Oregon Media Insiders

Los Angeles, CA – New Vision Television, LLC (“New Vision”) and Montecito Broadcast Group,
LLC (“Montecito”) announced today that they have signed definitive agreements whereby New
Vision will acquire the assets and outstanding stock of the companies holding the following television stations:

KOIN-TV, the CBS affiliate in Portland, Oregon
KHON-TV, the FOX affiliate in Honolulu, Hawaii, along with the CW affiliation
KSN-TV, the NBC affiliate in Wichita, Kansas
KSNT-TV, the NBC affiliate in Topeka, Kansas, along with the CW affiliation

The agreements also include the purchase of satellite stations, KHAW-TV and KAII-TV in Hawaii,
along with KSNC-TV, KSNG-TV in Kansas and KSNK-TV in Nebraska.

The transaction and assignment are subject to regulatory approvals and are expected to be completed in the fourth quarter of 2007.

Jason Elkin, Chairman and CEO of New Vision, said “All of these stations are incredibly strong
and very essential to their respective markets. Further, these assets perfectly complement our
existing station portfolio. This will give New Vision Television additional critical mass while
creating key affiliate and geographic diversity. We were interested in these stations when they
were first offered by Emmis in 2005 and feel fortunate to have had the chance to now acquire them from Montecito.”

The acquisition was supported by the private equity group of HBK Capital Management.