</FONT> </TD>
<TD ALIGN="center"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">34,363</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">29,834</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">30,693</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Scripps Networks</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">14,114</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">12,236</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">21,557</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Broadcast television</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">18,785</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">31,280</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">25,749</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Licensing and other media</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">338</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">586</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">491</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Corporate</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">623</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">548</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">796</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT> </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">68,223</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">74,484</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">79,286</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Divested operating units</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">93</FONT> </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD ALIGN="right"><FONT SIZE="2">540</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Per consolidated financial statements</FONT> </TD>
<TD ALIGN="center"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">68,223</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">74,577</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">79,826</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">BUSINESS ACQUISITIONS AND</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">OTHER ADDITIONS TO LONG-LIVED ASSETS</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Newspapers</FONT> </TD>
<TD ALIGN="center"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">63,199</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">74,878</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">4,005</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Scripps Networks</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">103,263</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">15,035</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">39,899</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Broadcast television</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">27</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">14,710</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">130</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Venture capital and other investments</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">18,139</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">53,615</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">43,298</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">184,628</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">158,238</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">87,332</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Divested operating units</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">800</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT> </TD>
<TD ALIGN="center"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">184,628</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">158,238</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">88,132</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">ASSETS</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Newspapers</FONT> </TD>
<TD ALIGN="center"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">1,274,694</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">1,276,264</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">1,228,824</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Scripps Networks</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">640,785</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">523,694</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">462,287</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Broadcast television</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">496,911</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">524,696</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">515,167</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Licensing and other media</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">26,899</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">34,851</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">36,819</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Venture capital and other investments</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">127,924</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">170,156</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">198,984</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Corporate</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">76,547</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">60,379</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">63,515</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">2,643,760</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">2,590,040</FONT> </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">2,505,596</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Divested operating units</FONT> </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">31,959</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Per consolidated financial statements</FONT> </TD>
<TD ALIGN="center"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">2,643,760</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">2,590,040</FONT> </TD>
<TD>&nbsp; </TD>
<TD><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">2,537,555</FONT> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Other additions to long-lived assets include investments and launch incentives capitalized. Corporate assets are primarily cash, cash equivalent and other short-term investments, and refundable and deferred income taxes.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 38</FONT></P>

<P ALIGN="left"></P>
<P><B><FONT SIZE="2">14. COMMITMENTS AND CONTINGENCIES</FONT></B></P>
<P><FONT SIZE="2">The Company is involved in litigation arising in the ordinary course of business, none of which is expected to result in material loss.</FONT></P>
<P><FONT SIZE="2">The Company's cable television systems were acquired by Comcast Corporation (&quot;Comcast&quot;) in 1996. Pursuant to the terms of its agreement with Comcast, the Company remains liable for any losses resulting from certain
lawsuits, certain other expenses and tax liabilities of its cable television systems attributable to periods prior to the transactions.</FONT></P>
<P><FONT SIZE="2">The Company purchased program rights totaling $167,000,000 in 2001, $189,000,000 in 2000 and $131,000,000 in 1999, the payments for which are generally made over the lives of the contracts. At December 31, 2001, the Company was
committed to purchase approximately $158,000,000 of program rights that are not currently available for broadcast, substantially all of which is for programs not yet produced. If such programs are not produced, the Company's commitments would expire
without obligation.</FONT></P>
<P><FONT SIZE="2">The Company capitalized launch incentive payments totaling $82,000,000 in 2001, $13,000,000 in 2000 and $22,000,000 in 1999. At December 31, 2001, the Company was committed to make additional launch incentive payments totaling
approximately $45,000,000 associated with the launch of the Company's networks on cable and satellite television systems.</FONT></P>
<P><FONT SIZE="2">Minimum payments on noncancelable leases at December 31, 2001, were: 2002, $13,800,000; 2003, $10,400,000; 2004, $9,700,000; 2005, $9,300,000; 2006, $6,700,000 and later years, $16,800,000. Rental expense for cancelable and
noncancelable leases was $16,800,000 in 2001, $19,300,000 in 2000 and $16,300,000 in 1999.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 39</FONT></P>


<P ALIGN="left"></P>
<P><B><FONT SIZE="2">15. CAPITAL STOCK AND INCENTIVE PLANS</FONT></B></P>
<P><B><FONT SIZE="2">Capital Stock - </FONT></B><FONT SIZE="2">The capital structure of the Company includes Common Voting Shares and Class A Common Shares. The articles provide that the holders of Class A Common Shares, who are not entitled to vote
on any other matters except as required by Ohio law, are entitled to elect the greater of three or one-third of the directors. In 1997 and 1998 the Board of Directors authorized the purchase of a total of 6,000,000 of the Company's Class A Common
Shares. The Company repurchased 4,270,600 shares through December 31, 2001.</FONT></P>
<P><B><FONT SIZE="2">Incentive Plans - </FONT></B><FONT SIZE="2">The Company's Long-Term Incentive Plans (the &quot;Plans&quot;) provide for the award of incentive and nonqualified stock options with 10-year terms, stock appreciation rights,
performance units and restricted and unrestricted Class A Common Shares to key employees and non-employee directors. The Plans expire in 2007, except for options then outstanding. The number of shares authorized for issuance under the plans at
December 31, 2001, was 10,913,000, of which approximately 2,065,000 had not been issued.</FONT></P>
<P><B><FONT SIZE="2">Stock Options - </FONT></B><FONT SIZE="2">Stock options may be awarded to purchase Class A Common Shares at not less than 100% of the fair market value on the date the option is granted. Stock options will vest over an incentive
period, conditioned upon the individual's employment through that period. The following table presents information about stock options:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="9"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="11%"><FONT SIZE="2">Number
<BR>
</FONT><FONT SIZE="2">of Shares</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD COLSPAN="2" WIDTH="7%"><DIV ALIGN="CENTER"><FONT SIZE="2">Weighted-</FONT>
<BR>
<FONT SIZE="2">Average
<BR>
Exercise Price</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="10%"><FONT SIZE="2">Range of
<BR>
</FONT> <FONT SIZE="2">Exercise</FONT> <FONT SIZE="2">
<BR>
Prices</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Outstanding at December 31, 1998</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">3,154,420</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">26.58</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">11 - 56</FONT> </DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Granted in 1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">792,200</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">47.19</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">41 - 52</FONT> </DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Exercised in 1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">(295,104</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">16.80</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">11 - 47</FONT> </DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Forfeited in 1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">(24,749</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">45.76</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">35 - 54</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Outstanding at December 31, 1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">3,626,767</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">31.75</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">11 - 56</FONT> </DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Granted in 2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">1,025,550</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">49.27</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">43 - 60</FONT> </DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Exercised in 2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">(401,380</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">21.38</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">11 - 50</FONT> </DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Forfeited in 2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">(1,500</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">49.00</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">49&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Outstanding at December 31, 2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">4,249,437</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">36.98</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">11 - 60</FONT> </DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Granted in 2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">1,102,200</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">64.17</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">58 - 70</FONT> </DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Exercised in 2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">(743,227</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">27.38</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">11 - 56</FONT> </DIV>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Forfeited in 2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">(76,872</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">49.75</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">20 - 64</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Outstanding at December 31, 2001 (by year granted):</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="11%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">1992</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">49,800</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">15.28</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">15 - 17</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">1993</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">327,100</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">17.65</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">16 - 21</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">1994</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">413,700</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">18.85</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">18 - 21</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">1995</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">9,800</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">20.01</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">1996</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">124,400</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">27.27</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">24 - 29</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">1997</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">421,650</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">35.18</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">35 - 42</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">1998</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">503,350</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">47.35</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">39 - 56</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">645,200</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">47.17</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">42 - 52</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">948,063</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">49.31</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">43 - 60</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">1,088,475</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">64.22</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">58 - 70</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total options outstanding</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">4,531,538</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">44.95</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">15 - 70</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Exercisable at December 31:</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="11%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="6%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">2,323,844</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">23.85</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">11 - 56</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">2,601,809</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">29.66</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">11 - 56</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="11%"><FONT SIZE="2">2,655,716</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="6%"><FONT SIZE="2">35.88</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="10%"><DIV ALIGN="RIGHT"><FONT SIZE="2">15 - 60</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Substantially all options granted prior to 1999 are exercisable. Options issued in 1999 through 2001 generally become exercisable over a three-year period.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 40</FONT></P>

<P></P>
<P><FONT SIZE="2">The Company has adopted the &quot;disclosure-only&quot; provisions of FAS No. 123; therefore no compensation expense has been recognized for stock option grants. Had compensation expense been determined based upon the fair value
(determined using the Black-Scholes option pricing model) at the grant date consistent with the provisions of FAS No. 123, the Company's income from continuing operations would have been reduced to the pro forma amounts as follows:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands, except per share data )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD COLSPAN="15"> <DIV ALIGN="center"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="5" WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="3"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="3"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="3"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Pro forma net income</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" COLSPAN="3" WIDTH="5%"><FONT SIZE="2">126,200</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" COLSPAN="3" WIDTH="5%"><FONT SIZE="2">155,200</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" COLSPAN="3" WIDTH="5%"><FONT SIZE="2">139,700</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Pro forma net income per share of common stock:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Basic</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">$1.60</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">$1.99</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">$1.79</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Diluted</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">1.58</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">1.96</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">1.77</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Information related to the fair value of stock option grants is presented below:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD COLSPAN="15"> <DIV ALIGN="center"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="3"> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="3"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="3"> <DIV ALIGN="center"><FONT SIZE="2">1999</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Weighted-average fair value of options granted</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">18.92</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">15.87</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">13.23</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Assumptions used to determine fair value:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="4%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Dividend yield</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">1.5</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">%</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">1.5</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">%</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">1.5</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">%</FONT> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Expected volatility</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">23</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">%</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">24</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">%</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">23</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">%</FONT> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Risk-free rate of return</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">5.5</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">%</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">6.5</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">%</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2" WIDTH="5%"><FONT SIZE="2">5.0</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">%</FONT> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Expected life of options</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="3" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">7 years</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="3" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">7 years</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="3" WIDTH="5%"> <DIV ALIGN="right"><FONT SIZE="2">7 years</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="16"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><B><FONT SIZE="2">Restricted Stock - </FONT></B><FONT SIZE="2">Awards of Class A Common Shares vest over an incentive period conditioned upon the individual's employment throughout that period. During the vesting period shares issued are
nontransferable, but the shares are entitled to all the rights of an outstanding share. Compensation expense is determined based upon the fair value of the shares at the grant date. Information related to awards of Class A Common Shares is presented
below:</FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="14"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands, except share data )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="10%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="11"> <DIV ALIGN="center"><FONT SIZE="2">For the years ended</FONT> <FONT SIZE="2">December 31,</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="9%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="10%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="2" WIDTH="9%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Class A Common Shares:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="10%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Shares awarded</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">184,947</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">296,903</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2" WIDTH="9%"> <DIV ALIGN="right"><FONT SIZE="2">85,400</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Weighted-average price of shares awarded</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"> </DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">$63.51</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT><FONT SIZE="2">49.31</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"> </DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">$46.70</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Shares forfeited</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">2,500</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">15,445</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">200</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Compensation expense recognized</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"> </DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">4,227</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT SIZE="2">7,063</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">2,779</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="13"> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F - 41</FONT></P>


<P ALIGN="left"></P>
<P><B><FONT SIZE="2">16. &nbsp;&nbsp;&nbsp;SUMMARIZED QUARTERLY FINANCIAL INFORMATION (Unaudited)</FONT></B></P>
<P><FONT SIZE="2">Summarized financial information is as follows:</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="22"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD VALIGN="TOP" WIDTH="48%"><I><FONT SIZE="1">( in thousands, except per share data )</FONT></I> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="48%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="2"><FONT SIZE="2">1st</FONT> <FONT SIZE="2">
<BR>
Quarter</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2"><FONT SIZE="2">2nd
<BR>
</FONT><FONT SIZE="2">Quarter</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="2"><FONT SIZE="2">3rd
<BR>
Quarter</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="2"><FONT SIZE="2">4th
<BR>
</FONT><FONT SIZE="2">Quarter</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" COLSPAN="2"><FONT SIZE="2">Total</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="22"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Operating revenues</FONT> </DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">362,080</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">368,408</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">336,052</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">370,591</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="RIGHT"><FONT SIZE="2">1,437,131</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="22"> <HR NOSHADE SIZE="1" ALIGN="left"> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Operating expenses:</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Employee compensation and benefits</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">118,755</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">118,087</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">114,588</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">119,108</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">470,538</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Newsprint and ink</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">26,241</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">22,383</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">20,035</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">19,461</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">88,120</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%" NOWRAP> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Amortization of program rights and production costs</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">32,095</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">33,694</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">33,971</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">35,729</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">135,489</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other operating expenses</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">98,975</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">93,196</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">82,721</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">94,528</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">369,420</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Depreciation and amortization</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">24,765</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">24,717</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">23,982</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">25,663</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">99,127</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="22"> <HR NOSHADE SIZE="1" ALIGN="left"> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total operating expenses</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">300,831</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">292,077</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">275,297</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">294,489</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,162,694</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="22"> <HR NOSHADE SIZE="1" ALIGN="left"> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Operating income</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">61,249</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">76,331</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">60,755</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">76,102</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">274,437</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Interest expense</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(12,461</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(10,859</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(8,417</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(7,460</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(39,197</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Investment results, net of expense</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">58,785</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">2,957</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(10,917</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(45,762</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">5,063</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Miscellaneous, net</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">353</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">480</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">240</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">6</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">1,079</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Income taxes</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(40,642</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(28,584</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(18,023</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(12,373</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(99,622</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Minority interests</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(846</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(975</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(1,005</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(971</FONT> </TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">(3,797</FONT> </TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="22"> <HR NOSHADE SIZE="1" ALIGN="left"> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Net income</FONT> </DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">66,438</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">39,350</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">22,633</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">9,542</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">137,963</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="22"> <HR NOSHADE SIZE="1" ALIGN="left"> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Net income per share of common stock:</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Basic</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.84</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"> </DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.50</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"> </DIV>
</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.29</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.12</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$1.75</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Diluted</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.83</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"> </DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.49</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"> </DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.28</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.12</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$1.73</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="22"> <HR NOSHADE SIZE="1" ALIGN="left"> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Basic weighted-average shares outstanding</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">78,719</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">78,844</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">78,977</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">78,760</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">78,825</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="22"> <HR NOSHADE SIZE="1" ALIGN="left"> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Diluted weighted-average shares outstanding</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">79,864</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">80,002</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">80,167</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">79,849</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE="2">79,970</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="22"> <HR NOSHADE SIZE="1" ALIGN="left"> </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="48%"> <DIV ALIGN="left"><FONT SIZE="2">Cash dividends per share of common stock</FONT> </DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.15</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.15</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.15</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="0%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.15</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">$.60</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="22"> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
</TR>
</TABLE>
<P><I><FONT SIZE="1">The sum of the quarterly net income per share amounts may not equal the reported annual amount because each is computed independently based upon the weighted-average number of shares outstanding for the period.</FONT></I></P>
<P ALIGN="center"><FONT SIZE="2">F - 42</FONT></P>


<P ALIGN="left"> </P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="26"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD VALIGN="TOP"><I><FONT SIZE="1">( in thousands, except per share data )</FONT></I> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD COLSPAN="2">&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2">2000</FONT> </TD>
<TD>&nbsp;&nbsp;</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="CENTER"><FONT SIZE="2">1st</FONT>
<BR>
<FONT SIZE="2">Quarter</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD>&nbsp;&nbsp;</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="CENTER"><FONT SIZE="2">2nd
<BR>
</FONT><FONT SIZE="2">Quarter</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD>&nbsp;&nbsp;</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="CENTER"><FONT SIZE="2">3rd</FONT>
<BR>
<FONT SIZE="2">Quarter</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD>&nbsp;&nbsp;</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="CENTER"><FONT SIZE="2">4th
<BR>
Quarter</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD>&nbsp;&nbsp;</TD>
<TD> <DIV ALIGN="CENTER"></DIV>
</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="CENTER"><FONT SIZE="2">Total</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="26"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating revenues</FONT> </TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">406,463</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">434,830</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">404,989</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">455,476</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">1,701,758</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="26"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating expenses:</FONT> </TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Employee compensation and benefits</FONT> </TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">127,292</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">129,314</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">129,672</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">130,429</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">516,707</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Newsprint and ink</FONT> </TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">37,192</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">38,646</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">38,228</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">42,303</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">156,369</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Amortization of program rights and production costs</FONT> </TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">28,038</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">29,332</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">30,176</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">33,498</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">121,044</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Other operating expenses</FONT> </TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">112,876</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">115,380</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">105,274</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">119,854</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">453,384</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Depreciation and amortization</FONT> </TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">26,808</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">27,256</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">27,288</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">27,813</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">109,165</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="26"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Total operating expenses</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">332,206</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">339,928</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">330,638</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">353,897</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">1,356,669</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="26"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating income</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">74,257</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">94,902</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">74,351</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">101,579</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">345,089</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Interest expense</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(12,636</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(13,481</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(13,393</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT> </DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(12,424</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(51,934</FONT> </DIV>
</TD>
<TD><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Investment results, net of expenses</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(9,062</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(1,449</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE="2">900</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(15,223</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(24,834</FONT> </DIV>
</TD>
<TD><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net gains (losses) on divested operations</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">6,269</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(73</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">6,196</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Miscellaneous, net</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE="2">946</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE="2">45</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">1,002</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(508</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">1,485</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Income taxes</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(25,114</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(32,833</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(26,319</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(23,824</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(108,090</FONT> </DIV>
</TD>
<TD><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Minority interests</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(1,056</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(1,063</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(1,040</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(1,300</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="left"> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">(4,459</FONT> </DIV>
</TD>
<TD><FONT SIZE="2">)</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="26"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net income</FONT> </TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT> </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">33,604</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">46,121</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">35,428</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">48,300</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">163,453</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="26"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net income per share of common stock:</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Basic</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD COLSPAN="2"> <DIV ALIGN="right"> </DIV>
<DIV ALIGN="right"><FONT SIZE="2">$.43</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"> </DIV>
<DIV ALIGN="right"><FONT SIZE="2">$.59</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"> </DIV>
<DIV ALIGN="right"><FONT SIZE="2">$.45</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE="2">$</FONT><FONT SIZE="2">.62</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"> </DIV>
</TD>
<TD ALIGN="right"> <DIV ALIGN="right"><FONT SIZE="2">$2.09</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">Diluted</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD COLSPAN="2"> <DIV ALIGN="right"> </DIV>
<DIV ALIGN="right"><FONT SIZE="2">$.43</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE="2">$</FONT><FONT SIZE="2">.58</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE="2">$</FONT><FONT SIZE="2">.45</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"> </DIV>
<DIV ALIGN="right"><FONT SIZE="2">$.61</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD> <DIV ALIGN="right"> </DIV>
</TD>
<TD ALIGN="right"> <DIV ALIGN="right"><FONT SIZE="2">$2.06</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="26"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Basic weighted-average shares outstanding</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">77,977</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">78,115</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">78,186</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">78,336</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">78,170</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="26"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Diluted weighted-average shares outstanding</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">78,824</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">78,995</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">79,173</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">79,589</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" COLSPAN="2"> <DIV ALIGN="right"><FONT SIZE="2">79,161</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="26"> <HR NOSHADE SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Cash dividends per share of common stock</FONT> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD COLSPAN="2"> <DIV ALIGN="right"> </DIV>
<DIV ALIGN="right"><FONT SIZE="2">$.14</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE="2">$</FONT><FONT SIZE="2">.14</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"> </DIV>
<DIV ALIGN="right"><FONT SIZE="2">$.14</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE="2">$</FONT><FONT SIZE="2">.14</FONT> </DIV>
</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="right"></DIV>
<DIV ALIGN="right"><FONT SIZE="2">$</FONT> <FONT SIZE="2">.56</FONT> </DIV>
</TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="26"> <HR NOSHADE SIZE="1"> </TD>
</TR>
</TABLE>
<P><I><FONT SIZE="1">The sum of the quarterly net income per share amounts may not equal the reported annual amount because each is computed independently based upon the weighted-average number of shares outstanding for the period.</FONT></I></P>
<P ALIGN="center"><FONT SIZE="2">F - 43</FONT></P>


<P ALIGN="left"></P>
<P><B><FONT SIZE="2"></FONT></B></P>
<HR NOSHADE WIDTH="100%" SIZE="1"> <B><FONT SIZE="2">
<A NAME="F16"></A>
INDEPENDENT AUDITORS' REPORT</FONT></B>
<P><FONT SIZE="2">To the Board of Directors and Stockholders,
<BR>
The E. W. Scripps Company:</FONT></P>
<P><FONT SIZE="2">We have audited the accompanying consolidated balance sheets of The E. W. Scripps Company and subsidiary companies </FONT><FONT SIZE="2">(&quot;Company&quot;) as of December 31, 2001 and 2000, and the related consolidated
statements of income, cash flows and comprehensive income and stockholders' equity for each of the three years in the period ended December 31, 2001. Our audits also included the financial statement schedule listed in the Index at Item S-1. These
financial statements and financial statement schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statements and financial statement schedule based on our audits.</FONT></P>
<P><FONT SIZE="2">We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P><FONT SIZE="2">In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2001 and 2000, and the results of its operations and cash flows for each of the
three years in the period ended December 31, 2001, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein.</FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><FONT SIZE="2">DELOITTE &amp; TOUCHE LLP
<BR>
Cincinnati, Ohio
<BR>
January 23, 2002</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F - 44</FONT></P>

<P ALIGN="left"></P>
<P ALIGN="center"><B><U>THE E. W. SCRIPPS COMPANY</U></B></P>
<P ALIGN="center"><U><FONT SIZE="2">Index to Consolidated Financial Statement Schedules</FONT></U></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD><FONT SIZE="2">Valuation and Qualifying Accounts</FONT> </TD>
<TD WIDTH="8%"> <DIV ALIGN="right"><FONT SIZE="2">S-2</FONT> </DIV>
</TD>
<TD WIDTH="4%">&nbsp; </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">S - 1</FONT></P>

<P><B><FONT SIZE="2"></FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="95%">
<TR VALIGN="bottom">
<TD COLSPAN="13" NOWRAP><B><FONT SIZE="2">VALUATION AND QUALIFYING ACCOUNTS
<BR>
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999</FONT></B></TD>
<TD NOWRAP>&nbsp;</TD>
<TD COLSPAN="2" ALIGN="right" NOWRAP><B><FONT SIZE="2">SCHEDULE II</FONT></B></TD>
</TR>
<TR VALIGN="top">
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="4" NOWRAP><I><FONT SIZE="1">( in thousands )</FONT></I></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
</TR>
<TR VALIGN="bottom" ALIGN="center">
<TD NOWRAP> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">COLUMN A</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD COLSPAN="2" NOWRAP> <FONT SIZE="2">COLUMN B</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD COLSPAN="2" NOWRAP> <FONT SIZE="2">COLUMN C</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD COLSPAN="2" NOWRAP> <FONT SIZE="2">COLUMN D</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD COLSPAN="2" NOWRAP> <FONT SIZE="2">COLUMN E</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD COLSPAN="2" NOWRAP> <FONT SIZE="2">COLUMN F</FONT></TD>
</TR>
<TR VALIGN="bottom" ALIGN="center">
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
</TR>
<TR VALIGN="bottom" ALIGN="center">
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp; </TD>
<TD NOWRAP><FONT SIZE="2">INCREASE</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
</TR>
<TR VALIGN="bottom" ALIGN="center">
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp; </TD>
<TD NOWRAP><FONT SIZE="2">ADDITIONS</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp; </TD>
<TD NOWRAP><FONT SIZE="2">DEDUCTIONS</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp; </TD>
<TD NOWRAP><FONT SIZE="2">(DECREASE)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
</TR>
<TR VALIGN="bottom" ALIGN="center">
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE="2">BALANCE</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE="2">CHARGED TO</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp; </TD>
<TD NOWRAP><FONT SIZE="2">AMOUNTS</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp; </TD>
<TD NOWRAP><FONT SIZE="2">RECORDED</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE="2">BALANCE</FONT></TD>
</TR>
<TR VALIGN="bottom" ALIGN="center">
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE="2">BEGINNING</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE="2">COSTS AND</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp; </TD>
<TD NOWRAP><FONT SIZE="2">CHARGED</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp; </TD>
<TD NOWRAP><FONT SIZE="2">ACQUISITIONS</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE="2">END OF</FONT></TD>
</TR>
<TR VALIGN="bottom" ALIGN="center">
<TD NOWRAP> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">CLASSIFICATION</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE="2">OF PERIOD</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE="2">EXPENSES</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp; </TD>
<TD NOWRAP><FONT SIZE="2">OFF-NET</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE="2">(DIVESTITURES)</FONT></TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP>&nbsp;</TD>
<TD NOWRAP><FONT SIZE="2">PERIOD</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD COLSPAN="3" VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD VALIGN="top"> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD NOWRAP><FONT SIZE="2">YEAR ENDED DECEMBER 31, 2001:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Allowance for doubtful
<BR>
&nbsp;&nbsp;&nbsp;&nbsp; accounts receivable</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">13,891</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">11,026</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">10,210</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(743</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">13,964</FONT></TD>
</TR>
<TR VALIGN="top">
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD NOWRAP><FONT SIZE="2">YEAR ENDED DECEMBER 31, 2000:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Allowance for doubtful
<BR>
&nbsp;&nbsp;&nbsp;&nbsp; accounts receivable</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">11,266</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">14,648</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">11,345</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">(678</FONT></TD>
<TD NOWRAP><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">13,891</FONT></TD>
</TR>
<TR VALIGN="top">
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="1" WIDTH="100%"> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD NOWRAP><FONT SIZE="2">YEAR ENDED&nbsp;DECEMBER 31, 1999:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Allowance for doubtful
<BR>
&nbsp;&nbsp;&nbsp;&nbsp; accounts receivable</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">7,689</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2"> $</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">10,754</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">7,177</FONT></TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" NOWRAP><FONT SIZE="2">11,266</FONT></TD>
</TR>
<TR VALIGN="top">
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
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<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
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<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
<TD> <HR NOSHADE SIZE="2" WIDTH="100%"> </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">S - 2</FONT></P>

<P></P>
<P ALIGN="center"><B><U>THE E. W. SCRIPPS COMPANY</U></B></P>
<P ALIGN="center"><U><FONT SIZE="2">Index to Exhibits</FONT></U></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="5%"><B></B></TD>
<TD WIDTH="0%"></TD>
<TD WIDTH="77%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="center" COLSPAN="2"><B><FONT SIZE="2">Exhibit
<BR>
<U>Number</U></FONT></B></TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="77%"><B><FONT SIZE="2">
<BR>
<U>Description of Item</U></FONT></B></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="right"><B><FONT SIZE="2">
<BR>
<U>Page</U></FONT></B></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2"><B><FONT SIZE="2">Exhibit No.
<BR>
<U>Incorporated</U></FONT></B></TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">3.01</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Articles of Incorporation</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">3.01</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">3.02</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Code of Regulations</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">3.02</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">4.01</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Class A Common Share Certificate</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">4</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">4.02A</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Form of Indenture: 6.375% notes due in 2002</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">4.1</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">4.02B</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Form of Indenture: 6.625% notes due in 2007</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">4.1</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">4.03A</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Form of Debt Securities: 6.375% notes due in 2002</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">4.2</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">4.03B</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Form of Debt Securities: 6.625% notes due in 2007</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">4.2</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.01</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Amended and Restated Joint Operating Agreement, dated January 1, 1979, among</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Journal Publishing Company, New Mexico State Tribune Company and</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albuquerque Publishing Company, as amended</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.01</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.02</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Amended and Restated Joint Operating Agreement, dated February 29, 1988, among</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birmingham News Company and Birmingham Post Company</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.02</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.03</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Joint Operating Agreement, dated September 23, 1977, between the</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Enquirer, Inc. and the Company, as amended</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.03</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.04</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Joint Operating Agreement Among The Denver Post Corporation, Eastern</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Production Facilities, Inc., Denver Post Production Facilities LLC</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and The Denver Publishing Company dated as May 11, 2000, as amended</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.04</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.06</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Building Lease, dated April 25, 1984, among Albuquerque Publishing Company,</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number Seven and Jefferson Building Partnership</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.08A</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.06A</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Ground Lease, dated April 25, 1984, among Albuquerque Publishing Company,</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico State Tribune Company, Number Seven and Jefferson Building</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partnership</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.08B</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.07</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Agreement, dated August 17, 1989, between United Feature Syndicate, Inc. and</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles M. Schulz and the Trustees of the Schulz Family Renewal Copyright</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust, as amended</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.11</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.40</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">5-Year Competitive Advance and Revolving Credit Agreement, dated as of</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 26, 1997, among The E. W. Scripps Company, the Banks named</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;therein, The Chase Manhattan Bank, as Agent, and J. P. Morgan &amp; Co., as</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documentation Agent</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.1</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.41</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">364-Day Competitive Advance and Revolving Credit Agreement, dated as of</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 26, 1997, among The E. W. Scripps Company, the Banks named</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;therein, The Chase Manhattan Bank, as Agent, and J. P. Morgan &amp; Co., as</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documentation Agent</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.2</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.53</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">1987 Long-Term Incentive Plan</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.36</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.54</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Agreement, dated December 24, 1959, between the Company and Charles E. Scripps,</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as amended</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.39A</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.54A</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Assignment, Assumption, and Release Agreement, dated December 31, 1987,</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;between the Company, Scripps Howard, Inc. and Charles E. Scripps</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.39B</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.54B</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Amendment, dated June 21, 1988, to December 24, 1959 Agreement between</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company and Charles E. Scripps</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.39C</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.55</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Board Representation Agreement, dated March 14, 1986, between</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Edward W. Scripps Trust and John P. Scripps</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.44</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.56</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Shareholder Agreement, dated March 14, 1986, between the Company and the</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of John P. Scripps Newspapers</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.45</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.57</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Scripps Family Agreement dated October 15, 1992</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">1</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.58</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">1997 Long-Term Incentive Plan</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">4B</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.59</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">Non-Employee Directors' Stock Option Plan</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">4A</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.60</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">1997 Deferred Compensation and Phantom Stock Plan for Senior Officers</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%"> <DIV ALIGN="left"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Selected Executives</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">4A</FONT></DIV>
</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">10.61</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE="2">1997 Deferred Compensation and Stock Plan for Directors</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%"> <DIV ALIGN="left"><FONT SIZE="2">10.61</FONT></DIV>
</TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">E - 1</FONT></P>

<P></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="74%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="7%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="2"> <DIV ALIGN="center"><B><FONT SIZE="2">Exhibit
<BR>
<U>Number</U></FONT></B> </DIV>
</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="74%"><B><FONT SIZE="2">
<BR>
<U>Description of Item</U></FONT></B></TD>
<TD ALIGN="center" COLSPAN="2"> <DIV ALIGN="center"><B><FONT SIZE="2">
<BR>
<U>Page</U></FONT></B> </DIV>
</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2"><B><FONT SIZE="2">Exhibit No.
<BR>
<U>Incorporated</U></FONT></B><B><FONT SIZE="2"></FONT></B></TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="74%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2">10.62</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="74%"><FONT SIZE="2">Employment Agreement, dated July 20, 1999, between the Company</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="74%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Kenneth W. Lowe</FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">(9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="1">)</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="7%"><FONT SIZE="2">10.62</FONT></TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2">12</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="74%"><FONT SIZE="2">Computation of Ratio of Earnings to Fixed Charges for the Three Years Ended</FONT></TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="74%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2001</FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2">E-3</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2">21</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="74%"><FONT SIZE="2">Subsidiaries of the Company</FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2">E-4</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2">23</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="74%"><FONT SIZE="2">Independent Auditors' Consent</FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2">E-5</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="74%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD ALIGN="right" WIDTH="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="1">(1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD WIDTH="94%"><FONT SIZE="1">Incorporated by reference to Registration Statement of The E. W. Scripps Company on Form S-1 (File No. 33-21714).</FONT></TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="94%">&nbsp;</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="1">(2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD WIDTH="94%"><FONT SIZE="1">Incorporated by reference to The E. W. Scripps Company Annual Report on Form 10-K for the year ended December 31, 1990.</FONT></TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="94%">&nbsp;</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="1">(3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD WIDTH="94%"><FONT SIZE="1">Incorporated by reference to Registration Statement on Form S-3 (File No. 33-36641).</FONT></TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="94%">&nbsp;</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="1">(4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD WIDTH="94%"><FONT SIZE="1">Incorporated by reference to The E. W. Scripps Company Current Report on Form 8-K dated October 15, 1992.</FONT></TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="94%">&nbsp;</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="1">(5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD WIDTH="94%"><FONT SIZE="1">Incorporated by reference to Scripps Howard, Inc. Registration Statement on Form 10 (File No. 1-11969).</FONT></TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="94%">&nbsp;</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="1">(6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD WIDTH="94%"><FONT SIZE="1">Incorporated by reference to Registration Statement of The E. W. Scripps Company on Form S-8 (File No. 333-27623).</FONT></TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="94%">&nbsp;</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="1">(7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD WIDTH="94%"><FONT SIZE="1">Incorporated by reference to Registration Statement of The E. W. Scripps Company on Form S-8 (File No. 333-27621).</FONT></TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="94%">&nbsp;</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="1">(8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD WIDTH="94%"><FONT SIZE="1">Incorporated by reference to The E. W. Scripps Company Annual Report on Form 10-K for the year ended December 31, 1998.</FONT></TD>
</TR>
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="94%">&nbsp;</TD>
</TR>
<TR>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="1">(9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="1">)</FONT></TD>
<TD WIDTH="94%"><FONT SIZE="1">Incorporated by reference to The E. W. Scripps Company Annual Report on Form 10-K for the year ended December 31, 2000.</FONT></TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">E - 2</FONT></P>

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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>dex12.htm
<DESCRIPTION>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<HTML>
<HEAD>
 <TITLE>Computation of Ratio of Earnings to Fixed Charges</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF">
<P></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="2" WIDTH="69%"><B><FONT SIZE="2">COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES</FONT></B> </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD COLSPAN="3" NOWRAP> <DIV ALIGN="right"><B><FONT SIZE="2">EXHIBIT 12</FONT></B> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><I><FONT SIZE="1">( in thousands )</FONT></I> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD COLSPAN="7"> <DIV ALIGN="center"><FONT SIZE="2">Years ended December 31,</FONT> </DIV>
</TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">2001</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="7%"><FONT SIZE="2">2000</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="7%"><FONT SIZE="2">1999</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">EARNINGS AS DEFINED:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Earnings from operations before income taxes after eliminating</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">undistributed earnings of 20%- to 50%-owned affiliates</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">266,040</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">279,478</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">255,247</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Fixed charges excluding capitalized interest and preferred stock</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<FONT SIZE="2">dividends of majority-owned subsidiary companies</FONT> </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">44,791</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">58,361</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">50,668</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Earnings as defined</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">310,831</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">337,839</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">305,915</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">FIXED CHARGES AS DEFINED:</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD WIDTH="7%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Interest expense, including amortization of debt issue costs</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">39,197</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">51,934</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">45,219</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Interest capitalized</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">730</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">206</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">356</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Portion of rental expense representative of the interest factor</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">5,594</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">6,427</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">5,449</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Preferred stock dividends of majority-owned subsidiary companies</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">80</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">80</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%"> <DIV ALIGN="right"></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">80</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Fixed charges as defined</FONT> </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">45,601</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">58,647</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="center" WIDTH="1%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT> </DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">51,104</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1" ALIGN="right"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD> <DIV ALIGN="right"></DIV>
</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">RATIO OF EARNINGS TO FIXED CHARGES</FONT> </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">6.82</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">5.76</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
<TD WIDTH="1%">&nbsp; </TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">5.99</FONT> </TD>
<TD WIDTH="2%">&nbsp; </TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE="1"> </TD>
<TD> <HR NOSHADE SIZE="1"> </TD>
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<TD> <HR NOSHADE SIZE="1"> </TD>
<TD>&nbsp; </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">E - 3</FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>4
<FILENAME>dex21.htm
<DESCRIPTION>SUBSIDIARIES OF THE COMPANY
<TEXT>
<HTML>
<HEAD>
 <TITLE>Subsidiaries of the Company</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF">
<P></P>
<P><B><U></U></B></P>
<TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="85%"> <CENTER> <B><U>SUBSIDIARIES OF</U></B><U><FONT SIZE="2"> </FONT></U><B><U>THE COMPANY</U></B> </CENTER>
</TD>
<TD WIDTH="15%"> <CENTER> <B><U>EXHIBIT 21</U></B> </CENTER>
</TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD>&nbsp; </TD>
<TD ALIGN="center" WIDTH="15%"><B><FONT SIZE="2">Jurisdiction of</FONT></B> </TD>
</TR>
<TR>
<TD> <CENTER> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;<B><FONT SIZE="2">Name of Subsidiary</FONT></B></U> </CENTER>
</TD>
<TD ALIGN="center" WIDTH="15%"><B><FONT SIZE="2"><U>Incorporation</U></FONT></B> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
</TR>
<TR>
<TD><FONT SIZE="2">BRV, Inc. </FONT><I><FONT SIZE="2">(Bremerton Sun, Redding Record Searchlight, Ventura County Newspapers)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">California</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Birmingham Post Company </FONT><I><FONT SIZE="2">(Birmingham Post-Herald)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Alabama</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Boulder Publishing Company </FONT><I><FONT SIZE="2">(Boulder Daily Camera)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Colorado</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Channel 7 of Detroit, Inc., </FONT><I><FONT SIZE="2">(WXYZ)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Michigan</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Collier County Publishing Company </FONT><I><FONT SIZE="2">(The Naples Daily News)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Florida</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Denver Publishing Company </FONT><I><FONT SIZE="2">(Rocky Mountain News)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Colorado</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Evansville Courier Company, Inc., 91.5%-owned</FONT> </TD>
<TD WIDTH="15%"> <CENTER> </CENTER>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">(The Evansville Courier, The Henderson Gleaner)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Indiana</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Independent Publishing Company </FONT><I><FONT SIZE="2">(Anderson Independent Mail)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">South Carolina</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Knoxville News-Sentinel Company</FONT> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Delaware</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Memphis Publishing Company, 91.3%-owned </FONT><I><FONT SIZE="2">(The Commercial Appeal)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Delaware</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">New Mexico State Tribune Company </FONT><I><FONT SIZE="2">(The Albuquerque Tribune)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">New Mexico</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Scripps Texas Newspapers L.P. </FONT><I><FONT SIZE="2">(Corpus Christi Caller-Times, Abilene Reporter-News,</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> </CENTER>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Wichita Falls Times Record News, San Angelo Standard-Times)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Delaware</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Scripps Howard Broadcasting Company, </FONT><I><FONT SIZE="2">(WMAR, Baltimore; WCPO, Cincinnati;</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> </CENTER>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">WEWS, Cleveland; KSHB, Kansas City; KMCI, Lawrence; KNXV, Phoenix,</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> </CENTER>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">KJRH, Tulsa; WPTV, West Palm Beach)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Ohio</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Scripps Networks, Inc., </FONT><I><FONT SIZE="2">(Home &amp; Garden Television, Do It Yourself Network;</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> </CENTER>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">The Television Food Network, G.P., 68%-owned, Fine Living Network, LLC, 94%-owned)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Delaware</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Scripps Howard Publishing Co. </FONT><I><FONT SIZE="2">(Scripps Howard News Service)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Delaware</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Scripps Ventures, LLC</FONT> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Delaware</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Scripps Treasure Coast Publishing Company </FONT><I><FONT SIZE="2">(Ft. Pierce Tribune, Jupiter Courier,</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> </CENTER>
</TD>
</TR>
<TR>
<TD>&nbsp;&nbsp;&nbsp;<I><FONT SIZE="2">Stuart News, Vero Beach Press Journal)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Florida</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Tampa Bay Television, Inc., </FONT><I><FONT SIZE="2">(WFTS)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">Delaware</FONT> </CENTER>
</TD>
</TR>
<TR>
<TD><FONT SIZE="2">United Feature Syndicate, Inc. </FONT><I><FONT SIZE="2">(United Media, Newspaper Enterprise Association)</FONT></I> </TD>
<TD WIDTH="15%"> <CENTER> <FONT SIZE="2">New York</FONT> </CENTER>
</TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">E - 4</FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>5
<FILENAME>dex23.htm
<DESCRIPTION>INDEPENDENT AUDITORS' CONSENT
<TEXT>
<HTML>
<HEAD>
 <TITLE>Independent Auditors' Consent</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF">
<B><U></U></B>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="19%">&nbsp;</TD>
<TD WIDTH="58%"><DIV ALIGN="CENTER"><B><U>INDEPENDENT AUDITORS' CONSENT</U></B></DIV>
</TD>
<TD WIDTH="23%"><B><U>EXHIBIT 23</U></B></TD>
</TR>
</TABLE>
<P><FONT SIZE="2">We consent to the incorporation by reference in Registration Statements Nos. 33-53953, 33-32740, 33-35525, 33-47828, 33-63398, 33-59701, 333-27621, 333-27623 and 333-40767 of The E. W. Scripps Company and subsidiary companies on
Form S-8 and Registration Statement No. 33-36641 of The E. W. Scripps Company and subsidiary companies on Form S-3 of our report dated January 23, 2002, appearing in this Annual Report on Form 10-K of The E. W. Scripps Company and subsidiary
companies for the year ended December 31, 2001.</FONT></P>
<P>&nbsp;</P>
<P><FONT SIZE="2">DELOITTE &amp; TOUCHE LLP
<BR>
Cincinnati, Ohio
<BR>
March 28, 2002</FONT></P>
<P ALIGN="center"><FONT SIZE="2">E - 5</FONT></P>
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