The Company’s outstanding revolving credit facility balance was $35.0 million as of December 31, 2011, as compared to no amounts outstanding as of December 31, 2010. There was $40.0 million available for borrowing under the revolving credit facility as of December 31, 2011. Consolidated net leverage was 4.9x as of December 31, 2011 as compared to 4.3x as of December 31, 2010. Other components of cash flow in the fourth quarter of 2011 include cash capital expenditures of $8.4 million and cash payments for programming of $5.8 million.

Subsequent Events

On January 3, 2012, the Company entered into an agreement for the sale of substantially all of the assets of WUPW-TV to WUPW, LLC, and on February 16, 2012, the Company completed the sale of WWHO-TV to Manhan Media, Inc.

On January 20, 2012, the Company completed the redemption of its remaining Senior Subordinated Notes at par, plus accrued and unpaid interest through the redemption date.

On March 5, 2012, because of anticipated future debt service shortfalls at the NBC joint venture, the Company and GE entered into a shortfall funding agreement covering the period through April 1, 2013.

Business Outlook

The Company has provided historical quarterly financial information for its continuing operations on its web site. Interested parties should go to the Investor Relations section at

The Company expects that net revenues for the first quarter of 2012 will increase in the range of 12% to 15% (or $10.3 million to $13.8 million), as compared to net revenues of $89.7 million in the first quarter of 2011.

The Company expects that its direct operating and selling, general and administrative expenses, which include variable sales related expenses, will increase in the range of 13% to 15% (or $7.5 million to $8.5 million) in the first quarter of 2012 as compared to reported expenses of $55.5 million in the first quarter of 2011.

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