Barrington Reports Fourth Quarter Operating Results

Business Wire, March 17, 2008

HOFFMAN ESTATES, Ill. -- Barrington Broadcasting Group LLC ("Barrington") announced today its financial results for the quarter ended December 31, 2007 and for the year ended December 31, 2007.

Highlights of Barrington's consolidated financial results for the quarter and year ended December 31, 2007 are presented below. The comparative financial results for the year ended December 31, 2006 are presented on a pro forma basis as if all acquisitions completed in 2006 were completed on January 1, 2006.

* Gross revenues for the quarter ended December 31, 2007 decreased 17.6% to $35.4 million from $43 million for the quarter ended December 31, 2006. The decrease was primarily due to a decrease in political revenues for the quarter of $9.9 million. Political revenues for the quarter ended December 31, 2007 were approximately $1.1 million. National revenues decreased 1.4%, or $.1 million, to $10.1 million for the quarter ended December 31, 2007. Local revenues increased 12.2%, or $2.3 million, to $21.2 million for the quarter ended December 31, 2007. Not including political revenues, combined local and national gross revenues increased 7.3%, or $2.2 million, for the quarter ended December 31, 2007.

* Net revenues (gross revenues less agency commissions and other direct costs) for the quarter ended December 31, 2007 decreased 16.2% to $30.4 million from $36.2 million for the quarter ended December 31, 2006.

* Operating expenses for the quarter ended December 31, 2007, not including depreciation and amortization, increased $.3 million, or 1.6%, to $21.1 million. The increase was primarily due to increases in salaries, utilities and property taxes.

* Broadcast Cash Flow (as defined herein) for the quarter ended December 31, 2007 decreased 37.4% to $10.6 million from $16.9 million for the quarter ended December 31, 2006.

* Gross revenues for the year ended December 31, 2007 decreased 7.4% to $131.7 million from $142.2 million for the year ended December 31, 2006. The decrease was primarily due to decreases in political revenues as well as national revenues. Political revenues decreased $15 million to $1.7 million and national revenues decreased 4.8%, or $1.9 million, to $38.6 million for the year ended December 31, 2007. Local revenues increased $6.4 million, or 8.5%, to $81.3 million. Not including political revenues, combined local and national gross revenues increased 3.8%, or $4.4 million, for the year ended December 31, 2007.

* Net revenues (gross revenues less agency commissions and other direct costs) for the year ended December 31, 2007 decreased 6.9% to $112.5 million from $120.9 million for the year ended December 31, 2006.

* Operating expenses for the year ended December 31, 2007, not including depreciation and amortization, decreased $.1 million to $82.2 million. Increased expenses in website development, salaries, and sales expenses were offset by news automation and other expense savings.

* Broadcast Cash Flow for the year ended December 31, 2007 decreased 17.3% to $35.7 million from $43.2 million for the year ended December 31, 2006.

For more information regarding this financial information, including certain adjustments and assumptions, and a definition of Broadcast Cash Flow, see the attachments to this press release.

Highlights of Barrington's actual consolidated financial results for the year ended December 31, 2007 compared to Barrington's actual consolidated financial results for the year ended December 31, 2006 are presented below.

* For the year ended December 31, 2007, net revenues increased to $112.5 million from $76.1 million for the year ended December 31, 2006. Operating expenses, not including depreciation and amortization, increased to $82.2 million for the year ended December 31, 2007 from $50.5 million for the year ended December 31, 2006. The increases were primarily due to acquisitions of stations acquired from Raycom Media, Inc. in August 2006. The results of those stations were only included in the results for the year ended December 31, 2006 from the August 11, 2006 acquisition date.

K. James Yager, Chief Executive Officer, commented, "Our goal has been and remains to grow local revenue and continue containing operating costs at all stations. Our 12.2% growth in local revenues in the 4th quarter and 8.5% growth in local revenues for the year while keeping operating costs flat continues to support that overall long term strategy".

Conference Call

As previously announced, Barrington will host a conference call to discuss its fourth quarter results at 11:00 AM (EDT) on Tuesday, March 18, 2008. The dial-in information for the earnings call is as follows: 1-800-218-0530. A telephonic replay of the earnings call will be available beginning on March 18, 2008 at 1:00 PM (EDT) and remain available for thirty days. To access the replay, call 1-800-405-2236 (domestic callers) or 1-303-590-3000 (international callers) and enter access code 11110366#.

During the conference call, representatives of Barrington may discuss and answer one or more questions concerning Barrington's business and financial matters. The responses to these questions, as well as other matters discussed during the call, may contain information that has not been previously disclosed.