November 12, 2004
Press Release

Meredith Corporation announced today that it has agreed to purchase the non-license assets of KSMO-TV, the WB affiliate in Kansas City, from the Sinclair Broadcast Group (Nasdaq: SBGI) for $26.8 million. Meredith expects the transaction to be earnings neutral in the first year and accretive thereafter.

Simultaneously, the companies will enter into a joint sales agreement under which KCTV, the Meredith CBS affiliate in Kansas City, will manage the sales and certain other operations of KSMO, effective immediately. Meredith will also have the opportunity to purchase the station's license assets at a later date for an additional $6.7 million, if allowed under Federal Communications Commission rules.

"This positions us to serve advertisers seeking either the younger-skewing WB audience, or the powerful CBS audience with its top-rated primetime programming, market-leading sports and Emmy Award-winning local news," said Kirk Black, KCTV Vice President/General Manager. "We will seek opportunities to offer local news, sports and specials on KSMO, subject to applicable FCC rules."

Kansas City is the nation's 31st-largest television market. KSMO airs on channel 62 and is available on cable channel 10.

"This agreement fits well with our existing growth strategy of expanding our presence in growing and vibrant television markets," said Meredith President and Chief Operating Officer Stephen M. Lacy, noting that Meredith has operated KCTV, a market leader in Kansas City, for more than 50 years. "We will continue to grow and expand Meredith Broadcasting Group's portfolio, particularly focusing on duopolies and regional clusters."

This is third time in 2004 that Meredith Broadcasting has executed on this strategy. In January, Meredith launched a CBS affiliate in Springfield, MA, operated by its existing CBS station in Hartford, CT. In August, the Company acquired the WB affiliate in Chattanooga, TN, adding it to a cluster of stations in the Southeast in markets such as Atlanta, Nashville, and Greenville, SC. Meredith has operated a FOX/UPN duopoly in Portland, OR, for more than two years.

Meredith Corporation (www.meredith.com) is one of the nation's leading media and marketing companies with core competencies in magazine and book publishing, television broadcasting, integrated marketing and interactive media. Meredith owns 13 television stations that reach over 9 percent of television households across the country and one radio station: WGCL-TV (CBS), Atlanta; KPHO-TV (CBS), Phoenix, AZ; KPDX-TV (UPN), Portland, OR; KPTV (FOX), Portland, OR; WFSB-TV (CBS), Hartford-New Haven, CT; WSMV-TV (NBC), Nashville, TN; KCTV (CBS), Kansas City, MO; WHNS-TV (FOX), Greenville-Spartanburg-Anderson, SC-Asheville, NC; WNEM-TV (CBS), Flint-Saginaw, MI; KVVU-TV (FOX), Las Vegas, NV; WFLI-TV (WB), Chattanooga, TN; WSHM, (CBS) Springfield, MA; and KFXO-CA (FOX), Bend, OR, and radio station WNEM-AM in Saginaw-Bay City, MI.