Hearst Argyle Television — Bear Stearns Conference 2004
13 slides from Hearst Argyle Television's conference presentation, Mar 9, 2004
Slide 1: Hearst-Argyle Television: Bear Stearns Conference
Exhibit 99.1 Hearst-Argyle TELEVISION, INC. Bear Stearns Conference March 2004 www.hearstargyle.com This presentation contains forward-looking statements that are subject to risks and uncertainties. Forward looking statements may include information preceded by, followed by, or that includes the wor
Slide 2: Capitalization; HTV Strategic Balance Sheet
Capitalization Share Price (@2/4/04 Close): $ 26.90 Market Cap (est. 93M shares @2/4/04): $ 2,501.7M Total Long-Term Debt (@12/31): $ 882.4M Note Payable to Capital Trust: $ 206.2M Preferred Stock (@12/31): $ 18.3M Less: Cash and Investments (@12/31): $ (105.6)M Enterprise Value: $ 3,503.0M Note: Ad
Slide 3: Core Execution: News Leadership; #1 or #2 News in 21 of 24 Markets
Core Execution: News Leadership; #1 or #2 News in 21 of 24 News Markets Market News Ratings Rank YES Boston / WCVB Manchester*/ WMUR Sacramento / KCRA Pittsburgh / WTAE Orlando / WESH Baltimore / WBAL Milwaukee / WISN Kansas City / KMBC Greenville / WYFF New Orleans / WDSU Winston-Salem / WXII Lanca
Slide 4: Network Ratings Indexing
Network Ratings Indexing ABC Market / Station Index Milwaukee / WISN 155 Pittsburgh / WTAE 151 Kansas City / KMBC 134 Okla. City / KOCO 131 Omaha / KETV 121 Boston/ WCVB/WMUR 113 Albuquerque / KOAT 112 Ft.Smith / KHBS-KHOG 94 Honolulu / KITV 93 W.Palm / WPBF 87 Jackson / WAPT 18 Average: 116 Top-80-
Slide 5: Syndicated Program Ratings Index; Destination for 2004 Political Campaigns
Syndicated Program Ratings Index HTV Stations Overindex Average Ratings On Popular Syndicated Shows Show HTV Index Oprah 124 Dr. Phil 113 E.T. 139 Jeopardy 121 Wheel of Fortune 113 * Source: Nielsen, Nov’03 8 As a Leading Local TV Brand, We Are the Destination for 2004 Political Campaigns • Presiden
Slide 6: Political Spending and Olympics Spending on HTV Stations
Political Spending on HTV Stations 2002 2000 1998 1996 Political Revs* $73.3 $58.0 $50.3 $40.0 ($mms) • 2004 Political: • Y-T-D (January & February) = $6.2mm, vs.: • 1Q03: $612K • 1Q02: $4.8mm • 1Q01: $800K • 1Q00: $8.8mm * Net revenues; Same-station (non-GAAP) 10 Olympics Spending on HTV Stations 2
Slide 7: Outlook; Sales Categories; Adapt & Grow: Joint Ventures
Outlook • 1Q Revenues Up High-Single Digits - Given in 4Q earnings release, 2/26 - FY2004 cost/expenditures outlook also given in 4Q release (can be found on www.hearstargyle.com) 12 Sales Categories • Currently Positive Pacings: - Automotive - Packaged Goods - Pharmaceuticals / Drugs - Financial Se
Slide 8: NBC Venture Programming: Jane Pauley, Chris Matthews, Access Hollywood
• “Jane Pauley”: New for 2004-2005; already cleared in: • 90%-plus of U.S. • all top markets and on HTV stations in Boston, Orlando, Milwaukee, Greenville, Cincinnati, New Orleans, • Ft. Smith, Monterey • “Chris Matthews”: Higher ratings Than 3 of the 4 network Sunday talk Shows* • “Access Hollywood
Slide 9: IBS Now Among Top Nielsen News Sites
Albuquerque Los Angeles Atlanta Louisville Bakersfield Madison Baltimore Manchester Birmingham Miami Boston Milwaukee Charlotte Minneapolis Chicago Monterey Cincinnati New Orleans Cleveland Oklahoma City Columbus Omaha Dallas Orlando Dayton Philadelphia Denver Pittsburgh Des Moines Plattsburg Detroi
Slide 10: Financial Flexibility; Cash: Strategic Priorities & Opportunities
10) FoxNews.com 5.4 +83.1% 11) WashingtonPost.com 5.4 -11.5% 12) CBS News 4.7 +33.1% Source: Nielsen//NetRatings, January 2004 (Home+Work, News & Information, excludes non-publishers (e.g. Yahoo! News) and non-networks (e.g. Gannett Newspapers). 16 Financial Flexibility • Zero Bank Debt • 100% of Lo
Slide 11: Strategic Acquisition of WMTW, Portland
• Annual $22mm payout = less than 31% of 12/31 cash-on-hand - Acquisition of WMTW-TV, Portland, Maine 18 Strategic Acquisition of WMTW, Portland • Modest Cash-for-Assets Purchase Price of $37.5mm - Seller approached HTV / no auction - Expected to close in Q2 subject to regulatory approval • Potentia
Slide 12: HTV Investment Proposition
20 HTV Investment Proposition • Revenue and Cashflow Growth Potential from Improving Economic Fundamentals, Favorable Impact on Ad Spending • Well Positioned for Further Consolidation Opportunities • Strong, Branded Asset Base With Enduring Local Community Ties Offers Platform for New Initiatives •
Slide 13: Hearst-Argyle Television, Inc.
Hearst-Argyle TELEVISION, INC.
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