March 12, 2007

Average Station Revenue Growth by Market Size

Markets 1-25 Markets 26-50 Markets 51-100 Markets 101-150 Markets 151+ All Stations
1997 3.7 3.1 2 1.2 6.4 3.2
1998 4.6 5.9 8.4 8.5 31 6.2
1999 1.9 -1.3 -1.7 -0.9 2.1 0.7
2000 9.2 4.8 6.7 7.9 10 8.1
2001 -14.9 -13.6 -12.2 -13.4 -12.5 -14.1
2002 7.5 11.8 14.2 14.3 13.4 9.8
2003 -1.2 -2.1 -4.4 -5 -2.3 -2.2
2004 8.9 12.9 11 16.1 12.3 10.5
2005 -7.5 -8.7 -7.7 -11.2 -8.1 -8

While highly profitable, the local TV business is also highly cyclical. Revenue growth moves up and down with the economy and rises in even years.