Paxson Announces the Resignation of its Chief Financial Officer

Business Wire, Dec 10, 1999

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 10, 1999--

Paxson Communications Corporation (AMEX:PAX) announced today the resignation of John DeLorenzo as Chief Financial Officer and a member of the Board of Directors, effective immediately.

Mr. DeLorenzo is leaving Paxson to pursue entrepreneurial opportunities. The Company further announced that Seth Grossman, the Company's Senior Vice President of Corporate Development & Investor Relations, would assume the formal duties of Chief Financial Officer of the Company, pending the appointment of a permanent Chief Financial Officer. It is anticipated that John Eck, Paxson's newly appointed Chief of Operations will assist Paxson in identifying candidates for the Chief Financial Officer position.

Mr. DeLorenzo said the following concerning his tenure at the Company and his resignation: "I have had an exciting run with Paxson Communications Corporation, culminating in NBC's investment in and relationship with the Company. I am satisfied that I have accomplished a great deal toward strengthening the Company's financial resources and ensuring that it has a promising strategic direction. The opportunities presented by Paxson's association with NBC are very attractive and I wish the company the best of luck in continuing to develop this relationship. I can say with great confidence that together, Paxson and NBC are going to continue accomplishing some great things here. At this stage, it is my desire to get back to some of the more entrepreneurial endeavors that I had available prior to joining Paxson."

Jeff Sagansky, Chief Executive Officer of Paxson Communications Corporation, commented, "We are grateful for John's efforts during his tenure with the Company and on behalf of everyone at Paxson, I wish him well in his future endeavors."

Mr. Sagansky continued: "While we complete our search for a permanent CFO, the Company's financial matters will be in good hands with Seth Grossman, Senior Vice President of Corporate Development & Investor Relations. Seth's knowledge of the Company, its financial matters and his relationship with the Wall Street community will prove invaluable during this transition period."

Mr. Grossman joined the Company in 1995 and has held the title of Director of Finance in addition to his current position. Prior to joining Paxson Communications, Mr. Grossman was a Senior Associate with Houlihan, Lokey, Howard & Zukin in New York after receiving an MBA from the Harvard Graduate School of Business Administration in 1992.

Upon the completion of pending acquisitions, construction projects, other transactions and divestitures, Paxson Communications Corporation (AMEX:PAX) will own or operate 72 stations and have 51 additional PAX TV network affiliates carrying the Company's PAX TV network programming. A complete listing of stations and markets served can be found by visiting the company's web-site at paxtv.com.

Paxson Communications Corporation owns and operates the nation's seventh and newest broadcast network. With its nationwide broadcast television and cable distribution system, Paxson airs PAX TV, the national family entertainment network. The foundation of the network's prime-time schedule for the fall includes new original shows Hope Island, Destination Stardom, Chicken Soup For The Soul and Twice In A Lifetime. Leading into primetime Monday through Friday is the all new, live show Treasures In Your Home. Other originals returning for a second season on PAX are Flipper: The New Adventures, Little Men and It's A Miracle. Additionally, the line-up includes Touched By An Angel, Diagnosis Murder, Dr. Quinn, Medicine Woman, Christy, The Father Dowling Mystery Series, Highway To Heaven, Bonanza, Eight Is Enough and Life Goes On, as well as original specials and theatrical and made-for-television movies.

This press release contains "forward-looking statements," within the meaning of federal securities laws, that involve risks and uncertainties. All statements herein, other than those consisting solely of historical facts, that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as business strategy, measures to implement strategy, competitive strengths, goals, references to future success and other events may be forward-looking statements. Statements herein are based on certain assumptions and analysis made by the Company in light of its experience and its perception of historical trends, current conditions and potential future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results, events and developments will conform with the Company's expectations is subject to a number of risks and uncertainties and important factors that could cause actual results, events and developments to differ materially from those referenced in, contemplated by or underlying any forward-looking statements herein, including, among others, the continued development and viability of the Company's television operations, the Company's ability to manage its growth, the Company's high level of indebtedness, restrictions imposed on the Company by the terms of its indebtedness and preferred stock, the impact of government regulations, industry and economic conditions, competition, changes in operating expenses, industry and economic conditions and other factors, many of which are beyond the control of the Company. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized.