Paxson Appoints Cheryl Scully, Director of Treasury and Investor Relations

Business Wire, July 18, 2001

Business Editors

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--July 18, 2001

Paxson Communications Corporation (AMEX:PAX) announced today that it has appointed Cheryl Scully to Director of Treasury and Investor Relations. Scully reports directly to Paxson's Senior Vice President and CFO, Tom Severson, and is responsible for the oversight of treasury functions for the company as well as developing and executing the company's investor relations program. As such, Scully will be the company's interface with institutional investors, investment analysts, and individual investors.

In making the announcement, Severson said, "We are pleased to be adding an extremely talented finance executive to our team. At ANC Rental, Cheryl managed and orchestrated complex structured finance transactions and implemented ANC's financial risk management strategy. With Cheryl on board, we plan to continue to strengthen our relationships with the investment community and broaden our shareholder base."

Scully most recently served as Director, Corporate Finance for ANC Rental Corporation, the parent company of Alamo Rent-A-Car and National Car Rental, where she was responsible for international financing facilities and financial risk management. Prior to ANC's spin-off from former parent AutoNation, Inc., Scully was employed by AutoNation, Inc. where she held the position of Manager, Structured Finance and was responsible for auto retail securitization programs. Prior to AutoNation, Scully was employed at Circuit City Stores, Inc. from June 1994 to July 1998 holding a number of progressively responsible finance and accounting positions. Scully graduated magna cum laude with a Bachelors of Business Administration in Finance from James Madison University.

About Paxson Communications Corporation

Paxson Communications Corporation owns and operates the nation's largest broadcast television station group and PAX TV, the newest broadcast television network that launched in August of 1998. PAX TV reaches 84% of U.S. television households via nationwide broadcast television, cable and satellite distribution systems. Paxson owns and operates 68 stations (including three stations operated under time brokerage agreements), 51 of which operate under Joint Sales Agreements (JSA) primarily with NBC stations in their market. In September of 1999, Paxson entered into a strategic alliance with NBC and through this relationship, PAX and NBC have shared the premiere of the dramatic series "Mysterious Ways," special PAX runs of original NBC TV movies and sports programs and the hit primetime quiz show, "Weakest Link." In addition, PAX airs its own original programming including "Miracle Pets," "Twice In A Lifetime," "It's A Miracle," "Encounters with the Unexplained," "Candid Camera" and "Doc," starring recording artist Billy Ray Cyrus. Additional Paxson properties include the PAX Family Club, a branded affinity club that provides travel and product discounts for families, parenting advice and valuable online information. For more information, visit PAX TV's website at http://www.pax.tv.