Firm Hired to Help Restructure Pappas Telecasting - KHGI-TV/KWNB-TV/KHGI-CD-Grand Island, Kearney, Hastings

Firm Hired to Help Restructure Pappas Telecasting

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Visalia, California (December 19, 2007) - - Pappas Telecasting Companies, the largest privately-held, commercial television broadcaster in the United States, announced today that it has retained Moelis & Company to assess strategic alternatives for the company. This process could result in the sale of a portion of its television assets.

In making the announcement, Harry J. Pappas, Chairman and CEO of Pappas Telecasting, said, "Due to the favorable results from our first round of strategic review activities in the spring involving our Spanish-language television assets, the company has retained Moelis & Company to assist with a strategic review of the company's English-language TV assets. We contemplate that this review will result in the sale of a number of our television station assets."

Mr. Pappas concluded, "After more than 40 years in the broadcast industry, the time has come to simplify my life and spend more time with my family."

About Pappas Telecasting

Pappas Telecasting Companies is the largest privately-held, commercial television broadcast group in the United States in terms of U.S. Household coverage as defined by Nielsen Media Research. The company owns 27 stations, including market-leading FOX, The CW, ABC, CBS, TuVisión, and MyNetworkTV affiliates, and operates four other stations pursuant to local marketing agreements, in most regions of the United States. According to statistics from Nielsen, Pappas Telecasting television stations serve more than 16% of all U.S. television households. In addition, the company owns or operates television stations in markets reaching nearly 36% of U.S. Hispanic households and 38% of all U.S. Hispanic persons age 2+. In total, Pappas owns or operates stations in 24 Designated Market Areas.

About Moelis & Company

Moelis & Company Holdings LLC is a relationship-based investment bank that provides advice on mergers and acquisitions, restructurings and other corporate finance transactions and manages investment funds which integrate capital solutions with the firm's advisory expertise. Moelis & Company serves a broad client base through its offices in Los Angeles, New York and Boston.

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