Contemporary World Media

Contemporary World Media

This book is dedicated to my ancestors who were journalists and pioneers of their period:

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My father, Raja Ghulam Ahmad, publisher and editor of “Awaz-e-Niswan”, a monthly periodical published from Delhi, until the end of 1947.

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My Uncle, Raja Ghulam Hussain, the sub Editor of Maulana Jauhar Ali ’s English newspaper, Comrade, and later his own, New Era. (Died at a young age in traffic accident).

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My maternal uncle, Maulvi Ahmad Shafi of Lahore, was a writer and contributor of articles and columns in the Civil and Military Gazette, Lahore. My mother’s uncle, Munshi Mehbub Alam, the publisher and editor of “Paisa Akhbar”, published from Anarkali, Lahore, in 1930s.

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All rights are reserved. No part of this publication may be reproduced or transmitted, in any form or by any means – including, but not limited to, electronic, mechanical, photocopying, recording, or otherwise or used for any commercial purpose whatsoever without written permission of both the copyright owner and the publisher.

COPYRIGHT © 2014 Javed Sajjad Ahmad ISBN:

Book Title: Contemporary World Media Author/Compiler: Javed Sajjad Ahmad Title design: Qazi Fazli Azeem Published Electronically 2014 Price: Pak Rupees: 590/Disclaimer: The opinions expressed in this book are those of the author (compiler) and do not necessarily reflect the views of the University of Gujrat. Publisher hereby disclaims any liability to any person or organization caused by the errors and omissions in this publication, whether such errors or omissions result from negligence, accident, or any other cause. Contact: Javed S. Ahmad New York [email protected]

Contemporary World Media Page


PREFACE

Privately owned media enterprises, print or electronic, are inherently managed as businesses. This means that all media enterprises in the private sector are expected to make a profit for their private owners or shareholders. Hence, the notion of media working as propaganda machines against a particular community or group, can be misleading. Media earns money largely by selling its content through print or electronic devices to general public or specific segments of the population. Therefore, owners want to ensure that editors and reporters present products that would sell to the largest number of people. Even advertisement earnings are usually tied to circulation (print), viewership (television), and listenership (radio). Editorial slant can be a function of editors’ judgment and technical advice on the market segments that were being targeted and their interests. Media serves like smorgasbord or buffet, offering something for everybody, such as news, opinion, entertainment, and advertisement, for its audience and consumers who buy it for what they like. The author of Contemporary Modern Media, has chosen to acquire information about media mostly direct from the source, and to the extent possible, from the annual reports of the major media organizations. That is why readers will notice dollar figures, earnings and expenses, and news about acquisitions, for various media conglomerates. Chronological history of the major media enterprises and their founders or notable leaders, are also mentioned to give a flair of the real world. With the exception of the introductory pages, any discussion of the motives or editorial slant of any media is avoided for the sake of objectivity. What is true about world media, is also true for Pakistani media as far as their business motive is concerned. With the exception of state owned media, almost all of print media and most of electronic media is in the private sector. Its presence is felt by a fraction of the population that can afford to buy newspapers or subscribe to cable TV channels. Even though many of the major TV channels and newspapers have expanded their reach to global audience via satellite and internet, it is basically Pakistanis audience who are their users. Pakistan is no exception. Internet and satellite transmissions are making a huge difference for the viewers or readers of media outside their home countries. Nonetheless, in general, developing countries have a long way to go before their presence will be felt by the world. The book in your hands, Contemporary World Media, is prepared as a resource book for the B.S. students and teachers, following 2008 curriculum of Mass Communication approved by the Higher Education Commission, Islamabad. The three credit hours subject is a required discipline specific foundation course. (Signed) Professor Mughees uddin Sheikh, Ph.D. Professor and Dean Superior University, Lahore 8 June 2012

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FOREWORD

Human beings need information, at every stage in their lives, for various reasons. These may vary from the basic instinct to find food and protection, necessary for survival, to higher level goals such as updating one’s knowledge of surroundings and environment, recognition and opportunities. This need for information has given birth to a market where people with ability to pay, generate demand. There are investors and businesses that recognize this demand and fulfill it by providing desired information through media that their customers can access and want. In the early days of human history, demand for information was fulfilled freely via inter-personal contacts with neighbors and fellow citizens, and for the news outside of their immediate environment, people would listen attentively to incoming travelers. Needless to say, not everyone could be present when traveler told their tales. This information would, however, be told and re-told by word of mouth to others. During this process information could be distorted, abbreviated, and changed entirely. To overcome this problem, sometimes, stories told by travelers were simplified and retold in poems that were recited far and wide, for generations. Human communication has come a long way since the early days of the civilization. Written language and subsequently, printed word, have changed human communication forever. With the help of postal services, messages and stories could be sent and shared with relatives, friends and even strangers, through letters, magazines, newspapers and books. This is when communication for the masses was born. The twentieth century witnessed information explosion when, relatively speaking, rapid inventions of telephone, radio, and television, gave a new meaning to mass communication because these media disseminated information to millions of people simultaneously. The power of media was enhanced further by the fact that viewers and listeners need not be even literate. The only barrier was, and still is, the ability to access the broadcast receiving equipment. Until about three decades ago, dissemination of information from one end of the earth to another could only be done via telephone, planes and short-wave radio. Television broadcasts were limited to nearby communities. Later, radio and television signals were boosted via relay stations to cover larger territories or even the entire nation. Introduction of satellite technology has changed everything because it has practically eliminated all physical barriers to telecommunications and broadcast media. People living in Asia or Africa, given facilities, can now view TV programs srcinating from America and Europe and vice-versa. Media mughals, however, discontinued the free broadcasts by coding their signals that only proprietary controlled receivers could decode. The design gave birth to the cable system that spread rapidly world-wide. Cable companies offered crystal clear TV reception, and a wide programming choice against a monthly fee. Some of the same corporations that television networks and movie studios also owned the cable companies. Cable systems and satellite services accounted for a record 31% of 2007 U.S. media revenue. Three cable/satellite companies rank among the top 10 media firms: Comcast, DirecTV Group and Dish Network Corp. Time Warner Cable should be in the top 10 in next year's ranking.1

1

Johnson, Bradley “Media 100's Net U.S. Media Revenue Rises 4.6%, Nearing $300 Billion ”, Advertising Age, May 18, 2009

[http://adage.com/article?article_id=131243]

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The picture is different in the developing world, often referred to as the Third World. In this world, access to media is restricted for assorted reasons. Most of all, the ownership of working television sets, radio and ability to purchase printed materials is limited to a small proportion of the population. Producers for media are restricted by public policies. Most countries have strict rules and regulations that govern how materials are produced and how are they broadcast or published. Governments not only control means of public broadcast systems they also watch carefully what is broadcasted on private media. Governments of the poor countries complain that foreign media mistreat, malign or misrepresent their news. However, media is far from free in their own countries. Until a couple of decades ago, it was claimed that “Two-thirds of the print media throughout the globe, and threefourths of the electronic media, are dominated by governments —which either control the media outright or possesses a significant, and often menacing, voice in what does or does not appear.” It is a frequent occurrence that journalists got killed or disappeared, were beaten, bombed, or simply harassed for their reports. On the other hand, developing countries continue to claim that “powerful Western and Soviet interests monopolized the international flow of news and information, and that Third World countries, when publicized at all, were depicted in images that were cruel and unfair. As argued by a group in UNESCO, “big five” press agencies (Associated Press and United Press International; the British agency, Reuters, Agence-France—Press ; and the Soviet TASS controlled more than 80 percent of the world news flow. Four radio networks (Voice of America, the British Broadcasting Corporation, Deutsche Welle and Radio-Moscow ) have a virtual monopoly of all radio programs beamed abroad. Eighty percent of the book production in the world is concentrated in the main industrialized countries. The same is true of the production of television and news films, not to mention satellites, computers, microprocessors, videotexts, and the whole range of advanced technology." 2 The situation is changing positively for the Third World, though not drastically, since the aforementioned observations were made, two decades ago, mainly owing to the placement of communication satellites in the space and rapidly widening access to the internet via personal computers. For example, Gulf-based Al Jazeera, with limited resources, is bravely competing with the Western news networks, globally. Several more countries like China, Japan, Korea, Canada, Italy, France, are now broadcasting in various languages to audience of all nationalities. Pakistan television networks like Geo and ARY are reaching out to Pakistani audience world-wide. Accessibility to cable networks in major urban areas, is allowing people to choose what they want to see from a wide array of channels beaming from home and abroad. Internet access in developing countries is still poor because of the absence of broadband facilities, cost of equipment and services, as well as awareness, but it is slowly increasing. Television and VCR have largely replaced cinema, resulting in declining production of feature films, to be shown in the movie houses. Since access to internet is moving at snail pace, newspapers and other print media still play the limited role it has always played. Radio is re-vitalized by increasing spread of FM transmissions and community radio services that focus on both information, entertainment, particularly on local news and events. The information explosion is not over yet. The global spread of personal computers together with the capacity of internet, and mobile phone technology have brought yet another revolution that is changing and challenging the world of mass media altogether. The biggest challenge, phenomenally 2

Farrar, Ronald T., Mass Ch. 24, pp.530-534.

Communication,

An Introduction to the Field, West Publishing Company, St. Paul, USA, 1988,

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expanding internet and some other technological advances such as digital recording media, are posing to mass media is by its empowering the passive recipients of yesteryears of broadcast media into active participants who could choose what to see and hear and what to ignore. The wide-spread ability and access to internet, globally, have introduced a quantum leap for millions of savvy users of information, by enabling them to even advance their view point and make it available to hundreds of millions of people and hence become mass communicators at practically minimal cost. Many activist users of internet are publishing their materials on their own websites called blogs. The web sites such as Face book, Twitter, You Tube, and many others are attracting millions to express themselves on almost any issue under the sun. These sites are cleverly designed for people who do not much time to write long stories. They can write just a few words to express themselves and announce their presence. Ability to add videos, and photos to short sentences, have enhanced communication to new levels of interest, particularly among young users. The broadband technology and rapidly falling prices of personal computers are pointing to a future where most of the traditional media is likely to lose its luster, for the educated and elite class, altogether. That is a bad news for the established mass media operators because this class of people were the most sought after customers who bought expensive merchandize and paid heavy connection fees. Owners of major mass media production houses, however, were quick to recognize the change in the paradigm shift taking place in their industry. Many of them have reluctantly accepted the change and have begun to mark their presence in the new internet markets. For example, many newspapers have begun to publish their online editions. Similarly numerous international popular periodicals can now be accessed on internet. Radio and television companies have begun to offer their programs and entertainment materials via web-casting. People can now purchase and download movies and other entertainment materials straight on their computers and view when they like. Competition for the dollars of the internet users is intense and ensures more innovation and variety in the products and services available to customers. The latest trend is to provide news with internet services. Media companies make money in several ways. For movies, bulk of the income comes from the box office sales and rentals. Cable operators collect fees from viewers for watching TV channels, movies, pay-per-view plans and pay royalty fees to studios. Cable operators/ franchisers share income from cable subscriptions with the media houses but most importantly, revenue from advertisers. At the latest count, according to a report in Advertising Age, (cited above) total advertising revenue of 100 media companies in USA, was about $300 billion. Needless to say, it is advertising that is the engine that drives media. However, the trouble began when advertisers started to pull money out mostly from print media to invest on online advertising. Print media in the developed world is now struggling for its life. Several newspapers have folded businesses and others are hanging by a thread. Readers are finding nearly everything they looked for in a newspaper or magazine, on the net, which gives them a bigger choice and is often free. An attempt is made in the following pages to present a picture of the companies that manage information on the mass media. These are basically corporations with global operations, and set up to maximize profits for their shareholders. Editorial policies are largely formed to catch maximum audience. If they feel their audience will like to see anti-Muslim news and opinions, they will certainly increase such content. However, they can and do influence what audience think and want.

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Researchers have established long ago the agenda setting role of mass media. In other words, what is shown on mass media can lead the discussion and direction of the public opinion. Hence, it is important to learn about the owners of the major media houses, their policies, publicly stated aims and objectives, biases and strategies. It is best to learn from the publicly available information about the major mass media players that has been collected and presented on these pages. Readers should use discretion in interpreting the information provided and draw their own conclusions. A deliberate effort is made to avoid second hand sources of information such as from Wikipedia etc. and other similar sources. Since the companies selected are dynamic and constantly changing in their structures, philosophy, and alliances, it is suggested that this information be updated by the readers regularly via internet references shown.

Javed Sajjad Ahmad Sr. Adviser to the Vice Chancellor University of Gujrat, Hafiz Hayat Campus, Gujrat [email protected] 8 June 2012

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CONTENT

Preface Foreword An Overview The Global Media Giants Profile of Major Media Giants CNN BBC The Voice of America (VOA) Deutsche Welle (VOG) Al-Jazeera The Associated Press (AP) •Reuter •AFP Star Network

01 04 08

Profile of World Elite Press • The New York Times • The Washington Post • The Los Angles Times

39 39 43 51

• The London Times • The Guardian Magazine Publishing

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•

57

Newsweek

Media Conglomeration: Big Media Giants: AOL Time Warner Disney • News Corporation • General Electric • Bloomberg Viacom Sony Corporation New Media Online Journalism Suggested Reading Materials 

14 14 19 23 25 27 29 34 37

60 60 61 69 71 77 79 80 85 87 88 93

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AN OVERVIEW

The Global Media Giants

By Robert McChesney3 A specter now haunts the world: a global commercial media system dominated by a small number of super powerful, mostly U.S.-based transnational media corporations. It is a system that works to advance the cause of the global market and promote commercial values, while denigrating journalism and culture not conducive to the immediate bottom line or long-run corporate interests. It is a disaster for anything but the most superficial notion of democracy--a democracy where, to paraphrase John Jay's maxim, those who own the world ought to govern it. The global commercial system is a very recent development. Until the 1980s, media systems were generally national in scope. While there have been imports of books, films, music and TV shows for decades, the basic broadcasting systems and newspaper industries were domestically owned and regulated. Beginning in the 1980s, pressure from the IMF, World Bank and U.S. government to deregulate and privatize media and communication systems coincided with new satellite and digital technologies, resulting in the rise of transnational media giants. How quickly has the global media system emerged? The two largest media firms in the world, Time Warner and Disney, generated around 15 percent of their income outside of the United States in 1990. By 1997, that figure was in the 30 percent-35 percent range. Both firms expect to do a majority of their business abroad at some point in the next decade. The global media system is now dominated by a first tier of nine giant firms. The five largest are Time Warner (1997 sales: $24 billion), Disney ($22 billion), Bertelsmann ($15 billion), Viacom ($13 billion), and Rupert Murdoch's News Corporation ($11 billion). Besides needing global scope to compete, the rules of thumb for global media giants are twofold: First, get bigger so you dominate markets and your competition can't buy you out. Firms like Disney and Time Warner have almost tripled in size this decade. Second, have interests in numerous media industries, such as film production, book publishing, music, TV channels and networks, retail stores, amusement parks, magazines, newspapers and the like. The profit whole for the global media giant can be vastly greater than the sum of the media parts. A film, for example, should also generate a soundtrack, a book, and merchandise, and possibly spin-off TV shows, CD-ROMs, video games and amusement park rides. Firms that do not have conglomerated media holdings simply cannot compete in this market. The first tier is rounded out by TCI, the largest U.S. cable company that also has U.S. and global media holdings in scores of ventures too numerous to mention. The other three first-tier global media firms are all part of much larger industrial corporate powerhouses: General Electric (1997 sales: $80 billion), owner of NBC; Sony (1997 sales: $48 billion), owner of Columbia & TriStar Pictures 3

[http://www.fair.org/]

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and major recording interests; and Seagram (1997 sales: $14 billion), owner of Universal film and music interests. The media holdings of these last four firms do between $6 billion and $9 billion in business per year. While they are not as diverse as the media holdings of the first five global media giants, these four firms have global distribution and production in the areas where they compete. And firms like Sony and GE have the resources to make deals to get a lot bigger very quickly if they so desire. Behind these firms is a second tier of some three or four dozen media firms that do between $1 billion and $8 billion per year in media-related business. These firms tend to have national or regional strongholds or to specialize in global niche markets. About one-half of them come from North America, including the likes of CBS, the New York Times Co., Hearst, Comcast and Gannett. Most of the rest come from Europe, with a handful based in East Asia and Latin America. In short, the overwhelming majority (in revenue terms) of the world's film production, TV show production, cable channel ownership, cable and satellite system ownership, book publishing, magazine publishing and music production is provided by these 50 or so firms, and the first nine firms thoroughly dominate many of these sectors. By any standard of democracy, such a concentration of media power is troubling, if not unacceptable. But that hardly explains how concentrated and uncompetitive this global media power actually is. In addition, these firms are all actively engaged in equity joint ventures where they share ownership of concerns with their "competitors" so as to reduce competition and risk. Each of the nine first-tier media giants, for example, has joint ventures with, on average, two-thirds of the other eight first-tier media giants. And the second tier is every bit as aggressive about making joint ventures. (See chart below for the extent of joint ventures between media giants.) We are the world In some ways, the emerging global commercial media system is not an entirely negative proposition. It occasionally promotes anti-racist, anti-sexist or anti-authoritarian messages that can be welcome in some of the more repressive corners of the world. But on balance the system has minimal interest in journalism or public affairs except for that which serves the business and upper-middle classes, and it privileges just a few lucrative genres that it can do quite well--like sports, light entertainment and action movies--over other fare. Even at its best the entire system is saturated by a hypercommercialism, a veritable commercial carpet-bombing of every aspect of human life. As the C.E.O. of Westinghouse put it ( Advertising Age, 2/3/97), "We are here to serve advertisers. That is our raison d'etre." Some once posited that the rise of the Internet would eliminate the monopoly power of the global media giants. Such talk has declined recently as the largest media, telecommunication and computer firms have done everything within their immense powers to colonize the Internet, or at least neutralize its threat. The global media cartel may be evolving into a global communication cartel. But the entire global media and communication system is still influx. While we are probably not too far from crystallization, there will likely be considerable merger and joint venture activity in the

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coming years. Indeed, by the time you read this, there may already be some shifts in who owns what or whom. What is tragic is that this entire process of global media concentration has taken place with little public debate, especially in the U.S., despite the clear implications for politics and culture. After World War II, the Allies restricted media concentration in occupied Germany and Japan because they noted that such concentration promoted anti-democratic, even fascist, political cultures. It may be time for the United States and everyone else to take a dose of that medicine. But for that to happen will require concerted effort to educate and organize people around media issues. That is the task before us.

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Profile of Major Media Giants Who Really Determines What You Will Or Will Not See On TV Or Read In The Newspaper? (IHT, 2010) In the early years of democracy the "free press" was all that stood between greedy corporate interests, government corruption and you and I. While many newspapers were controlled by wealthy individuals such as William Randolph Hearst, who influenced the content of the news in his papers, a kind of journalistic "Hippocratic oath" seemed to prevail across the country as reporters and publishers at small papers usually chose to pursue the truth in reporting. Local papers, TV stations and radio outlets were owned mostly by local individuals with an interest in their community. That began to change as a powerful institution known as the Council On Foreign Relations gained power and the trend toward total corporate media control rapidly accelerated during the Bush era with media consolidation. Suddenly the old rule that one corporation could not own all of the town's news outlets was gone. Companies like Clear Channel Communications suddenly began to buy up every radio station, TV outlet and newspaper in major markets, effectively controlling everything that people read, watched and heard. The pattern of media consolidation has increased during the last eight years to the point that now only a few corporations control the news that we watch. Just like the quote above, he who owns the media, controls the media. With such powerful platforms they are able to drown out independent media and control public opinion and government policy. There can be no freedom without freedom of the press and there can be no freedom of the press if only a few powerful corporations are allowed to own it. What Liberal or Right Wing Media? It's Just Corporate Media. Who really controls the media? Is the so called "liberal media" that the right complains about controlled by Hollywood and liberal special interests? Is Fox News controlled by the Republican Party? If you believe any of these generalizations you are dead wrong and the truth will shock you. Major multinational corporations, Middle Eastern sovereign wealth funds and Saudi Princes, all hell bent on protecting their own interests, choose what you will see on the nightly news and trick you into believing it is unbiased reporting. As we see below all the major news outlets, regardless of what they make you believe, contributed heavily to George W. Bush in both 2000 and 2004 so any argument that they are controlled by liberals evaporates. In this case they all supported the candidate that promised to allow consolidation of multiple media companies. The very news stories that you are fed by the mainstream media are manipulated to mirror the public relations campaigns of companies that operate nuclear plants, sprawling theme parks that gobble up wetlands, defense contractors, oil companies and even Saudi Princes. Remember the old "Outer Limits" TV shows where the announcer says "We control everything you see and hear, the vertical, the horizontal," etc? The corporate controlled news media controls all you see and hear. Here are the top twenty0 media corporations in the U.S. according to mediaowners.com All but two of the following, #18 and #19 are not members of the Council On Foreign Relations. 1. Time Warner Inc. 2. Walt Disney Company

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3. Viacom Inc. 4. News Corporation 5. CBS Corporation 6. Cox Enterprises 7. NBC Universal 8. Gannett Company, Inc. 9. Clear Channel Communications Inc. 10. Advance Publications, Inc. 11. Tribune Company 12. McGraw-Hill Companies 13. Hearst Corporation 14. Washington Post Company 15. The New York Times Company 16. E.W. Scripps Co. 17. McClatchy Company 18. Thomson Corporation 19. Freedom Communications, Inc. 20. A&E Television Networks Who Owns The Media? Industry Giants, Saudi Princes and Australian Robber Barons. Here is a breakdown of the "Liberal" media ownership By Corporations. Next Read Who Owns the "Conservative Media". "GE, Not Just Light Bulbs Anymore" GENERAL ELECTRIC - NBC (In 2000, they donated 1.1 million to George W Bush for his election campaign) TV Holdings: * NBC: Owns outright 13 stations and many affiliates, Market penetration: 28% of US households. * NBC Network News: Owns The Today Show, Nightly News with Tom Brokaw, Meet the Press, Dateline. * CNBC business network, MSNBC 24-hour cable and Internet news service (co-owned by both NBC and Microsoft); Court TV (co-owned with Time Warner), Bravo (50%), A&E (25%), History Channel (25%). The MS in MSNBC stands for Microsoft, Bill Gate's Microsoft donated 2.4 million in 2000 to get George W Bush elected. Other Holdings: * GE Consumer Electronics and Household Products and components used in military electronics.. * GE Power Systems, which makes turbines for nuclear reactors, wind turbines, "clean" coal technology. * GE Plastics: produces military hardware for fighter jets, ships and nuclear power equipment. * GE Transportation Systems: manufactures engines and diesel and electric locomotives. WESTINGHOUSE / CBS INC.

"Not Just Fridges Anymore".

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Westinghouse Electric Company, part of the large Nuclear Utilities Business Group of British Nuclear Fuels. Which is Headed By Frank Carlucci of the Carlyle Group. A group with very strong ties to the Bush Administration. TV Holdings: * CBS: Owns outright 14 stations and over 200 affiliates in the US. * CBS Network News: 60 minutes, 48 hours, CBS Evening News, CBS Morning News. * Country Music Television, The Nashville Network. * Group W Satellite Communications. Other Holdings: * Westinghouse Electric Company: provides services to the nuclear power industry including owning 4 nuclear plants, waste disposal and transport. The Late Disney Founder, Walt Disney. "Oh how far we have come Walt!" DISNEY - ABC (Donated $640,000 to George W Bush's 2000 political campaign) TV Holdings: * ABC: includes 10 stations outright, many affiliates, Penetration in the market: 24% of US households. * ABC Network News: Prime Time Live, Nightline, 20/20, Good Morning America. * ESPN, Lifetime Television (50%), as well as smaller holdings in A&E, History Channel and E! * Disney Channel/Disney Television, Touchtone Television. Other Major Media Holdings. * Miramax, Touchtone Pictures. * Major Magazines: Jane, Los Angeles Magazine, Discover. * Three recording labels, twelve major local newspapers. * Hyperion books. * Infoseek search engine. Major shareholders include Sid R. Bass, oil and gas baron. Disney's environmental and social record: Source Wikipedia.org The company has been accused of human rights violations regarding the working conditions in factories that produce their merchandise. Numerous environmental groups in Florida and California have criticized development procedures used in building theme parks including damage to wetlands. An environmental management plan for a zone of Great Guana Cay, in the Abaco Islands, criticized Disney for poor management of a 90-acre (36.4 ha) tract of the island. Disney partially developed but then abandoned the place, which was to have been a cruise ship resort called Treasure Island. The report, by the University of Miami and the College of the Bahamas, blames Disney for leaving hazardous materials, electrical transformers, and fuel tanks, and for introducing invasive alien plants and insects that threaten the natural flora and fauna of the island. "Time, Not Just On The Coffee Table Anymore". TIME-WARNER TBS - AOL (In 2000 they donated 1.6 million to George Bush's political campaign)

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America Online (AOL) acquired Time Warner which was the largest merger in corporate history. TV Holdings: * CNN, HBO, Cinemax, TBS Superstation, Turner Network Television, Turner Classic Movies, Warner Brothers Television, Cartoon Network, Sega Channel, TNT, Comedy Central. * Largest cable system owner with an estimated 13 million households. Media Holdings: * HBO Productions, Warner Home Video, New Line Cinema, Castle Rock, Looney Tunes, HannaBarbera. * Music: Atlantic, Elektra, Rhino, Sire, Warner Bros. Records, EMI. * Thirty three major magazines including Time, Sports Illustrated, People Magazine, In Style, Fortune, The Book of the Month Club, Entertainment Weekly, Life Magazine, DC Comics, MAD Magazine. Other major corporation Holdings: * Sports Teams and Wrestling: The Atlanta Braves, The Atlanta Hawks, World Championship Wrestling. Now For The "Conservative News Media" "The real Darth Vader?" Why did Australian Rupert Murdoch forsake his native country and become a U.S. citizen? Reportedly it was because he could save on taxes and start over in virgin territory after leaving behind so much scorched earth in the Australian economy as he laid waste to his business opponents and bought up media outlets. Or perhaps it was just so he could get around foreign media ownership laws. (Which no longer exist.) Does a Saudi billionaire actually have the power to control the news on the Fox network, of which he is a part owner? NEWS CORPORATION LTD. / FOX NETWORKS (Rupert Murdoch, numerous donations. On Board of Directors of Phillip Morris, Phillip Morris Donated 2.9 million to Bush's campaign. Major Television Holdings: * Fox Television: includes 22 major and many affiliate stations, Penetration into more than 60% of US households. * Fox International: extensive worldwide cable and satellite networks include British Sky Broadcasting (40%); VOX, Germany (49.9%); Canal Fox, Latin America; FOXTEL, Australia (50%); STAR TV, Asia, Isky B, India; Bahasa Programming Ltd., Indonesia (50%); and News Broadcasting, Japan (80%), major owner of DirecTV. * The Golf Channel (33%). Other Major Media Holdings: * Twentieth Century Fox, Fox Searchlight. * 132 major newspapers (113 in Australia alone) including the New York Post, the London Times and The Australian. * Owns 25 magazines including TV Guide and The Weekly Standard. * Owns HarperCollins books. Other Major Corporation Holdings around the word: * Sports: LA Dodgers, LA Kings, LA Lakers, National Rugby League. * Ansett Australia airline, Ansett New Zealand airlines. * Rupert Murdoch is on the Board of Directors of Philip Morris, a major Bush donor.

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It's no surprise that corporate robber baron Rupert Murdoch is a major Bush supporter but who else owns Fox News? Prince al-Walid bin Talal owns 5.5% of Fox News. Prince al- Walid bin Talal stated recently that he used his influence to change Fox's headlines. During the recent riots in Muslim neighborhoods in France Fox was using the term "Muslim Riots" to describe rioting by Muslim youths and Prince bin Talal claims that called Fox News had them change the title of the story to "Youth Riots". Source. worldnetdaily.com In another instance, where supposedly conservative Fox News should have been up in arms, was the deal by a United Arab Emirates holding company to buy U.S. ports. Suddenly Fox went from being against the deal to very supportive of a deal that would have put US container ports in foreign hands. A U.A.E. sovereign wealth fund also owns major shares of Fox. The "good ole boys" that hang on every word that Sean Hannity and Bill O'Reilly utters might not be so happy when they hear who is whispering in their idol's ears. The Council On Foreign Relations and What It Has To Do With Corporate Control Of The News CFR Seal What do Dan Rather, Barbara Walters, Jim Lehrer, Rupert Murdoch, Tom Brokaw and the late William F. Buckley have in common? They are all members of the CFR, The Council On Foreign Relations. The stated goal of the CFR is to manipulate the News to bring about a new world order or corporate control of everything. This is not some weird conspiracy theory, it is stated in their srcinal charter. Who else belongs to the CFR, Disney's Michael Eisner and ABC's Thomas Murphy, Tom Johnson, CEO of CNN, Time Warner's Gerald Levine, and many, many more media CEO's who have merged their empires under the CFR's guidance. [ It should not be surprising that most of the persons named here happen to be Jewish and unabashed supporters and promoters of every policy or little desire of the Israeli government in the USA, using media. There is a well known link between Jewish media, reporters and column writers and launching of the U.S. pre-emptive war in Iraq and Afghanistan. The role of the Saudi Princes in US media is a speck of sand compare to the overwhelming stranglehold of Jewish control on US and even global media – Ed.] There is a good video that traces the history of news media manipulation by large corporations in the U.S by buying up newspapers and using institutions such as the Council On Foreign Relations to shape U.S. policy and public opinion. Message to US citizens: Freedom of the press is vital to our democracy. We need to prevent things like media consolidation, where one company is allowed to own all the news outlets in any given market. Speak up and stop the corporate robber barons and the CFR from taking that right away from us. Contact your senators at www.senate.gov and let them know you are fed up with large corporations and foreign interests gobbling up our news media.

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Profile of Major Media Giants

CNN (Cable News Network)

CNN, the srcinal cable television news service, reached approximately 100.1 million U.S. television households as of December 2010. As of December 31, 2010, CNN managed 47 news bureaus and editorial operations, of which 15 are located in the U.S. In the fall of 2010, CNN’s programs included American Morning, The Situation Room with Wolf Blitzer, John King, USA, Parker Spitzer, Larry King Live and Anderson Cooper 360™. Piers Morgan Tonight replaced Larry King Live in January 2011. HLN, the “news and views” service, reached approximately 99.8 million U.S. television households as of December 2010. In the fall of 2010, HLN’s programs included Morning Express with Robin Meade, Issues with Jane Velez-Mitchell, Nancy Grace, The Joy Behar Show and Showbiz Tonight. Comparative figures for December 2007 were: CNN and CNN Headline News networks, 24-hour per day cable television news services, reached approximately 96.4 million U.S. television households and 95.9 million U.S. television households, respectively. A high definition feed of CNN is also available. As of December 31, 2007, CNN managed 39 news bureaus and editorial operations, of which 10 are located in the U.S. and 29 are located around the world. CNN International reached more than 200 countries and territories as of the end of 2007. Also see Time Warner in another section, for more details about the parent company.

BBC

On its web site, BBC has the following description of its mission and operations. Building on the foundation that is to ‘inform, educate and entertain’, the BBC has six public purposes – outlined here – which provide a focus for us to create memorable content and great services, and to offer everyone in the UK an experience of the BBC that truly makes a difference to their lives. Four of the BBC’s public purposes are: Sustaining citizenship and civil society: the BBC’s journalism has an unparalleled global standing in newsgathering, specialist expertise and analysis, eyewitness reportage, professional presentation and high-profile interviews – bringing trusted, independent and high-quality journalism to our audiences that explains the stories that matter to them. Our UK-wide, international, national and local channels and services cover a wide range of stories tailored for specific audiences, and supported by our flagship domestic channel BBC News. Fresh this year is our 8pm weekday summary on BBC One, which has successfully increased the reach of our news content to younger audiences. We also have a strong commitment to cover and explain UK democratic processes, including the devolved institutions and the Westminster parliament, giving context and analysis to help build a greater understanding. Local and Nations’ services are primary outlets for holding local politicians to account.

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Promoting education and learning: the BBC promotes and supports formal and informal education for children, teenagers and adults – including children’s radio output on BBC 7 that builds knowledge, skills and confidence. Enabling people to learn about new topics, or more about an existing passion, in ways they will find engaging, entertaining and challenging is fundamental to what the BBC does. Bringing the UK to the world and the world to the UK: the BBC’s global news services provided independent and internationally-respected news and analysis to audiences around the world. We also sell content and formats like Strictly Come Dancing and The Weakest Link in the global marketplace. We also bring in or partner in content to inform debate within the UK on significant world issues. Sunday mornings on BBC Parliament this year saw extensive coverage and analysis of the US Presidential primaries. Radio 2 and Radio 3 covered major music festivals and performance – including Glastonbury, T in the Park and opera from New York’s Metropolitan Opera House. BBC Four remains the home of international film on British television. Taking a leading role in the switchover to digital television: digital switchover is now under way in the UK. The BBC will continue to promote and deliver the benefit of emerging communications technologies and services – such as Freeview, Freesat and the recently launched BBC iPlayer and HDTV – to all audiences. On the following pages you will find the stories of some individuals’ relationships with the BBC this year. Every one of them can be tracked back to ‘inform, educate and entertain

Around 2 million people in the UK have face to face contact with the BBC each year. We find out what the remaining 58 million or so like and expect through extensive market research and analysis.A typical Top Gear viewer does have a stake in the outcome and might say the following: I never think about it, but I guess my dealings with the BBC change all the time. Its always been there, but I watch it nowadays with a more critical eye. I expect my 40p or so license fee each day to guarantee me top quality programmes with the best ideas and the best talent. Plus, I want them to be relevant to me and my life, and that s not just about programmes but also about how I take them. At home in the mornings breakfast radio sets me up for the day, and in the car I listen to Radio 5 live. And at weekends, when I m likely to be out and about, I download Fighting Talk to my MP3. Then I can listen when I want on the bus into town, or waiting for the girlfriend to get ready though it only lasts an hour... Every week without fail I now also stream Top Gear, of course, Match of the Day and The Apprentice. BBC iPlayer makes the BBC fit in with me.

Last year the license fee was £135.50 per household it s the same whether you live alone or as part of a large family. The TV license funds the majority of the BBC s public service broadcast channels: ten television channels, ten UK wide network radio stations (including five on digital only), 46 nations and local radio services, plus regional opts on BBC One, BBC Two, Radio 1 and on five English local radio stations. In addition, it pays for bbc.co.uk, interactive services on BBCi, and the new BBC iPlayer and HDTV offers. We invest the money in activities as immediate as daily radio magazine programmes as well as long term in the infrastructure that will support British broadcasting for the future. We offer something for everyone, with services free of adverts and independent of advertisers, shareholders or political interests.

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BBC World Service is funded by government grant and not the TV license fee. Profits from separate BBC commercial services help to keep the license fee low. 93% of the UK population watched BBC television, listened to BBC radio or used BBC online services on average every week last year. g l o b al n e w s s er v i c e–television BBC news audiences value and demand impartiality – the cornerstone of the BBC ’s reputation around the world. The BBC Trust makes sure editorial standards are of the highest quality. Ensuring impartiality is a key priority for us. Separate operational areas manage the day to day working of the BBC. These include the Director-General's Office and BBC Direction Group, Audio and Music, BBC North, Finance and Business, Future Media, News Group, Operations and Vision. See brief description of each area below. Royal Charter The BBC is established under a Royal Charter. The current Charter came into force in 2007 and runs until the end of 2016. It explicitly recognizes the BBC's editorial independence and sets out its public purposes. BBC Trust Under the Charter, the BBC is governed by the BBC Trust, which sets the strategic direction of the BBC and has a clear duty to represent the interests of licence fee payers. The Trust sets purpose remits, issues service licences and holds the Executive Board to account for its performance in delivering BBC services. The Trust works closely with national Audience Councils in order to understand the needs and concerns of audiences.

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Operational areas of the BBC

Executive Board The Executive Board is responsible for operational management of BBC services.

BBC Direction Group The Direction Group has overall responsibility for management and running of the BBC.

Vision BBC Vision is responsible for all of the BBC's television channels.

Audio and Music BBC Audio & Music is responsible for all of the BBC's national radio networks.

News Group The News Group comprises BBC News, English Regions and BBC Global News.

Future Media Future Media is responsible for all of the BBC's digital media services.

BBC North The BBC North Group includes BBC Sport, Children's and 5 Live.

Operations The Operations Group is responsible for operational running of the BBC.

Finance and Business BBC Finance & Business manages all aspects of the BBC's finances The BBC also has three commercial subsidiaries, BBC Worldwide, BBC Studios and Post Production and BBC World News. Director-General’s statement

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In March 2010, the BBC published its strategy review Putting Quality First, in response to key challenges set by the BBC Trust. Under this strategy we have set five clear content priorities and will focus on providing audiences with: the best journalism in the world; inspiring knowledge, culture and music; ambitious UK drama and comedy; outstanding children's content; and events that bring communities and the nation together. This year's Statements of Programme Policy (SoPPs) are the first steps on the road to delivering this new strategic ambition, which will lead to an additional £600million a year towards higher quality content by 2013/2014. These SoPPs set out the BBC's editorial priorities for each of our services and also include the BBC's commitments and conditions set out in service licenses and by Ofcom. 2010 will see the election of a new Parliament in Westminster and our journalism across television, radio and online will seek to explain the issues and reflect the campaign from the point of view of voters throughout the UK. We will also continue to provide a wide range of business coverage to give our audiences greater insight and advice as the British economy continues to face the aftermath of the financial crisis. This year we will look to engage mainstream audiences with serious factual content and new approaches in natural history, with programmes such as BBC One's Lost Land series. Modern Masters is a BBC One arts offering presented by a new arts specialist, who will bring a fresh approach to the subject matter. BBC Four will continue to grow the impact of arts and culture with The Secret Life of Opera, and on Radio 2 arts programming will be strengthened, including a series on the histories of both musicals and cabaret in Musical Theatre. World Of Wonder is the BBC's Year Of Science in 2010/2011. On television BBC One will refresh Child Of Our Time, while on BBC Two The Story Of Science will reveal how scientific method shaped the modern world. Radio 4 will contribute with a range of programmes fostering public engagement with science, including So You Want To Be A Scientist? And Saving Species, by the Natural History Unit, will be a 40-part landmark biodiversity series in the UN Year of Biodiversity. In drama, BBC Two will seek to deliver a greater range and more hours of srcinal drama, with more impact on audiences, as well as being the new home of BBC Films. New commissions include a short season of dramas inspired by the Eighties, including Abi Morgan's Royal Wedding. BBC Three will build on the success of Being Human by experimenting with four new drama pilots featuring vibrant young casts. BBC One will look to revitalize mainstream family comedy by funding a series of pilots and experimenting with innovative formats beyond the classic situation comedy, such as Mrs Brown and a new comedy drama Pink Ladies. BBC Three will continue its role in finding up-and-coming comedians in Funny Fifteen Seconds. Bringing the nation together will see BBC One leading the multi-platform coverage of the World Cup in South Africa. Our commitment to outstanding children's content remains as strong as ever. Music will sit at the heart of pre-school programming on CBeebies with ZingZillas, stimulating children's creativity and inspiring their imagination. In addition to the return of CBBC's most popular shows such as Tracy Beaker, there will be new dramas including Sadie Jones, Just William and Me And My Monsters. Radio 2 will seek to consolidate Chris Evans's role at breakfast, alongside Simon Mayo in the drive time programme. Radio 3 will challenge some traditional perceptions of classical music with highprofile opportunities for participation in music-making, bringing people together. In Local Radio we will maintain or improve reach by focusing effort and resources on breakfast and mid-morning programmes, subject to BBC Trust consideration under the strategy review.

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The BBC performed well last year, maintaining overall reach in television and radio and with growth in online. I believe that the editorial priorities and related activities set out for 2010/2011 in these SoPPs will make this another exciting year for the BBC and its audiences. Mark Thompson

Fast Facts Audience: 134 million weekly

Budget: $190.2 million (FY 2008)

Media: radio, television, and the Internet Languages: 45

Headquarters: Washington, D.C. Employees: more than 1,100

The Voice of America (VOA)

The Voice of America, which first went on the air in 1942, is a multimedia international broadcasting service funded by the U.S. Government through the Broadcasting Board of Governors. VOA broadcasts approximately 1,500 hours of news, information, educational, and cultural programming every week to an estimated worldwide audience of 134 million people.

Mission:To broadcast accurate, balanced, and comprehensive news and information to an international audience. Facilities: 27 radio broadcast studios, 33 production and recording studios, 30 professional audio mixing and dubbing stations, 4 television studios, 21 video editing suites, and facilities for master control, recording, scheduling, and feed intake. History: Broadcasts began in 1942, to get reliable news to people living in closed and war-torn societies. VOA Broadcasts Preamble

Since 1942, the Voice of America has built a global reputation as a consistently reliable source of news and information. Accuracy, balance, comprehensiveness, and objectivity are attributes audiences around the world have come to expect of VOA broadcasters and their product. These standards are legally mandated in the VOA Charter (Public Laws 94-350 and 103-415). Because of them, VOA has become an inspiration and information lifeline to nations and peoples around the world. Summary

Adhering to the principles outlined in the Charter, VOA reporters and broadcasters must strive for

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accuracy and objectivity in all their work. They do not speak for the U.S. government. They accept no treatment or assistance from U.S. government officials or agencies that is more favorable or less favorable than that granted to staff of private-sector news agencies. Furthermore, VOA professionals, careful to preserve the integrity of their organization, strive for excellence and avoid imbalance or bias in their broadcasts. The Voice of America pursues its mission today in a world conflict-ridden and unstable in the post Cold War era. Broadcasting accurate, balanced and complete information to the people of the world, and particularly to those who are denied access to accurate news, serves the national interest and is a powerful source of inspiration and hope for all those who believe in freedom and democracy. The Code

All staff who report, manage, edit, and prepare programming at VOA in both central and language services therefore subscribe to these principles: Sourcing

VOA news and programming must be rigorously sourced and verified. VOA normally requires a minimum of two independent (non-VOA) sources before any news writer, background writer, political affairs writer, correspondent, or stringer may broadcast information as fact in any language. The only exceptions to the double-source requirement are facts directly confirmed by a VOA journalist, or significant news drawn from an official announcement of a nation or an organization. In those rare instances when a secondary source offers exclusive significant news (e.g., a verified news agency exclusive interview with a chief of state or prominent newsmaker), this story is attributed to the srcinating agency by name. Accur acy and Bal ance

Accuracy and balance are paramount, and together, they are VOA's highest priority. Accuracy always comes before speed in VOA central service and language programming. VOA has a legal obligation to present a comprehensive description of events, reporting an issue in a reliable and unbiased way. Though funded by the U.S. government, VOA airs all relevant facts and opinions on important news events and issues. VOA corrects errors or omissions in its own broadcasts at the earliest opportunity. VOA is alert to, and rejects, efforts by special interest groups, foreign or domestic, to use its broadcasts as a platform for their own views. This applies to all programs and program segments, including opinion or press roundups, programs discussing letters, listener comments, or call-in shows. In the case of call-ins, views of a single party must be challenged by the interviewer if alternative opinions are unrepresented. In interviews, points of possible discussion are submitted in advance if requested by an interviewee of stature (e.g., a chief of state). However, VOA journalists always retain the right and responsibility to pursue newsworthy angles, including entirely fresh

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Whenever VOA reports a charge or accusation made by an individual or a group against another, or presents one side of a controversial issue, a response and/or balancing information will be included in the first use of a news item or feature containing that material. If the balancing information cannot be obtained by the program deadline, or the subject of the charge declines to comment, that will be made clear in VOA's account, and the balancing material will be broadcast as soon as it is available.

Fairness

VOA has, in the words of the Founding Fathers, "a decent respect for the opinions of mankind." VOA is required to present a full and fair account of events. VOA broadcasters evaluate information solely on its merits, rejecting incitements to violence, sensationalism, personal value judgments, or misleading emphases. Attributions are specific and complete. VOA journalists (including correspondents, news and language stringers, political affairs writers, and program hosts) avoid at all times the use of unattributed pejorative terms or labels to describe persons or organizations, except when the individuals and groups use those labels to describe themselves or their activities. In news, features, and current affairs programming, VOA broadcasters will meticulously avoid fabricating, distorting, or dramatizing an event. If sound at an event illustrates the reporter's account of that event and is edited for time, the remaining sound effect reflects what occurred in an accurate and balanced way. If there is a risk of misleading the audience, no use will be made of sound effects not actually recorded at the event being described. Context and Compr ehensive ness

VOA presents a comprehensive account of America and the world, and puts events in context. That means constant vigilance to reflect America's, and the world's, political, geographical, cultural, ethnic, religious, and social diversity. VOA programming represents the broadcast team's best effort to seek out and present a comprehensive account of the event or trend being reported. VOA broadcasters will avoid using announcing or interviewing techniques that add political coloration or bias to their reportage or current affairs programming. Music will not be used to make editorial statements. VOA journalists and all those preparing news and feature programming avoid any action or statement that might convey the appearance of partisanship. Procedures

When performing official duties, VOA broadcasters leave their personal political views behind. The accuracy, quality, and credibility of the Voice of America are its most important assets, and they rest on listeners' perception of VOA as an objective source of world, regional, and U.S. news and information. To that end, all VOA journalists will:

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1. Always travel on regular, non-diplomatic passports, and rely no more and no less than privatesector correspondents on U.S. missions abroad for support, as set out in the guidelines for VOA correspondents. 2. Assist managers whose duty is to ensure that no VOA employee, contract employee, or stringer works for any other U.S. government agency, any official media of another state, or any international organization, without specific VOA authorization. 3. Adhere strictly to copyright laws and agency regulations and always credit the source when quoting, or excerpting from other broadcasting organizations, books, periodicals or any print paraphrasing, media. In addition to these journalistic standards and principles, VOA employees recognize that their conduct both on and off the job can reflect on the work of the Voice of America community. They adhere to the highest standards of journalistic professionalism and integrity. They work to foster teamwork, goodwill, and civil discourse in the workplace and with their colleagues everywhere in the world, all to enhance the credibility and effectiveness of the Voice of America. We transmit approximately 1,500 hours of programs each week. • 25 of VOA's 45 languages broadcast on television. The VOA Charter • Program content includes news, features, education, and Pr esi dent Geral d For d si gned th e culture, in documentary, discussion, and call-in formats, VOA Charter i nto law in 1976 . I t both live and pre-recorded. protects the independence and • VOA has a growing worldwide network of more than in tegri ty of VOA pr ogramming. 1,200 local affiliate stations, which include FM and 1. VOA will serve as a consistently medium wave (MW or AM) radio stations, television reliable and authoritative source of stations and networks, and cable systems. news. VOA news will be accurate, VOA Newscenter objective, and comprehensive. 2. VOA will represent America, not any single segment of American society, and will therefore present a balanced and comprehensive projection of significant American thought and institutions. 3. VOA will present the policies of the United States clearly and effectively, and will also present responsible discussions policies.

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opinion

• VOA's 30,000 square foot News center is staffed 24 hours a day, 365 days a year, providing between 150 and 200 news reports per day for all language services and programs. • There are also 22 domestic and 16 overseas correspondents, in addition to more than 90 parttime reporters, called "stringers".

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these VOA • VOAand hasTechnology the largest integrated digital audio system in the world. •A network of transmitting stations operated by the international Broadcasting Bureau, along with some leased stations, sends VOA's programs instantaneously around the world. • The website, www.VOANews.com, provides a wide range of English-language news reports and serves as a portal to homepages of all 45 languages broadcast by VOA, as well as other information about VOA. Page


• VOANews.com pages feature text, audio/video files on demand, and live-streamed programs.

See VOA Live • Take a behind-the-scenes look at VOA through our new guided audio-visual Studio Tour. • Learn more about our history and the regions to which we broadcast, and watch news as it happens through live TV and radio broadcasts. • For reservations or more information, call (202) 203-4990 or visit www.VOAtour.com. Our broadcasts in 45 languages make VOA one of the largest multimedia news organizations in the world:

Afan Oromo

Creole

Indonesian

Ndebele

Swahili

Albanian

Croatian

Khmer

Pashto

Thai

Amharic

Dari

Kinyarwanda

Persian

Tibetan

Armenian

English

Kirundi

Portuguese

Tigrigna

Azerbaijani

French

Korean

Russian

Turkish

Bangla

Georgian

Kurdish

Serbian

Ukrainian

Bosnian Burmese

Greek Hausa

Lao Macedonian

Shona Somali

Urdu Uzbek

Cantonese

Hindi

Mandarin

Spanish

Vietnamese

" Th e news may be good. Th e news may be bad. We - Wi ll iam H arl an H ale , 1s t VOA broad cast (194 2)

Voice of America Office of Public Affairs 330 Independence Avenue, SW Washington, DC 20237 Tel: (202) Fax: (202)

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The Broadcasting Board of Governors (BBG)

• The BBG is an independent federal agency that oversees all non-military U.S. international broadcasting, including the Voice of America. 203-4959 203-4960

E-mail: [email protected] www.VOANews.com download a pdf Fact Sheet

• The bi-partisan Board is comprised of nine members, appointed by the President and confirmed by the Senate, including the Secretary of State. • Its mission is "To promote and sustain freedom and democracy by broadcasting accurate and objective news and information about the United States and the world to audiences overseas."

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Deutsche Welle

(VOG)

Deutsche Welle (Voice of Germany) is Germany’s international broadcaster: online, on-screen and over the air. It provides a European perspective to audiences around the world and promotes intercultural dialogue. According to its statutory mission, Deutsche Welle will “promote understanding of Germany as an independent nation with its roots in European culture and as a liberal, democratic, constitutional state based on the rule of law.” It is also meant to "provide a forum in Europe and on other continents to German and other points of view on important issues, with the aim of fostering understanding and exchange between cultures and people.” In addition, it will contribute to promoting the German language. Deutsche Welle fulfills this mission with a journalistic portfolio that includes DW-RADIO and the multimedia Internet portal DW-WORLD.DE in 30 languages and with DW-TV in German, English, Arabic and Spanish. It also runs the DW-AKADEMIE, where radio professionals from developing and transition countries receive further training. This will also be developed into a Master’s program in the future. The DW-AKADEMIE also offers “Intercultural Media Training” for German executives and institutions looking to go abroad. The international broadcaster’s services are targeted to people around the world who are interested in Germany and Europe, particularly to current and future opinion leaders and decision makers. German programming is directed at those learning German and other individuals with German language skills. It reaches more than 100 million listeners and viewers worldwide every week. It receives well over half a million responses to its programming and online services every year and is respected as a credible source of information. Deutsche Welle carries out its legally defined mission while remaining journalistically independent. DW produces and provides media services throughout the world with DW-TV, DW-RADIO, DWWORLD.DE and the DW-AKADEMIE. We produce multilingual media services for a global audience. We communicate German points of view and global perspectives. We promote intercultural dialog and work to further international understanding and tolerance. We communicate the values of democracy and support human rights. We report independently, comprehensively, truthfully and on a pluralistic basis. We provide comprehensive and uncensored information to countries that lack free media, particularly crisis regions and war zones. We have a cultural mission and present the culture from Germany and Europe. We pass on our know-how to partners throughout the world. We use our credibility to promote Germany’s reputation worldwide. We participate actively in the social discourse in Germany. Deutsche Welle's Governing Bodies The Broadcasting Board, the Administrative Board and the Director General are the governing bodies for DW according to the 1997 "Deutsche Welle law." The Broadcasting Board shall represent the interests of the general public, advise the Director General in general programming matters and supervise compliance with the basic principles of programs. The 17 members are elected, respectively appointed by the federal parliament, the

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Bundestag, by the Bundesrat and the federal government and by different social groups and organizations (churches, employer associations, leading union organizations). The Administrative Board shall supervise the management duties of the Director General, excluding the preparation and planning of programs. The Board comprises seven members, one member elected or appointed by the German Bundestag and the Bundesrat, as well as one member by the federal government and four members by different social groups and organizations. The Director-General, managing DW independently, is solely responsible for the preparation and planning of programs and for the operating of the corporation as a whole. He/She has to ensure that programs comply with statutory regulations. The Director-General is elected by the Broadcasting Board for a term of six years.

Facts and Figures Deutsche Welle has been broadcasting for more than 55 years now. It is an innovative media company offering multimedia, worldwideaccessible news and information in 30 different languages. Deutsche Welle focuses on the most modern digital technology for production and broadcast with the help of a multinational team of about 1,500 employees from more than 60 countries. Deutsche Welle broadcasts multimedia and multilingual information from Germany and Europe. To find out more about Germany’s international broadcaster, just go to the Chronology or FAQ sections. (Photo: Deutsche Welle – broadcasting center in Bonn.) CHRONOLOGY 1950s The Beginning The new Federal Republic discusses the establishment of an international broadcasting service.

1960s Radio Servce Broadcasting radio programming in foreign languages is approved. 1970s Service Expands After a decade of rapid expansion, DW-RADIO broadcasts in 29 languages in 1970. 1980s Popular Internationally Hundreds of hours of programming are broadcast each year. 1990s Focus on Information DW-RADIO broadcast in areas around the world at the best possible time. 2000 to today: At a Glance:

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It is targeted to people around the world who are interested in Germany and Europe, particularly to those who influence important developments in their respective countries. In countries with authoritarian governments, it is targeted to people who are active supporters of democracy, freedom and progress. Deutsche Welle also reports on the events taking place in these countries. It tailors its offers to meet its audience’s needs. People around the world can access its services that are either offered in the country’s native language or in English. German programming is directed at those learning German and other individuals with German language skills. It has been training radio professionals from developing and transition countries for more than 40 years. Starting winter semester 2009/2010, there will be a master’s program offered entitled “International Media Studies” – a joint project with the University of Bonn, Bonn-Rhein-Sieg University of Applied Sciences and Deutsche Welle. It offers intercultural media training for executives from German companies and institutions looking to go abroad. It offers young journalists the opportunity to take part in a journalist training program that focuses on multimedia applications and prepares trainees for work in a foreign-language editorial department. It is comprised of a team of around 1,500 employees and hundreds of freelancers from more than 60 countries. Its services reach more than 86 million listeners and viewers worldwide each week and is respected as a credible source of information. It broadcasts and distributes its programs and services via a global satellite network, partner stations (rebroadcasting) and on the Internet, where audio and video formats are available as live stream, podcasts, on-demand and for mobile devices. Radio programming is broadcast on medium wave and FM in some regions and major cities, as well as shortwave in other areas. It first went on the air on May 3, 1953. It is a public broadcaster and is funded by the government from tax revenue. The annual budget is approximately 275 million euros. Erik Bettermann has been Director General since 2001. The chairman of the Broadcasting Board is Valentin Schmidt, President of the Evangelical Church in Germany and the chairman of the Administrative Board is Peter Clever, member of the Managing Board of the Confederation of German Employers. It is headquartered in Bonn, where radio and online content is produced at the broadcasting center in the former government district. Deutsche Welle’s television services are based in Berlin. April 2009 Source: [http://www.dw-world.de/dw/article/0,,3326552,00.html]

Al-Jazeera (English)

The 24-hour English-language news and current affairs channel, is headquartered in Doha, the capital of Qatar. The organization is the world's first global English language news channel to be headquartered in the Middle East. From this unique position, Al Jazeera English is destined to be the English-language channel of reference for Middle Eastern events, balancing the current typical information flow by reporting from the developing world back to the West and from the southern to the northern hemisphere. The channel aims to give voice to untold stories, promote debate, and challenge established perceptions. With broadcasting centres in Doha, Kuala Lumpur, London and Washington DC and supporting bureaux worldwide, the channel will set the news agenda, bridging

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cultures and providing a unique grassroots perspective from under-reported regions around the world to a potential global audience of over one billion English speakers. The station broadcasts news, current affairs, features, analysis, documentaries, live debates, entertainment, business and sport. Building on Al Jazeera Arabic channel's ground breaking developments in the Arab and Muslim world that have changed the face of news within the Middle East, Al Jazeera English is part of a growing network that is now extending this fresh perspective from regional to global through accurate, impartial and objective reporting.

Being a globally oriented media service, Al Jazeera has adopted the following code of ethics in pursuance of the vision and mission it has set for itself: 1. Adhere to the journalistic values of honesty, courage, fairness, balance, independence, credibility and diversity, giving no priority to commercial or political considerations over professional ones. 2. Endeavour to get to the truth and declare it in our dispatches, programmes and news bulletins unequivocally in a manner which leaves no doubt about its validity and accuracy. 3. Treat our audiences with due respect and address every issue or story with due attention to present a clear, factual and accurate picture while giving full consideration to the feelings of victims of crime, war, persecution and disaster, their relatives and our viewers, and to individual privacy and public decorum. 4. Welcome fair and honest media competition without allowing it to affect adversely our standards of performance so that getting a "scoop" will not become an end in itself. 5. Present diverse points of view and opinions without bias or partiality. 6. Recognize diversity in human societies with all their races, cultures and beliefs and their values and intrinsic individualities in order to present unbiased and faithful reflection of them. 7. Acknowledge a mistake when it occurs, promptly correct it and ensure it does not recur. 8. Observe transparency in dealing with news and news sources while adhering to internationally established practices concerning the rights of these sources. 9. Distinguish between news material, opinion and analysis to avoid the pitfalls of speculation and propaganda. 10. Stand by colleagues in the profession and offer them support when required, particularly in light of the acts of aggression and harassment to which journalists are subjected at times. Cooperate with Arab and international journalistic unions and associations to defend freedom of the press. Some Milestones…

01-11-2008: Al Jazeera announces the launch of the Public Liberties and Human Rights Desk 24-10-2008: Al Jazeera English responds to the Washington Post's Colbert I King 24-09-2008: Al Jazeera English Signs US Distribution Deal with Link TV 14-06-2008: Al Jazeera English wins 24-hour News Programme award in Monte Carlo 21-02-2008: Al Jazeera English's Hamish MacDonald named best young journalist by RTS

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10-01-2008: Al Jazeera English Unveils Partnership with Hong Kong Cable 30-11-2007: Al Jazeera English wins more international awards 23-11-2007: Al Jazeera English's programme Everywoman wins "Editors' Award" in London 14-11-2007: Al Jazeera English celebrates one year anniversary 27-09-2007: AJE breaks 100 million barrier and names Phil Lawrie to knock on USA's door 13-08-2007: Bl ood, S wea t an d Tears, the agony of labourers in the Gulf, revealed by AJE 23-07-2007: AJE exclusive interview with Red Mosque leader Abdul Rashid Ghazi 04-07-2007: Exclusive interview: Sheikh Saleh Dughmush airs today Witness : 'Hostage In Gaza' 15-06-2007: Al Jazeera English wins more creative awards 07-06-2007: Cr ossr oads Eu r ope - A new four part series presented by Elizabeth Filippouli 31-05-2007: Al Jazeera English to go live on DStv channel 62 on 31 May 16-04-2007: Al Jazeera English to become available on YouTube 09-04-2007: Al Jazeera English announces carriage deal with Digiturk

The Associated Press (AP)

The Associated Press is the backbone of the world's information system serving thousands of daily newspaper, radio, television and online customers with coverage in all media and news in all formats. It is the largest and oldest news organization in the world, serving as a source of news, photos, graphics, audio and video. AP's mission is to be the essential global news network, providing distinctive news services of the highest quality, reliability and objectivity with reports that are accurate, balanced and informed. AP operates as a not-for-profit cooperative with more than 4,000 employees working in more than 240 worldwide bureaus. AP is owned by its 1,500 U.S. daily newspaper members. They elect a board of directors that directs the cooperative. AP supplies a steady stream of news around the clock to its domestic members, international subscribers and commercial customers. It has the industry's most sophisticated digital photo network, a 24-hour continuously updated online news service, a state-of-the-art television news service and one of the largest radio networks in the United States. It also has a commercial digital photo archive, a photo library housing more than 10 million images.

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AP has received 49 Pulitzer Prizes, more than any other news organization in the categories for which it can compete. It has 30 photo Pulitzers, the most of any news organization. The Associated Press is the essential global news network, delivering fast, unbiased news from every corner of the world to all media platforms and formats. Founded in 1846, AP today is the largest and most trusted source of independent news and information. On any given day, more than half the world's population sees news from AP. Basic Facts about AP:

243 bureaus in 97 countries. 1,700 U.S. daily, weekly, non-English and college newspapers. 5,000 radio and television outlets taking AP services. 850 AP Radio News audio affiliates. 550 International broadcasters who receive AP's global video news service, APTN, and SNTV, a sports joint venture video service. 121 number of countries served by AP 4 languages in which AP sends news. The report is translated into many more languages by international subscribers. 4,100 AP editorial, communications and administrative employees worldwide. 3,000 of AP's worldwide staff are journalists. 49 Pulitzer Prizes, including 30 for photography. The AP news report is: 24 hours a day 7 days a week (Updated April. 16, 2007) The Associated Press employs some of the best and most experienced journalists in the world. Each is dedicated to the same standards — fairness, balance and accuracy. With a robust network of more than 3,700 employees around the world, AP provides breaking news coverage and compelling enterprise pieces that can’t be found anywhere else. AP’s news report reflects the full breadth of international, national, state, sports, business and entertainment news and AP’s specialized coverage is widely used at length on newspaper section fronts across the United States and around the world. Member Choice Member Choice is a new pricing and content packaging program that simplifies and broadens member access to AP content. Under Member Choice, AP is expanding its value for newspapers, both in print and online. Coverage is being increased in key target areas of growth, enhancing the ability of newspapers to create custom news reports relevant to their local and niche audiences. Flexible new licensing will enable them to use AP content in a wide range of local publications and the technological tools to do all these things are being provided. Learn more at www.ap.org/choice

AP Exchange

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AP Exchange is a powerful online tool that offers newspaper editors and reporters access to AP’s vast pool of content – with the ability to search, scan and download -- so they can create the AP report that is the most meaningful to their beat, story or market. is the broadcast industry’s leading provider of text, audio, video, production facilit ies, graphics, photos, and broadcast technology around the world. APTN Associated Press Television News — APTN — is the world’s largest video news agency, and the international video news arm of The Associated Press. With over 80 bureaus worldwide, linked by a network of global satellites, APTN provides the world’s most reliable, prompt, and accurate breaking video news, sports, and entertainment content to over 500 broadcast newsrooms, portals, Web, broadband and mobile customers worldwide AP Archive AP Archive is the moving image collection of the Associated Press. With over 500,000 stories within our database on everything from news to entertainment to sport to the natural world, we can provide the pictures you want in your production. AP ENPS The Associated Press puts power, control and flexibility in the hands of broadcast journalists with ENPS, the world's leading news production system. Introduced in 1997, ENPS is now used by nearly 500 newsrooms in 42 countries. ENPS combines intuitive functionality, integration features, unparalleled language support and continuing product evolution to help production of news programming become more efficient. Developed by and for journalists, ENPS fits the changing needs of all types of demanding news gathering environments. is a division of The Associated Press that provides news and information to Web sites, wireless operators, corporate and government desktops, information distributors and other commercial and new media applications. With multimedia production resources and the ability to deliver information on a variety of technology platforms, AP Digital offers immediate access to breaking international, national and local news and topical features and creates interactive products using AP text, photos, graphics, audio and video and selected information from content partners. AP’s dynamic pr oduct portfolio also includes targeted industry-specific news packages and custom content categories that meet the information needs of specific audiences. Services are offered in English, Spanish, French, Dutch and German. Featured services for Web sites and wireless services: AP Video Services News videos produced by Associated Press Television News (APTN) are available through an online feed or hosted platform for Web sites and interactive services. Clips cover U.S. and international news, politics, entertainment, business and human-interest stories, plus daily one-minute world news and financial markets summaries. AP Financial News An enhanced business news service offering detailed US company and world market news, quarterly earnings announcements, coverage of executive changes, regulatory actions, mergers and acquisitions and new product developments for major companies in a full range of industries. AP Financial News goes beyond the top stories of the day to offer reliable, readable breaking coverage of top companies and financial markets around the world.

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The Associated Press has received 30 photo Pulitzers , the most of any news organization. AP delivers more than 1,000 photos a day from journalists recording news as it happens around the world. AP photos are an important part of modern-day world history - for more than a century, AP photographers have captured the greatest moments in history, news, sports and entertainment. AP's digital photo archive includes millions of historical and contemporary images from The Associated Press and a variety of content partners. The AP photo library holds an estimated 11 million negatives and prints dating back over a century. One of the world's largest collections of historical and contemporary imagery: AP Images AP Images is the world’s largest bank of historical and recent photos. AP Images provides instant access to AP's iconic images and adds new images every minute of every day from every corner of the world, making it an essential source of photos and graphics for professional image buyers and commercial customers. AP Images Services Staffed by experienced professionals, AP Images offers a variety of services including custom photo research and assignment photography. Associated Press Multimedia Archive provides over one million photographs dating back to 1826 and as current as a few hours ago, tens of thousands of graphics, audio files dating from the 1920's and news stories dating from 1997. Access Associated Press Multimedia Archive

Reuter

OVERVIEW “We are the leading source of intelligent information for the world’s businesses and professionals, providing customers with competitive advantage. Intelligent information is a unique synthesis of human intelligence, industry expertise and innovative technology that provides decision-makers with the knowledge to act, enabling them to make better decisions faster. Through more than 50,000 people across 93 countries, we deliver this must have insight to the financial, legal, tax and accounting, healthcare, science and media markets, powered by the world’s most trusted news organization. We are organized in two divisions: • Markets, which consists of our financial and media businesses; and • Professional, which consists of our legal, tax and accounting, healthcare and science businesses. ” Media

Reuters, our news and media brand, reaches an estimate of over one billion people every day. Reuters Media provides indispensable news and information tailored for media and business professionals. Reuters Media drives decision-making around the globe with speed, accuracy and independence. Reuters News is powered by more than 2,500 journalists reporting from 197 bureaus around the world. Reuters News provides the world’s largest media companies with text, pictures and video through our wholesale news service, delivering fast, accurate, objective coverage of important international and domestic news in 20 languages. As of December 31, 2008, our team of more than 600 photographers and editors worked around the globe and distributed up to 15,000

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pictures every day, covering breaking news, features, entertainment, business and sports. This flagship service is indispensable for newspapers and broadcasters seeking a fast and highly reliable service. Our digital multimedia products offer prioritized online reports, online video and online pictures for digital platforms. Our teams of specialized editors bring together the latest breaking news in ready-to-publish and multimedia formats organized by independent news category modules. Our Consumer Publishing products include the advertising supported, direct-to-consumer publishing activities of Reuters.com and its global network of websites, mobile services, online video and electronic out-of-home displays. In 2008, the Reuters.com family of websites attracted an average of 51 million visitors per month. Our Consumer Publishing provides more in-depth information through online, traditional magazines, conferences and networking events for financial professionals. Our Professional Publishing’s suite of products and services address capital markets information needs, including the weekly in-depth coverage of International Financing Review (IFR), the search ability and functionality of our online products, and realtime, minute-by-minute commentary and analysis of IFR Markets. All of these are complemented by a highly-targeted range of market intelligence reports and conferences. COMPETITION

Major competitors of Media include the Associated Press, Agence France-Presse, Dow Jones and Bloomberg News. Competitors of Media’s consumer products and services include WSJ.com, Bloomberg.com, Forbes.com, Yahoo! Finance, CNN, Money, FT.com, Euromoney and Informa Global Markets. Major Product Categories Type of Product/Service Target Customers Text newswires Instant coverage of global news and events plus feature stories, analyses and essential news planning tools Newspapers, television and cable networks, radio stations and websites. Video: Video relating to breaking news, sports, financial and general news Newspapers, television and cable networks and websites Pictures and graphics Up-to-the-minute news photographs and an online photo archive Newspapers, websites, advertising agencies, television and cable networks. Digital multimedia Prioritized, ready-to-publish online reports, online video and online pictures Websites Reuters.com Direct-to-consumer publishing and network of regional sites, online video and electronic out-of-home display Business professionals. Real-time financial markets commentary and analysis IFR Markets, Dealwatch Trading professionals, research analysts and portfolio managers Magazines and online publications International Financing Review (IFR), Project Finance, International, Buyouts, PE Week, Acquisitions, Monthly and Venture Capital Journal, Investment bankers, corporate finance and private equity professionals Conferences and events Annual awards, editorially-driven conferences and roundtables, Advisors, companies and investors. Historical events at Reuters (latest first): 2000-2008:

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Thomson Reuters launches a new federal government initiative that will work across the company, developing information solutions and services tailored to the unique needs of U.S. government customers. The Thomson Corporation and Reuters Group PLC combine to form Thomson Reuters. The Thomson Corporation and Reuters Group PLC announce that they are in discussions for the combination of their two businesses. Thomson completes sale of higher education, careers and library reference assets of Thomson Learning on July 5. Kenneth R. Thomson, former chairman of the Board of The Thomson Corporation, dies at the age of 82. Thomson Healthcare acquires Solucient, a leading healthcare information provider of data and advanced analytics that hospitals and health systems use to improve performance and lower costs. Thomson Scientific acquires Scholar One, web-based workflow solution for authoring, evaluating and publishing research to more than two million users. Thomson Financial acquires Quantitative Analytics, Inc., a leading provider of database integration and analysis solutions to the financial services industry. Thomson Healthcare acquires MercuryMD, Inc., the leading provider of mobile information systems serving the healthcare market. Reuters launches the first news bureau in the virtual world of Second Life. Reuters launches two products that allow its news output to be "read" by machines for the purposes of automated trading for the first time. Thomson Financial partnered with Merrill Lynch to complete the rollout of more than 23,000 workstations across more than 550 Merrill Lynch offices. Thomson acquires Global Securities Information, Inc., a leading provider of online securities and securities-related information and research services. Thomson acquires Tax Partners®, LLC, the nation's largest sales and use tax compliance service firm enabling Thomson to offer end-to-end sales and use tax solutions. Thomson introduces the launch of Thomson Pharma bringing an indispensable information solution to the workflow of the drug discovery and development process. Reuters transfers its London headquarters from Fleet Street to Canary Wharf. All London employees, including editorial, are brought into one building. Reuters acquires Action Images, a specialist sports photography agency, a deal designed to continue the expansion of Reuters global picture business. Reuters takes major steps into next generation trading with the launch of: Partnership with the Chicago Mercantile Exchange (CME), linking sell-side traders in the interbank FX market to CME eFX market Reuters Trading for Fixed Income Reuters Trading for Foreign Exchange Thomson acquires Information Holdings Inc., a provider of intellectual property and regulatory information for the scientific, legal, and corporate markets to further advance its capability to develop pharmaceutical and intellectual property solutions. Thomson acquires TradeWeb, a fast-growing and leading online global trading platform for fixedincome securities.

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Thomson sells Thomson Media group, comprised of leading print-based information products, to Investcorp. Thomson acquires CCBN, a provider of web-based solutions for the investment community, to further expand its offerings for the corporate communications market. Thomson sells DBM (Drake Beam Morin), which was acquired along with other Harcourt assets in 2001, to Compass Partners International Limited. Thomson sells print-based healthcare magazines. Thomson acquires Elite Information Group, a leading provider of integrated practice and financial management applications for legal and professional services markets Thomson sells its 20% interest in Bell Globemedia Inc. for $279 million to The Woodbridge Company Limited. The sale of Bell Globemedia, including the Corporation's interest in The Globe and Mail, is the culmination of the Thomson strategy to exit the newspaper business undertaken in February 2000. Reuters launches Reuters Knowledge opening up a new market on the buy-side of the financial services industry. Thomson announces $300 million+ five-year deal with Merrill Lynch to develop and implement a new financial workstation to support Merrill Lynch Financial Advisors -- most significant information solutions deal of its kind in the financial services industry. Thomson acquires Current Drugs a global leader in the delivery of information solutions to the pharmaceutical and biotechnology industries Thomson common share offering raises US$1 billion. Thomson begins trading on New York Stock Exchange under the symbol TOC. David K.R. Thomson appointed Chairman of The Thomson Corporation. Thomson acquires Gardiner-Caldwell, a leading global medical education and communication business. Reuters launches Reuters Messaging, a reliable, high-security, high-speed instant messaging service developed specifically for the global financial services industry. Developed by Reuters and Microsoft and more than 30 financial institutions, the service allows financial professionals to communicate instantly with their colleagues and customers. Thomson acquires NewsEdge Corporation, a global provider of real-time news and information. Thomson acquires select higher education and corporate training businesses of Harcourt General. Thomson acquires FindLaw, the leader in free online legal information and services. The Globe and Mail becomes part of Bell Globemedia, a Canadian multimedia company, in which The Thomson Corporation holds a 20% ownership position. Thomson sells community newspaper assets in North America for approximately 2.5 billion Thomson acquires La Ley, a leading legal publisher in Argentina. Thomson acquires Primark, a leading provider of financial and economic information products and solutions to customers worldwide. Thomson acquires Carson Group, a financial information services firm focused on corporate strategic intelligence and investor relations solutions. Thomson acquires IOB, one of Brazil's leading regulatory publishers. Thomson acquires online business of Dialog, a leading worldwide provider of online-based information services. Reuters announces major initiatives to exploit the Internet and open new markets, reinforced by Joint Ventures in communications, wireless delivery and investment research.

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1950-99 Thomson acquires Editorial Aranzadi S.A., Spain's premier legal publisher. Reuters completes its euro currency conversion programme, involving 4 billion changes affecting a quarter of a million financial instruments. Some 700 engineers, developers, data specialists and customer service staff worked 300 man-years on the project and cost £10 million. Reuters and Dow Jones announce agreement to combine their interactive business services for the corporate and professional markets in a joint venture called Factiva. Thomson nets US$2 billion from sale of Thomson Travel. Reuters acquires Lipper Analytical Services, a leading fund performance measurement company, and Liberty, a company specialising in order routing and management, in moves opening the way for Reuters to develop these two areas of business. Richard J. Harrington named President and Chief Executive Officer. Thomson acquires West Publishing, a leading US provider of legal information. Reuters launches the 3000 series, a package of Securities, Treasury and Money products giving customers access to a historical information as well as real-time news and data. Thomson divests interests in UK newspapers. Thomson acquires Peterson's, a leading provider of information about U.S. colleges and universities. Reuters Greenhouse Fund is set up to invest in hi-tech start-ups giving Reuters access to new technologies Thomson acquires Information Access Company, a US provider of broad-based reference and database services. Thomson acquires The Medstat Group, a US provider of healthcare information databases and decision support software. Reuters Financial Television Service for the financial markets is launched, providing traders live coverage of market moving events on their trading screens. Thomson acquires MICROMEDEX, a leading information provider in the fields of healthcare, toxicology, and environmental health. Thomson acquires Institute for Scientific Information (ISI), a leading provider of information for researchers. Reuters launches Dealing 2000, acting as a broker for the first international computerised matching service for foreign exchange rates. Thomson Newspapers merges with International Thomson to form The Thomson Corporation. Thomson acquires Lawyers Co-operative Publishing Company, a US legal publisher, and its subsidiary, Research Institute of America, an information provider for accountants, tax, and human resource professionals. Thomson disposes of interests in North Sea Oil in the UK. Reuters first with the news of the fall of the Berlin Wall. Reuters had also been first with the news of it being built in 1961. Reuters maintained an office in East Berlin for 30 years. ILX Systems, a provider of market data systems for financial professional, founded by E.F. Hutton & Co. executives, and funded by the International Thomson Organisation. Thomson acquires legal publishing businesses in the UK (Sweet & Maxwell), Canada (Carswell) and Australia (The Law Book Company). Reuters launches Equities 2000 quotations service on Integrated Data Network (IDN) - a global “highway for data.” Thomson acquires Compu-Mark, a worldwide market leader in trademark research.

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Thomson acquires South-Western Publishing, a leading provider of textbooks and instructional materials. Reuters completes acquisition of Instinet, today the world's largest electronic agency brokerage firm Thomson acquires Gale, a leading provider of information for libraries, schools, and businesses. Thomson acquires AutEx, a business that helps traders identify, access and track liquidity in global securities markets. Reuters launches an international news picture service. Reuters becomes publicly-quoted company on the London Stock Exchange and NASDAQ as Reuters Holdings PLC. Reuters Founders Share Company Limited was formed to hold a "Founders Share" in Reuters and protect the Reuters Trust Principles. The directors are trustees of the Principles who excercise their powers to uphold them. Thomson sells the Th e Ti mes of London to News International, Ltd. (UK). Thomson acquires Litton (renamed Medical Economics), a publisher of high quality healthcare information. Reuters Monitor Dealing Service goes live - foreign currency dealers are able to conclude trades over video terminals. Again, a world first. Thomson Newspapers' total daily circulation in Canada passes the one million mark. Thomson acquires Warren, Gorham & Lamont, a major information source for finance professionals. Technical Data Corp, the predecessor to Thomson Financial, founded by former portfolio managers from Fidelity Investments. Major expansion in specialized information and publishing launched in the US with the acquisition of Wadsworth, a college textbook and professional book publisher. Financial restructuring of UK activities and formation of International Thomson Organisation Limited, with headquarters in Toronto and two main operating subsidiaries in the UK and US. Final disposal of interest in Scottish Television. Thomson Newspapers' total daily circulation in the US passed the 1 million mark. Roy Thomson passes away and is succeeded as Chairman by his son, Kenneth Thomson, the second Lord Thomson of Fleet. Claymore oil field discovery. Piper oil field discovery. Reuter Monitor Money Rates Service launched, an electronic marketplace for Foreign Exchange, a major world innovation. Major western industrialised countries abandoned fixed exchange rates. Thomson joins consortium to explore for oil and gas in the North Sea (UK). In New York, Reuters starts its first video editing system. Journalists use VDUs instead of typewriters to write and transmit news. Videomaster introduced - screen display of stock and commodity prices. The Times of London acquired and, with The Sunday Times, formed Times Newspapers. Creation of Thomson Travel in the UK by acquiring tour operating companies and Britannia Airways. Formation of Thomson Newspaper, Ltd as a public company in Canada. Roy Thomson given a hereditary barony and became Lord Thomson of Fleet. Reuters helps to lead the way in transmitting market quotations by computer. In that year, Reuters made a loss of £53,000 on a turnover of £3.5 million.

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Thomson Publication (UK) formed to launch and acquire business and consumer magazines, and book publishing companies. Acquisition of the Kemsley Group, a UK publicly listed company, comprising national and regional newspapers including Th e Sun day Times , and merged them with Scottish Television and The Scotsman newspaper. Successful bid for commercial television franchise for Central Scotland, named Scottish Television. Reuters first with the news of Khrushchev denouncing Stalin. Roy Thomson moves to Scotland to begin a new phase of his career in the UK, by which time he owned the largest number of newspapers of any group in Canada. Roy Thomson acquired his first newspaper in the UK, The Scotsman. 1900-1949: Reuters restructures itself so that it is owned by the British National and Provincial Press, together with (in 1947) the Press Associations of Australia and New Zealand. The Reuters Trust Principles were put in place to safeguard its independence. The principles govern how the company conducts business, committing Reuters to independence, integrity and freedom from bias in the gathering and dissemination of news and information. Just prior to the second World War, Reuters moves to 85 Fleet Street. Roy Thomson acquired his first newspaper in Canada, Th e Ti mmi ns P r ess , Ontario. Reuters develops the use of radio to transmit news internationally and starts a service of price quotations and exchange rates sent in Morse Code by long-wave radio to Europe. In the next few years, this grows into Reuters chief commercial service in Europe and, later, using more powerful radio transmitters, in the rest of the world. In several parts of the world, Reuters was ahead of the British Government in reporting the Armistice which ended the First World War. Reuters reconstructed as a private company - Reuters Ltd. 1799-1899: Paul Julius Reuter retires at 61 due to “failing health.” He died in 1899 at his home in Nice, France. West Publishing was founded by John B. West and his brother Horatio in 1872 in St. Paul, Minnesota. Continued expansion in to the Far East and America. Signs an agreement with Havas and Wolff to establish a worldwide news ring. After 12 days crossing the Atlantic, a Reuters report of the assassination of President Lincoln reaches London first, throwing European financial markets into turmoil. Reuter intercepted the mail boat off Ireland and telegraphed the news to London. Reuters Telegram Company goes public and is registered as a limited company. Offices opened all over Europe, following Paul Julius' maxim, “follow the cable.” Paul Julius Reuter, a German born immigrant, arrives in London from Aachen where he has been running a news and stock price information service using a combination of technology including telegraph cables and a fleet of carrier pigeons that grows to exceed 200. This helps Reuter establish an enviable reputation for speed, accuracy, integrity and impartiality. Reuter opens an office with the help of an 11 year-old office boy at 1 Royal Exchange Building in London's financial centre and located close to the main telegraph offices. He transmits stock market quotations and news between

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London and Paris over the new Dover-Calais submarine telegraph cable, using his “telegraph expertise.” Thomson Reuters has two parent companies, both of which are publicly listed. Thomson Reuters Corporation is a Canadian company that has common shares listed on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE). Thomson Reuters Corporation is a reporting issuer (or has equivalent status) in each of the Canadian provinces. Given its common shares are also listed on the NYSE, Thomson Reuters Corporation files reports and other information with the SEC as a “foreign private issuer”. Thomson Reuters PLC is a UK company that has its primary listing of ordinary shares on the Official List of the UKLA and it has American Depositary Shares (ADSs) listed on Nasdaq. Thomson Reuters PLC is subject to the Listing Rules and the Disclosure Rules and Transparency Rules applicable to companies with a primary listing on the London Stock Exchange (LSE). Given its ADSs are listed on Nasdaq, Thomson Reuters PLC also files reports and other information with the SEC as a “foreign private issuer”. Sweet & Maxwell legal publishing founded in London. Thomson Reuters made it onto the Ethisphere Institute's World's Most Ethical Companies listing released in April 2009. Companies complete an in-depth survey regarding their ethics and compliance programs, governance and corporate responsibility. The EQ score generated by this data was used to compile the list of the highest scoring companies for each industry.

Agence France-Presse

(AFP)

Agence France-Presse (AFP) claims: Accuracy Accuracy is the absolute priority. Reporters and editors check, then double-check the facts. Every story, every claim is sourced. Coverage is balanced. AFP gets the other side of story, always seeking a response to accusations, claims and recriminations. Speed One-line bulletins and single sentence urgent dispatches deliver the breaking news immediately. Full-length news stories are updated immediately with significant developments. First on the major news breaks from the Munich Olympics massacre to the death of John Paul II and the resignation of Fidel Castro.

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Clarity AFP journalists drawn from more than 80 nationalities report for a worldwide audience. In television, graphics and text, AFP uses language that is clear, direct and punchy. An independent news agency The world’s first news agency AFP traces its history back to the 1835 creation of Agence Havas, the world’s first international news agency. Reborn as Agence France-Presse Journalists in the resistance seized the Paris headquarters in August 1944 as France was liberated from Nazi occupation, renaming the agency Agence France-Presse. The 1957 statute It defines the fundamental principles that guarantee the independence of AFP and the freedom of its journalists. Article 2 "Agence France-Presse may not under any circumstances take account of influences or considerations that would compromise the accuracy or objectivity of the news; it must not under any circumstances pass under legal or de facto control of an ideological, political or economic group.” Local knowledge, global reach

Deep local knowledge AFP reporters have years of experience in the countries and regions they report from. Regional experience Each region of the world has its own teams of editors bringing their regional experience to the story. Global reach The service is closely coordinated by the chief editor in Paris to give AFP deep local knowledge and a global reach. North America : Washington

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Latin America : Montevideo Europe Africa : Paris Middle East : Nicosia Asia-Pacific : HongKong

A global multimedia news agency Global reach AFP delivers fast, accurate, in-depth news from every corner of the world, 24 hours a day a broad range of clients AFP sends the news in video, text, photographs, graphics and a pre-packaged multimedia format to a broad range of clients: newspapers, national news wires, television and radio stations... Comprensive coverage Every day AFP files: 5,000 text stories in six languages, 20 television news reports, up to 3,000 photographs, 80 still and interactive graphics. AFP covers the world in six languages AFP covers the world with a combined 5,000 stories a day in English, French, Spanish, German, Portuguese and Arabic. Other languages are offered through partner agencies including Chinese, Japanese and Russian. Immediate news News is delivered by satellite or Internet feed. An easy-to-use service, AFP Direct, offers access to breaking news and a vast database of stories Comprehensive coverage Fast, accurate news on everything from wars, conflicts and disasters to politics, diplomacy, crime, business and finance, sports, entertainment, fashion and the offbeat. Breaking news complemented by reactions, in-depth analyses, interviews, features, profiles of the people in the news, obituaries, chronologies and fact boxes. Global coverage AFP journalists cover wars, conflicts, politics, science,

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health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online. AFP covers the world in six languages AFP covers the world with a combined 5,000 stories a day in English, French, Spanish, German, Portuguese and Arabic. Other languages are offered through partner agencies including Chinese, Japanese and Russian. Immediate news News is delivered by satellite or Internet feed. An easy-to-use service, AFP Direct, offers access to breaking news and a vast database of stories. Comprehensive coverage and easy navigation Fast, accurate news on everything from wars, conflicts and disasters to politics, diplomacy, crime, business and finance, sports, entertainment, fashion and the offbeat. Breaking news complemented by reactions, in-depth analyses, interviews, features, profiles of the people in the news, obituaries, chronologies and fact boxes. Easy navigation Agendas on the major events of the day ahead. Monthly news calendars, updated every week. News advisories tell clients the angle, length and time of upcoming major stories. Web Print media Broadcasters Business & Organisations

Star Network

Transforming Asia's Media Landscape Launched in 1991 with five television channels, STAR pioneered satellite television in Asia and in the process catalyzed explosive growth in the media industry across the entire region. Coupled with the opening up of Asian economies, access to satellite television redefined the viewing experience

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for millions. Providing more people with more choice than ever before, STAR set new standards in content, production and variety. Today STAR broadcasts over 60 services in 13 languages and offers a comprehensive choice of entertainment, sports, movies, music, news and documentaries. Reaching more than 300 million viewers in 53 Asian countries and beyond, STAR is watched by approximately 120 million viewers every day. STAR controls over 20,000 hours of Indian and Chinese programming and also owns the world's largest contemporary Chinese film library, with more than 600 titles, featuring superstars including Jackie Chan, Chow Yun Fat and Bruce Lee. In partnership with leading companies in Asia, STAR businesses extend to filmed entertainment, television production, cable systems and distribution, direct-to-home services, terrestrial TV broadcasting and wireless and digital services. Contact Information STAR 8th/Floor, One Harbour front, 18 Tak Fung Street, Hunghom, Hong Kong Tel +852 2621 8888 Fax +852 2621 8000 Over the years, STAR has established strategic alliances with a formidable array of companies, working closely together to explore business opportunities in the unique business environments of countries across Asia. These relationships help STAR to break new ground in content creation, distribution and sales. Going forward, this vast partnership network continues to be an invaluable asset for STAR's expansion across Asia's media landscape. Jupiter 80.3% A joint venture with Jupiter Entertainment Ventures, STAR Jupiter has a majority stake in five Southern language general entertainment channels including Asianet and Asianet Plus (Malayalam), Asianet Sitara (Telugu), Asianet Suvarna (Kannada) and Vijay (Tamil).

STAR

Sports 50%

A joint venture with ESPN Inc, ESPN Star Sports is Asia's leading sports network with 17 sports channels offering an array of compelling sports content.

DEN 50%

A joint venture with DEN Digital Entertainment Networks Pvt Ltd to create a platform for distributing television channels in India via all fixed networks including cable, DTH, IPTV, HITS and MMDS.

Studios 50%

A joint venture with Twentieth Century Fox to produce worldclass local-language films in Asia for worldwide distribution.

Channel [V] Thailand 49%

A joint venture with TrueVisions and GMM Media, Channel [V] (Thailand) is a leading music and youth entertainment channel at

ESPN

STAR

STAR

Fox

STAR

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Thailand's youth market. Media Content and 26% Communications Services (MCCS) Hathway Tata Sky Ltd.

A joint venture with ABP Pvt Ltd, MCCS broadcasts three news and current affairs channels in India, namely STAR NEWS (in Hindi), STAR ANANDA (in Bengali) and STAR MAJHA (in Marathi).

Cable 22.2% Established by the Rajan Raheja Group, Hathway Cable is one of the largest multi service operators in India. 20%

A joint venture with the Tata Group and Temasek, Tata Sky offers unprecedented direct-to-home satellite TV service in India, offering a host of programming choices and interactive features.

ANTV Phoenix Television

20%

A joint venture with the Bakrie Group, antv is a national terrestrial broadcaster in Indonesia.

Satellite 17.6% A publicly listed company based in Hong Kong, Phoenix Satellite Television is a five-channel platform catering to the global Chinese community with general entertainment, financial news / current affairs and Mandarin movies services.

http://www.startv.com/corporate/care/index.htm As Asia's largest television network watched by approximately 120 million viewers every day, STAR's reach is unmatched. The breadth and scale of our operations across Asia position us uniquely as a powerful communication vehicle that can be leveraged for the good of the communities we reach. We recognize this and have incorporated social responsibility in the day-to-day operations of our business. We build relationships with the community we serve by contributing our time, expertise and resources to support local initiatives. From India to Mainland China, Taiwan, Hong Kong and every other region, these initiatives cover a wide range of concerns from health to education for children and equal opportunities.

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Profile of World Elite Press

With the advent of internet and its rapidly widening use, particularly in the developed countries, the utility of print media is being eroded. Newspapers and even magazines are facing significant decline in circulation. Some weak newspapers have just folded their businesses. Major publishers have swiftly established their presence on line. Most of the elite press is now accessible on internet. Some publishers demand payments to provide full access to their publication and some others let readers see the entire and even previous It are is noteworthy that even Pakistani including thoseissue, published in small towns issues. and cities now accessible via internet, andnewspapers, at no cost. This may be short lived phenomenon but once readership is established, free access may be withdrawn. Since advertisement rates are tied to circulation of a publication, print media is likely to fetch advertisement pegged to their total circulation, i.e., print and online.

The New York Times

The New York Times Company (the “Company”) was incorporated on August 26, 1896, under the laws of the State of New York. The Company is a diversified media company that currently includes newspapers, Internet businesses, a radio station, investments in paper mills and other investments. Financial information about our segments can be found in “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Note 17 of the Notes to the Consolidated Financial Statements. The Company and its consolidated subsidiaries are referred to collectively in this Annual Report on Form 10-K as “we,” “our” and “us.” Our Annual R eport on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports, and the Proxy Statement for our Annual Meeting of Stockholders are made available, free of charge, on our Web site http://www.nytco.com, as soon as reasonably practicable after such reports have been filed with or furnished to the SEC. “We classify our businesses based on our operating strategies into two segments, the News Media Group and the About Group. The News Media Group consists of the following: – The New York Times Media Group, which includes The New York Times (“The Times”), NYTimes.com, the International Herald Tribune (the “IHT”), IHT.com, our New York City radio station, WQXR-FM and related businesses; – the New England Media Group, which includes The Boston Globe (the “Globe”), Boston.com, the Worcester Telegram & Gazette, in Worcester, Massachusetts (the “T&G”), the T&G’s Web site, Telegram.com and related businesses; and – the Regional Media Group, which includes 14 daily newspapers in Alabama, California, Florida, Louisiana, North Carolina and South Carolina and related businesses. The About Group consists of the Web sites of About.com, ConsumerSearch.com, UCompareHealthCare.com and Calorie-Count.com. Calorie-Count.com, acquired on September 14, 2006, offers weight loss tools and nutritional information. UCompareHealthCare.com, acquired on March 27, 2007, provides dynamic Web-based interactive tools to enable users to measure the

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quality of certain healthcare services. ConsumerSearch.com, acquired on May 4, 2007, is a leading online aggregator and publisher of reviews of consumer products. Additionally, we own equity interests in a Canadian newsprint company and a supercalendered paper manufacturing partnership in Maine; approximately 17.5% in New England Sports Ventures, LLC (“NESV”), which owns the Boston Red Sox, Fenway Park and adjacent real estate, approximately 80% of New England Sports Network (the regional cable sports network that televises the Red Sox games) and 50% of Roush Fenway Racing, a leading NASCAR team; and 49% of Metro Boston LLC (“Metro Boston”), which publishes a free daily newspaper catering to young professionals and students in the Greater Boston area. On May 7, 2007, we sold our Broadcast Media Group, consisting of nine network-affiliated television stations, their related Web sites and the digital operating center, to Oak Hill Capital Partners, for approximately $575 million. The Broadcast Media Group is no longer included as a separate reportable segment of the Company and, in accordance with Statement of Financial Accounting Standards (“FAS”) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the Broadcast Media Group’s results of operations are presented as discontinued operations and certain assets and liabilities are classified as held for sale for all periods presented before the Group’s sale (see Note 4 of the Notes to the consolidated Financial Statements). For purposes of comparability, certain prior year information has been reclassified to conform with this presentation. On April 26, 2007, we sold a radio station, WQEW-AM, to Radio Disney, LLC for $40 million. Radio Disney had been providing substantially all of the station’s programming through a time brokerage agreement since December 1998. In October 2006, we sold our 50% ownership interest in Discovery Times Channel, a digital cable television channel, to Discovery Communications, Inc., for $100 million. Revenue from individual customers and revenues, operating profit and identifiable assets of foreign operations are not significant. Seasonal variations in advertising revenues cause our quarterly results to fluctuate. Second- and fourth-quarter advertising volume is typically higher than first- and thirdquarter volume because economic activity tends to be lower during the winter and summer.” NEWS MEDIA GROUP The News Media Group segment consists of The New York Times Media Group, the New England Media Group and the Regional Media Group. Advertising Revenue The majority of the News Media Group’s revenue is derived from advertising sold in its newspapers

and other publications and on its Web sites, as discussed below. We divide such advertising into three basic categories: national, retail and classified. Advertising revenue also includes preprints, which are advertising supplements. Advertising revenue and print volume information for the News Media Group appears under “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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The New York Times

The Times, a daily (Monday through Saturday) and Sunday newspaper, commenced publication in 1851. Circulation The Times is circulated in each of the 50 states, the District of Columbia and worldwide. Approximately 47% of the weekday (Monday through Friday) circulation is sold in the 31 counties that make up the greater New York City area, which includes New York City, Westchester, Long Island, and parts of upstate New York, Connecticut, New Jersey and Pennsylvania; 53% is sold elsewhere. On Sundays, approximately 42% of the circulation is sold in the greater New York City area and 58% elsewhere. According to reports filed with the Audit Bureau of Circulations (“ABC”), an independent agency that audits the circulation of most U.S. newspapers and magazines, for the six-month period ended September 30, 2007, The Times had the largest daily and Sunday circulation of all seven-day newspapers in the United States. The Times’s average net paid weekday and Sunday circulation for the years ended December 30, 2007, and December 31, 2006, are shown below: (Thousands of copies) Weekday (Mon. - Fri.) Sunday 2007 1,066.6 1,529.7 2006 1,103.6 1,637.7 Change (37.0) (108.0) The decreases in weekday and Sunday copies sold in 2007 compared with 2006 were due to declines in home-delivery subscriptions, single copy sales and sponsored third-party sales due in part to our circulation strategy. Approximately 62% of the weekday and 71% of the Sunday circulation was sold through homedelivery in 2007; the remainder was sold primarily on newsstands. According to Mediamark Research & Intelligence, a provider of magazine audience and multi-media research data, and Nielsen Online, an Internet traffic measurement service, The Times reached approximately 19.1 million unduplicated readers in the United States in December 2007 via the weekday and Sunday newspaper, and NYTimes.com.

Advertising According to data compiled by TNS Media Intelligence, an independent agency that measures advertising sales volume and estimates advertising revenue, The Times had a 50% market share in 2007 in advertising revenue among a national newspaper set that includes USA Today, The Wall Street Journal and The New York Times. Based on recent data provided by TNS Media Intelligence, The Times believes that it ranks first by a substantial margin in advertising revenue in the general weekday and Sunday newspaper field in the New York City metropolitan area.

Production and Distribution The Times is currently printed at its production and distribution facilities in Edison, N.J., and College Point, N.Y., as well as under contract at 21 remote print sites across the United States and one in Toronto, Canada. The Times intends to add an additional print site under contract in 2008. We are consolidating our New York metro area printing into our newer facility in College Point, N.Y.,

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and closing our older Edison, N.J., facility. As part of the consolidation, we purchased the Edison, N.J., facility and then sold it, with two adjacent properties we already owned, to a third party. The purchase and sale of the Edison, N.J., facility closed in the second quarter of 2007, relieving us of rental terms that were above market as well as certain restoration obligations under the srcinal lease. The plant consolidation is expected to be completed in the first quarter of 2008. Our subsidiary, City & Suburban Delivery Systems, Inc. (“City & Suburban”), operates a wholesale newspaper distribution business that distributes The Times and other newspapers and periodicals in New York City, Long Island (N.Y.), New Jersey and the counties of Westchester (N.Y.) and Fairfield (Conn.). In other markets in the United States and Canada, The Times is delivered through various newspapers and third-party delivery agents.

NYTimes.com The Times’s Web site, NYTimes.com, reaches wide audiences across the New York metropolitan region, the nation and around the world. According to Nielsen Online, average monthly unique visitors in the United States viewing NYTimes.com reached 14.7 million in 2007 compared with 12.4 million in 2006. NYTimes.com derives its revenue primarily from the sale of advertising. Advertising is sold to both national and local customers and includes online display advertising (banners, half-page units, interactive multi-media), classified advertising (help wanted, real estate, automobiles) and contextual advertising (links supplied by Google). In 2007, The Times discontinued TimesSelect, a product offering subscribers exclusive online access to columnists of The Times and the IHT and to The Times’s archives. On August 28, 2006, we acquired Baseline StudioSystems (“Baseline”), a leading online subscription database and research service for information on the film and television industries. Baseline’s financial results are part of NYTimes.com. International Herald Tribune

The IHT, a daily (Monday through Saturday) newspaper, commenced publishing in Paris in 1887, is printed at 35 sites throughout the world and is sold in more than 180 countries. The IHT’s average circulation for the years ended December 30, 2007, and December 31, 2006, were 241,852 (estimated) and 242,073. These figures follow the guidance of Diffusion Controle, an agency based in Paris and a member of the International Federation of Audit Bureau of Circulations that audits the circulation of most of France’s newspapers and magazines. The final 2007 figure will not be available until April 2008. In 2007, 60% of the circulation was sold in Europe, the Middle East and Africa, 38% was sold in the Asia Pacific region and 2% was sold in the Americas. The IHT’s Web site, IHT.com, reaches wide audiences around the world. According to IHT’s internal reports, average unique visitors to IHT.com reached 4.6 million per month in 2007 compared with 3.1 million per month in 2006. (International Herald Tribune (IHT) (2010) http://global.nytimes.com/?iht )

Other Businesses The New York Times Media Group’s other businesses include: – The New York Times Index, which produces and licenses The New York Times Index, a print publication,

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Contemporary World Media – Digital Archive Distribution, which licenses electronic archive databases to resellers of that information in the business, professional and library markets, and – The New York Times News Services Division. The New York Times News Services Division is made up of Syndication Sales, which transmits articles, graphics and photographs from The Times, the Globe and other publications to over 1,000 newspapers and magazines in the United States and in more than 80 countries worldwide; Business Development, which comprises Photo Archives, Book Development, Rights & Permissions, licensing and a small publication unit; and New York Times Radio, which includes our New York City classical music radio station, WQXR-FM, and New York Times Radio News, which creates Times-branded content for a variety of audio platforms, including newscasts, features and podcasts. Our radio station is operated under a license from the FCC and is subject to FCC regulation. Radio license renewals are typically granted for terms of eight years. The license renewal application for WQXR was granted for an eight-year term expiring June 1, 2014. On April 26, 2007, we completed the sale of a radio station, WQEW-AM, which was part of The New York Times Media Group, to Radio Disney, LLC for $40 million. Radio Disney had been providing substantially all of WQEW’s programming through a time brokerage agreement since December 1998.

New England Media Group The Globe, Boston.com, the T&G, and Telegram.com constitute our New England Media Group. The Globe is a daily (Monday through Saturday) and Sunday newspaper, which commenced publication in 1872. The T&G is a daily (Monday through Saturday) newspaper, which began publishing in 1866. Its Sunday companion, the Sunday Telegram, began in 1884. Circulation: The Globe is distributed throughout New England, although its circulation is concentrated in the Boston metropolitan area. According to ABC, for the six month period ended September 30, 2007, the Globe ranked first in New England for both daily and Sunday circulation volume. The Globe’s average net paid weekday and Sunday circulation for the years ended December 30, 2007, and December 31, 2006, are shown below: (Thousands of copies) Weekday (Mon. - Fri.) Sunday 2007 365.6 546.6 2006 387.4 585.0 Change (21.8) (38.4)

The decreases in weekday and Sunday copies sold in 2007 compared with 2006 were due in part to a directed effort to improve circulation profitability by reducing steep discounts on home-delivery copies and by decreasing the Globe’s less profitable other -paid circulation (primarily hotel and thirdparty copies sponsored by advertisers). Third-party copies are less desired by advertisers than those bought by individuals on the newsstand or through subscription. Approximately 74% of the Globe’s weekday circulation and 72% of its Sunday circulation was sold through home-delivery in 2007; the remainder was sold primarily on newsstands. According to Scarborough Research, the average unduplicated readers of the Globe, via the weekday and Sunday newspaper, and visitors of Boston.com reached approximately 2.3 million per month in the Boston local market in 2007. The T&G, the Sunday Telegram and several Company-owned non-daily newspapers – some published under the name of Coulter Press – circulate throughout Worcester County and northeastern Connecticut. The T&G’s average net paid weekday and Sunday circulation, for the years ended December 30, 2007, and December 31, 2006, are shown below:

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(Thousands of copies) Weekday (Mon. - Fri.) 2007 84.9 2006 89.8 Change (4.9)

Sunday 99.8 105.5 (5.7)

Advertising Based on information supplied by major daily newspapers published in New England and assembled by the New England Newspaper Association, Inc. for the year ended December 30, 2007, the Globe ranked first and the T&G ranked seventh in advertising inches among all daily newspapers in New England.

Production and Distribution All editions of the Globe are printed and prepared for delivery at its main Boston plant or its Billerica, Mass. satellite plant. Virtually all of the Globe’s home-delivered circulation was delivered in 2007 by a third-party service provider. Boston.com The Globe’s Web site, Boston.com, reaches wide audiences in the New England region, the nation and around the world. In the United States, according to Nielsen Online, average unique visitors to Boston.com reached 4.3 million per month in 2007 compared with 4.0 million per month in 2006. Boston.com primarily derives its revenue from the sale of advertising. Advertising is sold to both national and local customers and includes Web site display advertising, classified advertising and contextual advertising. Regional Media Group The Regional Media Group includes 14 daily newspapers, of which 12 publish on Sunday, one paid weekly newspaper, related print and digital businesses, free weekly newspapers, and the North Bay Business Journal, a weekly publication targeting business leaders in California’s Sonoma, Napa and Marin counties. The average weekday and Sunday circulation for the year ended December 30, 2007, for each of the daily newspapers are shown below: Circulation Daily Newspapers Daily Sunday The Gadsden Times (Ala.)

Daily Sunday

19,388

65,362 81,611 The Tuscaloosa News (Ala.) 32,744 17,884 19,207 TimesDaily (Florence, Ala.) 28,938 10,630 N/A The Press Democrat (Santa Rosa, Calif.) 81,071 10,709 N/A

Daily Newspapers

20,572

The Ledger (Lakeland, Fla.)

34,646

The Courier (Houma, La.)

30,540

Daily Comet (Thibodaux, La.)

81,583

The Dispatch (Lexington, N.C.)

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Sarasota Herald-Tribune (Fla.) 103,126 117,674 Times-News (Hendersonville, N.C.) 17,289 17,846 Star-Banner (Ocala, Fla.) 45,982 49,949 Wilmington Star-News (N.C.) 48,733 56,026 The Gainesville Sun (Fla.) 46,085 49,773 Herald-Journal (Spartanburg, S.C.) 43,717 51,411 The Petaluma Argus-Courier, in Petaluma, Calif., our only paid subscription weekly newspaper, had an average weekly circulation for the year ended December 30, 2007, of 7,321 copies. The North Bay Business Journal, a weekly business-to-business publication, had an average weekly circulation for the year ended December 30, 2007, of 5,232 copies. ABOUT GROUP The About Group includes the Web sites of About.com, ConsumerSearch.com, UCompareHealthCare.com and Calorie-Count.com. About.com is one of the Web’s leading producers of online content, providing users with information and advice on thousands of topics. One of the top 15 most visited Web sites in 2007, About.com has 36 million average monthly unique visitors in the United States (per Nielsen Online) and 53 million average monthly unique visitors worldwide (per About.com’s internal metrics). Over 650 topical advisors or “Guides” write about more than 57,000 topics and have generated nearly 1.9 million pieces of srcinal content. About.com does not charge a subscription fee for access to its Web site. It generates revenues through display advertising relevant to the adjacent content, cost-per-click advertising (sponsored links for which About.com is paid when a user clicks on the ad) and e-commerce (including sales lead generation).

On September 14, 2006, we acquired Calorie-Count.com, a site that offers weight loss tools and nutritional information. On March 27, 2007, we acquired UCompareHealthCare.com, a site that provides dynamic Web-based interactive tools to enable users to measure the quality of certain healthcare services. On May 4, 2007, we acquired ConsumerSearch.com, a leading online aggregator and publisher of reviews of consumer products.

The Washington Post

The Washington Post Company (the “Company”) is a diversified education and media company. The Company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States. The Company’s media operations consist of newspaper publishing (principally The Washington Post), television broadcasting (through the ownership and operation of six television broadcast stations), magazine publishing (principally Newsweek) and the ownership and operation of cable television systems. The Company’s operations in geographic areas outside the United States consist primarily of Kaplan’s foreign operations and the publication of the international editions of Newsweek. During the fiscal years 2007, 2006 and 2005, these operations accounted for approximately 12%, 9% and 7%, respectively, of the Company’s consolidated revenues, and the identifiable assets attributable to foreign operations represented approximately 11%, 10% and 7% of the Company’s consolidated assets at December 30, 2007, December 31, 2006 and January 1, 2006, respectively.

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WP Company LLC (“WP Company”), a subsidiary of the Company, publishes The Washington Post, which is a morning daily and Sunday newspaper primarily distributed by home delivery in the Washington, D.C., metropolitan area, including large portions of Maryland and northern Virginia The following table shows the average paid daily (including Saturday) and Sunday circulation of The Post for the 12month periods ended September 30 in each of the last five years (October 1 in 2006), as reported by the Audit Bureau of Circulations (“ABC”) for the years 2003 through 2006 and as estimated by The Post for the 12-month period ended September 30, 2007 (for which period ABC had not completed it audit as of the date of this report) from the semiannual publisher’s statements submitted to ABC for the six-month periods ended April 1, 2007 and September 30, 2007: Average Paid Circulation Daily Sunday 2003 749,323 1,035,204 2004 729,068 1,016,163 2005 706,015 983,243 2006 681,510 945,343 2007 658,059 912,709 In The Post’s primary circulation territory, which accounts for more than 90% of its daily and Sunday circulation and consists of Washington, D.C. and communities generally within a 50-mile radius from the city (but excluding Baltimore City and its northern and eastern suburbs), the newsstand price for the daily newspaper was increased from $0.35, which had been the price since 2002, to $0.50 effective December 31, 2007. All other rates are unchanged. The newsstand price for the Sunday newspaper has been $1.50 since 1992, while the rate charged for each four-week period for home-delivered copies of the daily and Sunday newspaper has been $14.40 since 2004, and the corresponding rate charged for Sunday-only home delivery has been $6.00 since 1991. The same rates prevailed outside The Post’s primary circulation territory until the third quarter of 2006, when The Post raised its newsstand prices and home-delivery rates for such sales. Newsstand prices for sales outside the primary circulation territory were increased to $0.50 for the daily newspaper and $2.00 for the Sunday newspaper, while home-delivery rates for each four-week period increased to $20.00 for the daily and Sunday newspaper and $8.00 for the Sunday newspaper only. General advertising rates were increased by an average of approximately 4.0% on January 1, 2007 and by additional amounts on January 1, 2008 that WP Company estimates will average approximately 3.5%. Rates for most categories of classified and retail advertising were increased by an average of approximately 3.2% on February 1, 2007 and by additional amounts on February 1, 2008 that WP Company estimates will average approximately 2.9%.* The following table sets forth The Post’s advertising inches (excluding preprints) and number of preprints for the past five years: 2003 2004 2005 2006 2007 Total Inches (in thousands) 2,675 2,726 2,661 2,613 2,301 Full-Run Inches 2,121 2,120 1,943 1,839 1,592

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Part-Run Inches Preprints (in millions)

554 606 718 774 709 1,835 1,887 1,833 1,828 1,700

WP Company also publishes The Washington Post National Weekly Edition, a tabloid that contains selected articles and features from The Washington Post edited for a national audience. The National Weekly Edition has a basic subscription price of $78 per year and is delivered by second-class mail to approximately 26,400 subscribers. The Post has about 596 full-time editors, reporters and photographers on its staff; draws upon the news reporting facilities of the major wire services; and maintains correspondents in 17 news centers abroad and in New York City, Los Angeles, Chicago and Miami. The Post also maintains reporters in nine local news bureaus. In 2007, The Post launched a new reader rewards program called PostPoints to strengthen subscriber loyalty. The program allows readers to earn points that can be exchanged for rewards by subscribing to The Washington Post, shopping at participating major retailers, interacting on washingtonpost.com, and other similar activities. * The percentages set forth in this paragraph were calculated f Trohme Post’ spublished nondiscounted advertising rates. However, most advertisers qualify for multiple-insertion and other discounts, and the demand for advertising varies over time, so those percentages may not accurately reflect the actual revenue impact of year-over-year rate changes. In late August 2007, WP Company and Bonneville International Corporation agreed to terminate an arrangement whereby WP Company provided weekday programming content, including interviews and news coverage featuring writers, editors and columnists from The Post, for distribution on two of Bonneville’s radio stations in the D.C. market (WTWP on 1500 AM and 107.7 FM). The date of the last broadcast under that arrangement was September 19, 2007. The Post has announced plans to close its printing plant located in College Park, MD, in 2010 after moving two printing presses to its Springfield, VA, plant. Express Publications Express Publications Company, LLC (“Express Publications”), another subsidiary of the Company, publishes a weekday tabloid newspaper named Express, which is distributed free of charge using hawkers and news boxes near Metro stations and in other locations in Washington, D.C. and nearby suburbs with heavy daytime sidewalk traffic. A typical edition of Express is 45 to 60 pages long and

contains short news, entertainment and sports stories, as well as both classified and display advertising. Current daily circulation is approximately 184,000 copies. Express relies primarily on wire service and syndicated content and is edited by a full-time newsroom staff of 23. Advertising sales, production and certain other services for Express are provided by WP Company. The Express newsroom also produces a website, www.readexpress.com, which features entertainment and lifestyle coverage of local interest.

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Washingtonpost.Newsweek Interactive Washingtonpost.Newsweek Interactive Company, LLC (“WPNI”) develops news and information products for electronic distribution. Since 1996, this subsidiary of the Company has produced washingtonpost.com, an Internet site that currently features the full editorial text of The Washington Post and most of The Post’s classified advertising, as well as srcinal content created by WPNI’s staff, blogs written by Post reporters and others, interactive discussions hosted by Post reporters and outside subject experts, user-posted comments and content obtained from other sources. As measured by WPNI, this site averaged more than 232 million page views per month during 2007. The washingtonpost.com site also features extensive information about activities, groups and businesses in the Washington, D.C., area, including an arts and entertainment section and news sections focusing on politics and on technology businesses and related policy issues. This site has developed a substantial audience of users who are outside the Washington, D.C., area, and WPNI believes that approximately 85% of the unique users who access the site each month are in that category. WPNI requires most users accessing the washingtonpost.com site to register and provide their year of birth, gender, ZIP code, job title and the type of industry in which they work. The resulting information helps WPNI provide online advertisers with opportunities to target specific geographic areas and demographic groups. WPNI also offers registered users the option of receiving various e-mail newsletters that cover specific topics, including political news and analysis, personal technology and entertainment. WPNI also produces the Newsweek website, which was launched in 1998 and contains editorial content from the print edition of Newsweek, as well as daily news updates and analysis, photo galleries, Web guides and other features. In 2005, WPNI assumed responsibility for the production of the Budget Travelmagazine website and relaunched it as BudgetTravel.com. This site contains editorial content from Arthur Frommer’s Budget Travel magazine and other sources.

In 2005, WPNI purchased Slate, an online magazine that was founded by Microsoft Corporation in 1996. Slate features articles analyzing news, politics and contemporary culture and adds new material on a daily basis. Content is supplied by the magazine’s own editorial staff, as well as by independent contributors. Since September 2006, WPNI has provided content from washingtonpost.com and the Slate and Newsweek websites specially formatted to be downloaded and displayed on Web-enabled cell phones and other personal digital devices. In 2007, WPNI launched Sprig, an online shopping and information resource. Sprig offers smart solutions and stylish products to help consumers more easily integrate green (eco-friendly) choices and action into their lives. In January of 2008, WPNI launched The Root, an online magazine focused on issues of importance to African Americans and others interested in black culture. The Root offers daily news and provocative commentary on politics and culture. Additionally, it offers a geneology tool designed to help users trace their family history. WPNI holds a 16.5% equity interest in Classified Ventures LLC (‘’Classified Ventures”), a company formed in 1997 to compete in the business of providing online classified advertising databases for cars, apartment rentals and residential real estate. The other owners are Tribune Company, The McClatchy Company, Gannett Co., Inc. and Belo Corp. Listings for these databases come from print and online-only sales of classified ads by the newspaper and online sales staffs of the various owners, as well as from sales made by Classified Ventures’ own sales staff. The washingtonpost.com site provides links to the Classified Ventures’ national car and apartment rental websites (www.cars.com and www.apartments.com). WPNI uses software from Classified Ventures to host

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washingtonpost.com’s online listing of residential real estate for sale in the greater Washington, D.C., area, and Classified Ventures consolidates the local listings of its various owners into a national residential real estate website (www.homescape.com). Under an agreement signed in 2000 and amended in 2003, WPNI and several other business units of the Company have been sharing certain news material and promotional resources with NBC News and MSNBC. Among other things, under this agreement the Newsweek website is a feature on MSNBC.com, and MSNBC.com is being provided access to certain content from The Washington Post. Similarly, washingtonpost.com is being provided with access to certain MSNBC.com multimedia content. On July 1, 2007, the parties entered into a new relationship for cross-promotional marketing opportunities between the companies. The new agreement will extend through June of 2009. In addition, effective July 2007, MSNBC no longer hosts Newsweek.com, which now exists as a stand-alone site produced by WPNI. Post–Newsweek Media The Company’s Post–Newsweek Media, Inc. subsidiary publishes 2 weekly paid-circulation, 3 twice-weekly paid-circulation and 34 controlled-circulation weekly community newspapers. This subsidiary’s newspapers are divided into two groups: The Gazette Newspapers, which circulate in Montgomery, Prince George’s and Frederick Counties and in parts of Carroll County, MD; and Southern Maryland Newspapers,which circulate in southern Prince George’s County and in Charles, St. Mary’s and Calvert Counties, MD. During 2007, these newspapers had a combined average circulation of approximately 660,000 copies. This division also produces military newspapers (most of which are weekly) under agreements where editorial material is supplied by local military bases, with the exception of one independent newspaper. In 2007, the 12 military newspapers produced by this division had a combined average circulation of more than 125,000 copies. The Gazette Newspapers have a companion website (www.gazette.net) that includes editorial material and classified advertising from the print newspapers. The military newspapers produced by this division are supported by a website ( www.dcmilitary.com) that includes base guides and other features, as well as articles from the print newspapers. The Southern Maryland Newspapers’ website (www.SoMdNews.com) also includes editorial and classified advertising from the print newspapers. Each website also contains display advertising that is sold specifically for the site. The Gazette Newspapers and Southern Maryland Newspapers together employ approximately 168 editors, reporters and photographers. This division also operates a commercial printing business in suburban Maryland. The Herald The Company owns The Daily Herald Company, publisher of The Herald in Everett, WA, about 30 miles north of Seattle. The Herald is published mornings seven days a week and is primarily distributed by home delivery in Snohomish County and online at www.heraldnet.com. The Daily Herald Company also provides commercial printing services and publishes four controlled-

circulation weekly community newspapers (collectively known as The Enterprise Newspapers) that are distributed by home delivery in south Snohomish and north King Counties. The Daily Herald Company also publishes La Raza del Noroeste, a /weekly Spanish-language newspaper that is distributed free of charge in more than 700 retail locations in Snohomish, King, Skagit and northern Pierce Counties, as well as the Snohomish County Business Journal, a monthly publication focused on business news in Snohomish County. In April of 2007, The Daily Herald Company acquired the assets of Seattle’s Child, a monthly parenting magazine and pioneer among parenting publications in

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America. The Herald’s average paid circulation as reported to ABC for the 12 months ended September 30, 2007 was 48,808 daily (Monday through Friday); 48,854 (Monday through Saturday) and 54,667 Sunday. The aggregate average weekly circulation of The Enterprise Newspapers during the 12-month period ended March 31, 2007 was approximately 74,000 copies as reported by Verified Audit Circulation. The current weekly circulation of La Raza del Noroeste is approximately 25,000 copies. The monthly circulation of the Snohomish County Business Journal is 16,000 copies, including 400 sold through retail single-copy outlets.

The Herald, The Enterprise Newspapers, the Snohomish County Business Journal, La Raza and Seattle’s Child together employ approximately 85 editors, reporters and photographers. Greater Washington Publishing The Company’s Greater Washington Publishing, Inc. subsidiary publishes several free-circulation advertising periodicals that have little or no editorial content and are distributed in the greater Washington, D.C., metropolitan area using sidewalk distribution boxes. Greater Washington Publishing’s periodicals of that kind are The Washington Post Apartment Showcase, which is published monthly and has an average circulation of about 52,000 copies; New Homes Guide, which is published six times a year and has an average circulation of about 84,000 copies; and Guide to Retirement Living Sourcebook, which is published nine times a year and has an average circulation of about 55,000 copies. Greater Washington Publishing also produces Washington Spaces, a luxury home and design magazine featuring photographic layouts of visually appealing homes in the greater Washington, D.C., area, resource information and editorial content. Washington Spaces, which is distributed by mail (principally on a controlled-circulation basis) and through newsstand sales, is published six times a year and has an average circulation of approximately 75,000 copies. El Tiempo Latino El Tiempo Latino LLC, another subsidiary of the Company, publishes El Tiempo Latino, a weekly Spanish-language newspaper that is distributed free of charge in northern Virginia, suburban Maryland and Washington, D.C., using sidewalk news boxes and retail locations that provide space for distribution. El Tiempo Latino provides a mix of local, national and international news together with sports and community-events coverage and has a current circulation of approximately 55,000 copies. Employees of the newspaper handle advertising sales as well as pre-press production, and content is provided by a combination of wire service copy, contributions from freelance writers and photographers and stories produced by the newspaper’s own editorial staff. Television Broadcasting Through subsidiaries, the Company owns six VHF television stations located in Houston, TX; Detroit, MI; Miami, FL; Orlando, FL; San Antonio, TX; and Jacksonville, FL; which are,

respectively, the 10th, 11th, 16th, 19th, 37th and 49th largest broadcasting markets in the United States. Five of the Company’s television stations are affiliated with one or another of the major national networks. The Company’s Jacksonville station, WJXT, has operated as an independent station since 2002. The Company’s 2007 net operating revenues from national and local television advertising and network compensation were as follows: National $ 102,574,000 Local 210,410,000

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Network 13,026,000 Total $ 326,010,000 Regulation of Broadcasting and Related Matters The Company’s television broadcasting operations are subject to the jurisdiction of the Feder al Communications Commission (“FCC”) under the Communications Act of 1934, as amended. The FCC, among other things, assigns frequency bands for broadcast and other uses; issues, revokes, modifies and renews broadcasting licenses for particular frequencies; determines the location and power of stations and establishes areas to be served; regulates equipment used by stations; and adopts and implements various regulations and policies that directly or indirectly affect the ownership, operations and profitability of broadcasting stations. Each of the Company’s television stations holds an FCC license that is renewable upon application for an eight-year period. Di gital Television. The FCC formally approved DTV technical standards in 1996. DTV is a flexible system that permits broadcasters to utilize a single digital signal in various ways, including providing at least one channel of high-definition television (“HDTV”) programming with greatly enhanced image and sound quality and one or more channels Children’s P rogramming Obligations. New children’s programming obligations for digital television took effect in January 2007. Under the new rules, stations must air three hours of “core” children’s programming on their primary digital video stream and additional core children’s programming if they also broadcast free multicast video streams. “Core” programming includes programming that serves the educational needs of children, is at least 30 minutes long and airs between 7 a.m. and 10 p.m. In addition, stations must limit the type of advertising that may be broadcast during programming intended for young children. Closed Caption in g. Effective January 1, 2008, the FCC increased the amount of programming aired on broadcast stations that must contain closed captioning. The FCC maintained its existing requirement that all programming first published or exhibited after January 1, 1998 or first prepared for digital television after July 1, 2002 and aired between 6 a.m. and 2 a.m. must be captioned unless the programming or programming provider falls within one of several exemptions. The January 1, 2008 change expands the percentage of programming prepared before those dates that must contain closed captioning unless it is otherwise exempt. Network programming is closed captioned when delivered to network affiliates for broadcast, but the cost of captioning locally srcinated and certain syndicated programming must be borne by the broadcast stations themselves. Politi cal Adverti sin g. The Bipartisan Campaign Reform Act of 2002 imposed various restrictions on both contributions to political parties during federal elections and certain broadcast, cable television and DBS advertisements that refer to a candidate for federal office. Those restrictions may have the effect of reducing the advertising revenues of the Company’s television stations during campaigns

for federal office below the levels that otherwise would be realized in the absence of such restrictions. However, the U.S. Supreme Court’s June 2007 decision in Federal Election Commission v. Wisconsin Right to Life, Inc. limited the act’s restrictions by allowing corporations and labor unions to finance more advocacy communications than were previously permitted. Although the full effect of this decision is not yet clear, it may provide the Company with limited relief from any adverse effects of the act. Commercial broadcast stations sell advertising time through a number of methods, and some stations use third-party brokers to sell otherwise unused inventory at below-

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market prices. The FCC is currently considering a request that it declare that such sales, when made through Internet brokers, do not affect a broadcast station’s lowest unit charge for advertising, which such stations must offer to candidates for public office during pre-election periods. It is unclear what effect this matter will have on the Company’s operations because it is still pending at the FCC, but an adverse result could limit the Company’s ability to obtain revenue from certain types of broadcast advertising. Br oadcast I ndecency. During 2007, the FCC amended its rules, in response to the enactment of the Broadcast Decency Enforcement Act of 2005, to increase the maximum monetary forfeiture for the broadcast of indecent programming from $32,500 per occurrence to $325,000 per occurrence. In June 2007, the U.S. Court of Appeals for the Second Circuit issued a decision vacating certain of the FCC’s proposed forfeitures for the broadcast of so-called “fleeting expletives,” which the FCC found were indecent. The court concluded that the FCC had failed to articulate a reasoned basis for its decisions and remanded the relevant cases to the FCC for further consideration. The FCC responded by requesting that the U.S. Supreme Court review the matter, and that request remains pending. In addition, the U.S. Court of Appeals for the Third Circuit is considering a challenge to the FCC’s proposal to impose monetary forfeitures in connection with CBS’s 2004 broadcast of a musical performance during the Super Bowl halftime show, which the FCC also found to be indecent. Particularly in light of the increase in maximum forfeitures, the resolution of this litigation could affect the risks associated with operation of the Company’s broadcast television stations. It is not generally the FCC’s policy to notify licensees when it receives indecency complaints regarding their broadcasts before it issues a formal Letter of Inquiry or takes other enforcement action. As a result, the FCC may have received complaints of which the Company is not aware alleging that one or more of the Company’s stations broadcast indecent material. The Company was, however, notified by Letters of Inquiry during 2007 that the FCC had received complaints from viewers alleging that a program broadcast by Company station WPLG and a program broadcast by Company station WDIV included indecent material. The Company responded to each of the notices by letter to the FCC denying that the programs identified in the complaints were indecent, and these matters remain pending. In addition, the Company was notified on January 25, 2008 that the FCC had proposed a monetary forfeiture against station KSAT, along with 51 other television stations, in connection with the station’s broadcast of an allegedly indecent scene in an episode of the drama “NYPD Blue.” Sponsorship I denti fi cation I ssues. During 2006 and 2007, a media watchdog group filed a series of

complaints at the FCC alleging that various broadcast stations and cable channels violated the FCC’s sponsorship identification rules by broadcasting material provided to them by a third party without disclosing the source of the material. The FCC issued Letters of Inquiry to three Company-owned stations that had been named in the complaints. Specifically, Company-owned station WJXT was named in the first complaint, along with 76 other broadcast stations, and Company-owned stations WKMG and WPLG were named in the second complaint, along with 44 other stations. During September 2007, the FCC released two decisions proposing monetary forfeitures against a cable operator in connection with a series of news broadcasts identified in the complaints. These decisions do not directly impact the Company, but they are relevant because the FCC typically uses similar standards to evaluate alleged sponsorship identification violations by broadcast stations and cable operators. Nonetheless, no forfeitures have been proposed against broadcast stations in connection

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with this matter, and because the Company-owned stations identified in these complaints did not receive any consideration in exchange for the material that they broadcast, the Company does not believe that the actions of those stations violated FCC rules or federal law. However, while the FCC’s investigations concerning the three Company stations remain pending, it is not possible to predict what further actions (if any) the FCC may take in response to the complaints. The FCC is conducting proceedings dealing with various issues in addition to those described elsewhere in this section, including proposals to modify its regulations relating to the ownership and operation of cable television systems (which regulations are discussed in the section titled “Cable Television Operations”). Depending on the respective outcomes, the various rule changes, FCC proceedings and other matters described in this section could adversely affect the profitability of the Company’s television broadcasting operations. Source: WASHINGTON POST CO, 10-K, February 28, 2008 Catherine Meyer Graham Autobiography Star Tribune, 02-23-1997, pp 18F.top of page Newsmaker Graham's view from atop the Post // Owner of Washington's star paper is candid but detached describing her road from subservience to corporate power Personal History, · By: Katharine Graham. · Publisher: Knopf, 642 pages, $29.95.

Review: Washington Post boss Graham tells a sad tale of a neglected childhood followed by an abusive marriage before she learned the ropes as an executive. Katharine Graham, who owns the Washington Post, Newsweek magazine and several TV stations, has written a fascinating and candid memoir that is unusual for the fact that she makes only occasional appearances in it. Graham is physically present; we learn almost everything she' s ever done. But she often seems emotionally detached. In 650 pages, we learn little of why she did what she did or how she felt about it. She was born in June 1917, the third of five children, to Agnes and Eugene Meyer, a wealthy financier. Agnes proved a cold, distant and overbearing mother, something to which Katharine makes repeated references. "I can't say I think mom genuinely loved us," she writes. Her nanny was "the only person who was physically affectionate to me." She recalls spending one summer alone, reading in her room. In 1933, her father purchased the Washington Post, at the time a paper of little influence in a fivepaper market. He spent millions of dollars improving the plant and product. In 1946, he named Katharine's young husband, Phil Graham, publisher. At this point, the book becomes a personal history of her husband, which is almost understandable given that at the time, women were largely considered extensions of their husbands. Katharine had gone from subservient to her domineering, un-approving mother to subservience to a domineering, often un-approving husband. When the Post went public, her father gave Phil "the larger share of stock because, as dad explained to me, no man should be in the position of working for his wife," she writes. "Curiously, I not only concurred, but was in complete accord with this

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idea."She also lacked confidence. "I only felt secure when Phil, whom the President {of the United States} liked, was with me and could do the talking." Their marriage was not all it seemed to be. He was a frequent drunk who became abusive. He was also a philanderer and, as she discovered later, suffered from manic depression. Once, he left her taking his majority share in the company with him - planning to marry his mistress. In one of the most emotional sections of the book, Katharine Graham says, "I seemed to be living on another planet." Despite all the misery he had caused her, she begged him to come back. Another bout of depression eventually brought him back home, where, even after treatment, he killed himself. It must have been a terrible time. But its affect on her or her children isn't mentioned. The day after the funeral, she takes off for a vacation in Istanbul (where her mother has chartered a yacht). She'd done the same thing earlier, a week after her father died, returning to Europe to pick up her children (for some reason they weren't brought home to attend their grandfather's funeral) only to change her mind and extend her vacation by three weeks. Maybe the rich are different.

Finally, confidence - and celebrity She ultimately decided to take over management of the company, and she admits she was bad at it. The poor decisions made under her watch included ill-conceived purchases (the Trenton Times, for one), start-ups (Inside Sports) and hires. She quickly earned a reputation of being difficult. The book picks up steam as Graham grows confident as an independent, accomplished executive. She discusses the Post's role in the Pentagon Papers trials, the Watergate expose and a strike by the pressworkers' union, which the paper ultimately won. Just when she seemed to be getting the hang of running the company, she decided to retire. While this is not a personal history, it is a unique view of history being made, as one of the nation's most important newspapers reached that pinnacle. It's also a fascinating glimpse at how the superrich live. Graham was the guest of honor at writer Truman Capote's famous Black and White Ball. Other interesting anecdotes include the revelation that reporter Carl Bernstein almost didn't get the Watergate assignment that made him famous: He was about to be fired for irresponsibility. There's President Reagan on his hands and knees picking up ice cubes from a spilled drink at a party she threw. There's Phil Graham hoping no one would see him sneaking into Douglas Dillon's house through a window to tell him that President Kennedy wanted him to run the Treasury. In fact, there's so much of value and interest here it seems silly to quibble over what isn't included - even if it is the author.

The Los Angeles Times TRIBUNE is America’s largest employee-owned media company, operating businesses in publishing, interactive and broadcasting. In publishing, Tribune’s leading daily newspapers include the Los Angeles Times, Chicago Tribune, Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, Morning Call and Daily Press. The Company’s broadcasting group operates 23 television stations, WGN America on national cable, Chicago’s WGN-AM and the

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Chicago Cubs baseball team. Popular news and information websites complement Tribune’s print and broadcast properties and extend the Company’s nationwide audience. At Tribune we take what we do seriously and with a great deal of pride. We also value the creative spirit and are nurturing a corporate culture that doesn’t take itself too seriously. Tribune Company Fact Sheet Headquarters: Chicago Founded: 1847 Business: local mass media Employees: about 20,000 Operating revenues (2006): $5.5 billion Fortune 500: No. 388 Revenue Mix Publishing/Interactive 74% Broadcasting/Entertainment 26% Publishing Operating Revenues Advertising 80% Circulation 14% Other 6% Broadcasting Operating Revenues Television 83% Radio/Entertainment 17% Tribune Publishing: Eight metro 7-day newspapers, including papers in two of the nation’s Top 3 markets Total readership approximately 8 million daily, 11 million Sunday Targeted free-distribution newspapers include RedEye and Hoy 93 Pulitzer Prizes Over 50 websites serving 15.5 million unique visitors per month Tribune Broadcasting: 23 stations – 13 CW affiliates; 7 Fox; 2 MyNetwork; 1 ABC Stations in each of Top 3 markets and seven of the Top 10 WGN America reaches 70 million U.S. households Stations air 278 hours of local news per week http://www.tribune.com/about/webguide/index.html

Tribune's Core Values Keep Your Word If we commit to a viewer or a vendor, a customer or competitor, we keep our word. Especially to each other. So use your best judgment when giving your word, because the expectation is that you will keep it. Collaborate We help each other out. We do what needs to be done, even if "it’s not our job." We cooperate with competitors to improve our industry. We work together to grow revenue in the market and the

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industry. We have the backs of our teammates and we find solutions instead of placing blame. No Surprises If something isn’t going according to plan, communicate it before it’s "discovered." Show this respect to your supervisors and expect it from your subordinates. Problems are often less problematic when more people are working on the solution. Secrets make you lonely, and keeping them shows very poor judgment. Compete Play to win. Market shares add to 100%. We can’t grow our share of revenue or audience unless someone else’s goes down. Play Fair But remember that there is nothing unfair about taking advantage of a competitor’s weakness. It’s not unfair to scoop a competitor on a big story or closet them on a key account. Not playing to win is unfair to your teammates and to all of the company’s stakeholders. Take Intelligent Risk We are in a period of accelerating change. The riskiest thing you can do is nothing. Doing something just because that is the way it has always been done is only acceptable if you can stop time. Reward Successful Performance Successful performance should result in bonuses and promotions. Working hard is not the same as being successful. Life isn’t always fair. Luck and timing have a great deal to do with success, but over time, rewarding successful performance is the right thing. Question Authority In transforming Tribune, you are encouraged to ask your manager, supervisor, business unit head or anyone in Corporate, any question you have regarding the business. Question authority and push back if you do not like the answer. You will earn respect, and not get into trouble for asking tough questions. Remember, you are an employee owner. You have the right and obligation to ask questions. Serve Our Local Communities We take our obligation to serve the public interest, need, and convenience seriously. While much of our programming and content is light entertainment, we are committed to serving our communities. When bad weather keeps most inside and away from their jobs, we have a particular obligation to go to work. Emergencies and disasters are times for "all hands on deck." If this commitment is not in your DNA, Tribune Company may be the wrong place for you. This commitment goes far beyond slogans and marketing. It means that we will do what we can to bond with the audiences who watch, listen to and read the products we deliver and depend on us to provide information and entertainment. It is imperative that we do all we can to make sure they can count on us when being accurately informed is most important. We cannot control the output of networks and syndicators. We are in complete control of how we serve our audience. Nothing short of superlative performance in this area will do. History Tribune is a media industry leader reaching more than 80 percent of U.S. households through newspaper publishing, television and radio broadcasting and the Internet. Operations are concentr ated in the nation’s major markets, including the top three, New York, Los Angeles and Chicago. The company was founded in 1847. That year, on June 10, the Chicago Tribune published its first edition in a one-room plant located at LaSalle and Lake Streets. The srcinal press run Page


consisted of 400 copies printed on a hand press. In 1869, the Tribune erected its first building, a fourstory structure at Dearborn and Madison Streets. In October 1871, when the Great Chicago Fire raged through the city, the wooden building was destroyed, as was most of the city. The Tribune reappeared two days later with an editorial declaring "Chicago Shall Rise Again." The newspaper’s editor and part-owner, Joseph Medill, was elected mayor and led the city’s reconstruction. A na tive Ohioan who first acquired an interest in the Tribune in 1855, Medill gained full control of the newspaper in 1874 and guided it until his death in 1899. Medill’s two grandsons, Robert R. McCormick and Joseph Medill Patterson, assumed leadership of the company in 1911. That same year, the Chicago Tribune’s first newsprint mill opened in Thorold, Ontario. The mill marked the beginnings of the Canadian newsprint producer later known as QUNO, in which Tribune held an investment interest until 1995. Chicago’s WGN Radio (720 AM) went on the air in 1924, its call letters reflecting the Chicago Tribune’s renowned slogan, "World’s Greatest Newspaper." The station was an innovator from the start. It was first to broadcast the World Series, the Indianapolis 500 and the Kentucky Derby, and broke new ground by introducing microphones in the courtroom during the famous 1925 Scopes "monkey trial" in Tennessee. Today, Tribune’s srcinal broadcast property is a 50,000 -watt Midwest powerhouse. Also in 1925, the company completed a new headquarters and one of Chicago’s first "skyscrapers." Tribune Tower’s neo-Gothic design was chosen from 263 entries in a $100,000 international competition. The 40-story building is a Chicago landmark and perhaps best known for the many historic stones and artifacts embedded in its limestone exterior. The Chicago Tribune-New York News Syndicate was formed in 1918. Its successor, Tribune Media Services, is one of the largest and most diverse content syndication operations in the world, managing and delivering content to a broad range of media and business customers. TMS customers can choose from hundreds of different content products, including classic to cutting-edge comic strips, columns from top commentators and other specialty features products. In addition, the TMS Entertainment Products Group collects and distributes television programming data and movie listings. Tribune entered the infant television industry in 1948, when it established WGN-TV in Chicago, followed by WPIX-TV in New York. These stations, now affiliates of The WB Television Network, became the foundation for Tribune Television, today one of the country’s largest independent TV groups. A century of family leadership, starting with Joseph Medill in 1855, ended with the passing of Col. Robert R. McCormick, the longtime editor and publisher of the Chicago Tribune, in 1955. The McCormick Tribune Foundation was established as a charitable trust upon McCormick’s death and now claims assets of more than $2 billion and annual giving of $100 million. In the 1960s, the company entered the fast-growing Florida market, acquiring the Fort Lauderdale-based Sun-Sentinel in 1963 and the Orlando Sentinel in 1965. A third television station, Denver’s KWGN -TV, was purchased in 1966. The formation of Tribune Broadcasting Company in 1981 signaled the growing importance of television in the company’s business mix. Another key event in 1981 was Tribune’s acquisition of the Chicago Cubs baseball team from the Wrigley family for $20.5 million. WGN Radio and WGNTV had been broadcasting Cubs games since those stations first went on the air. Since 1978, when WGN-TV became a "superstation," the Cubs have been aired to a national audience via cable.

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Today, Superstation WGN reaches about 60 million U.S. homes outside Chicago through cable and direct broadcast satellite. Tribune Entertainment Company was created in 1982 and today develops, produces and distributes television programming for Tribune stations and non-Tribune stations nationwide. Based in Hollywood, the business distributes and co- produces some of the TV industry’s most successful syndicated weekly one-hour action dramas, including "Gene Roddenberry’s Andromeda." Tribune Entertainment’s beginnings trace back to 1975 when it began syndicating "U.S. Farm Report." In 1983, after 136 years of private ownership, Tribune became a public company with an initial offering of 7.7 million shares valued at $206 million. The opening price per share was $26.75. At the time, it was one of the largest IPOs ever made. The company’s New York Stock Exchange ticker symbol was TRB. Several acquisitions served to accelerate Tribune’s growth in the mid -1980s. Most significant was the 1985 purchase of KTLA-TV in Los Angeles for $510 million. This made Tribune the only non- network company to own VHF stations in the country’s top three markets. Television stations in Atlanta and New Orleans were acquired shortly before KTLA, and the Daily Press (Newport News, Va.) joined Tribune’s newspaper group in 1986. Tribune grew dramatically during the 1990s, spurred by a loosening of federal regulations restricting television and radio ownership. This resulted in rapid consolidation within the broadcasting industry and Tribune played the role of consolidator by expanding its holdings in the top 40 markets. Through a series of acquisitions and investments, the company emerged as one of the largest owners and operators of television stations in the nation. Key additions included Philadelphia’s WPHL -TV in 1991 and Boston’s WLVI-TV in 1994. In what would prove a wise investment, Tribune acquired an equity interest in The WB Television Network upon its launch in 1995. The move ensured that Tribune stations would have access to srcinal and high-quality prime-time programming at affordable prices. Soon, The WB would prove to be a magnet for teenage and young-adult viewers -an audience of paramount importance to most advertisers. CLTV, the Chicago area’s first and only 24-hour all-news cable channel, took to the air in 1993. As the sister station of the Chicago Tribune, CLTV quickly became a model for multimedia content sharing and cross promotion throughout Tribune. Today, Tribune newspapers actively partner with the news operations of Tribune television stations in their markets or with non-Tribune broadcasters, including local radio stations. The strategy expands the audience for our newspaper content and the on-air promotion helps increase readership. Tribune’s television stations and newspapers are complemented by high-traffic news and information websites that are unrivaled among their peers for content and functionality. The sites are operated by Tribune Interactive -- established in 1999 and now among the leading online networks in the country. The group manages all aspects of the company’s TV and newspaper sites, plus special-interest sites like ChicagoSports.com and many sites featuring local dining and entertainment information. Affiliated national-brand classified advertising sites, in which Tribune owns an equity interest, include CareerBuilder, cars.com and apartments.com. Tribune’s total operating revenues had grown to an impressive $2.2 billion in 1995. But several major acquisitions were ahead -- transactions that would push revenues to more than $5 billion by

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the end of 2002. Television stations in Houston and San Diego were acquired in 1996, followed in 1997 by Tribune’s largest television acquisition ever -- Renaissance Communications for $1.1 billion. Six stations joined the Tribune group, including KDAF-TV in Dallas and WBZL-TV in Miami. But the most significant Tribune acquisition was yet to come, and this time the assets gained would be newspapers. The merger with The Times Mirror Company, completed in June 2000, effectively doubled the size of Tribune and secured its position among the top tier of major media companies. The $8.3 billion transaction was the largest acquisition in newspaper industry history. The Times Mirror merger added seven daily newspapers to the Tribune fold, headlined by the Los Angeles Times, Newsday, The Baltimore Sun and the Hartford Courant. Tribune was now the only media company with newspapers and television stations in the top three markets. Among other advantages from the merger, including various economies of scale, Tribune newspapers could now effectively compete for national advertising. Tribune Media Net, the national advertising sales organization of Tribune Publishing, was established in 2000 to take advantage of the company’s expanded scale and scope. Spanish-language newspapers continue to grow in importance, and Tribune is well positioned in major markets with large Hispanic populations. Hoy is published daily in Los Angeles and Chicago, and weekly Spanish-language newspapers are offered in Central Florida and South Florida. Daily newspapers targeting urban commuters represent yet another growth initiative. The Chicago Tribune launched its RedEye edition in 2002, and one year later Tribune invested in amNewYork. Both tabloids are distributed free of charge and geared to young adults who want their news in an fastpaced, entertaining format. Tribune returned to private ownership in December of 2007. Throughout its history, Tribune has applied technology with great imagination and foresight, earning the company an industry-wide reputation for innovation. A few notable achievements and historical facts about Tribune business units are offered here: 1764: The Hartford Courant, known then as The Connecticut Courant, publishes its first edition. The Courant is the country’s oldest newspaper in continuous publication. 1919: Chicago Tribune, a pioneer in the use of color, becomes first newspaper to print four-color rotogravure on a continuous web press. 1923: Chicago Tribune becomes first newspaper to use an automatic stuffing machine. 1947: KTLA becomes first commercial television station west of the Mississippi 1948: WGN becomes first station to televise a live sporting event -- in fact, a whole slate of Chicago Cubs games during its first year on the air. 1952: KWGN signs on as Denver’s first television station. 1955: KTLA becomes first Los Angeles television station to srcinate color programming, beginning with the Rose Bowl Parade. 1958: KTLA becomes first station with its own helicopter for news reporting. 1959: WPIX introduces instant replay during a Yankees baseball telecast. 1985: Chicago Tribune offers full text of newspaper via online computer databases. 1992: Tribune’s Chicago Online -- a local information, entertainment and shopping service for PC users—debuts on America Online. 1993: Full-text of Chicago Tribune available online.

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1995: Tribune Media Center opens in Washington, D.C. -- the country’s first multimedia news bureau of its kind. The center brings together the newsgathering operations of Tribune’s newspa pers and television stations. 1998: KTLA airs launch of space shuttle Discovery on Oct. 29 in digital (HDTV) format A timeline of significant events in Tribune Company’s history, including business unit acquisitions, is available here. Samuel Zell Chairman and CEO of Tribune Company

The London Times (See News Corporation) The Guardian Guardian Media Group plc is one of the UK’s leading multimedia businesses, with a diverse portfolio including national and regional newspapers, websites, magazines and radio stations. Our flagship brand is the Guardian newspaper and website. The Group is wholly owned by the Scott Trust, which was created in 1936 to secure the financial and editorial independence of the Guardian in perpetuity. Under this unique form of media ownership the Group’s profits are not used to enrich shareholders or a proprietor, but to sustain journalism that is free from political and commercial interference, and to uphold values of decency, honesty and public service in business. gmgplc.co.uk publishes the Group’s national newspapers, the Guardian and Observer, and the Guardian Unlimited network of websites Operates Guardian Professional, which provides services in the education, media and public sectors Publishes the Manchester Evening News and other newspapers throughout Greater Manchester, Cheshire, Lancashire, Surrey, Berkshire and Hampshire Co-publishes Metro (Greater Manchester) with Associated Newspapers Publishes anchesteronline.co.uk, manchestereveningnews.co.uk and websites relating to the other newspapers Operates Channel M, a television station for Manchester broadcasting free to air, online and on digital, cable and satellite Holds a share in fish4 (33.3%), a leading online classified advertising business.

Guardian Media Group, owner of the Guardian, saw its annual profits boosted dramatically by the sale of a 49.9% stake in the owner of Auto Trader, but warned that uncertainty in the UK economy will hit revenues in the coming year. In its annual report GMG, owned by the Scott Trust, created in 1936 to secure the Guardian's financial and editorial independence, said pre-tax profits rose to £306.4m in the year to end March, compared with £97.7m the previous year. The results were boosted by a profit of £334.8m on the disposal of a 49.9% stake in Trader Media Group, which owns Auto Trader, to private equity firm Apax Partners. That deal closed in summer 2007. The two companies also teamed up to buy magazine and events firm Emap. The proceeds from the Trader Media sale will be used to invest for the long-term future of GMG, which took a further £60m exceptional non-cash charge last year after writing down the value of some of its presses. The Trader Media disposal hit group turnover, which dropped to £502.1m for the year from £716.1m in 2007. Page


Turnover excluding contributions from Trader Media Group, was up 8.7% to £438.8m. The sale of Trader Media also distorted operating profits which dropped to £5.1m from £110.4m in the previous year. Operating profits do not include any contribution from Emap nor from Trader Media, a situation likely to continue as profits from Trader Media and Emap are used to pay down debt associated with the Apax deals. Chairman Paul Myners said the company is in a strong position but warned: "We expect the uncertainty within the UK economy to have an impact on a number of the group's revenue streams in the coming year." At Guardian News & Media (GNM), which publishes the Guardian, the Observer and guardian.co.uk, turnover increased to £261.9m from £245.7m. But restructuring and costs associated with a new headquarters in Kings Place, north London, increased operating losses before exceptional items and financial charges from £15.9m to £24.9m. GMG Regional Media suffered as operating profit dropped to £14.3m from £19.4m the previous year on turnover of £120.5m, down from £122.2m. This article was amended on Wednesday July 30 2008. Times (See News Corp.) Magazine Publishing Newsweek

Newsweek is a weekly news magazine published both domestically and internationally by Newsweek, Inc., another subsidiary of the Company. In gathering, reporting and writing news and other material for publication, Newsweek maintains news bureaus in 8 U.S. and 11 foreign cities. The domestic edition of Newsweek includes more than 100 different geographic or demographic editions that carry substantially identical news and feature material, but enable advertisers to direct messages to specific market areas or demographic groups. Domestically, Newsweek ranks second in circulation among the three leading weekly news magazines ( Newsweek, Time and U.S. News & World Report). For each of the past five years, Newsweek’s average weekly domestic circulation rate base has been 3,100,000 copies, and its percentage of the total weekly domestic circulation rate base of the three leading weekly news magazines, which had been 34.0%, increased in 2007 to 37.1% because Time Magazine had implemented a rate base reduction earlier in 2007. Effective with the January 14, 2008 issue, Newsweek, Inc. lowered the magazine’s average weekly domestic rate base to 2,600,000 copies. As a result, Newsweek’s percentage of the total weekly domestic circulation rate base of the three leading weekly news magazines will be 33.1%. Newsweek is sold on newsstands and through subscription mail order sales derived from a number of sources, principally direct mail promotion. The basic one-year subscription price is $41.08. Most subscriptions are sold at a discount from the basic price. Newsweek’s newsstand cover price was increased to $4.50 from $3.95 effective with the May 8, 2006 issue and then was increased to $4.95 effective with the December 18, 2006 issue; $4.95 remains the current cover price. Newsweek’s published advertising rates are based on its average weekly circulation rate base and are competitive with those of the other weekly news magazines. As is common in the magazine industry, advertising typically is sold at varying discounts from Newsweek’s published rates. Effective with the January 8, 2007 issue, Newsweek’s published national advertising rates for all categories of such advertising were increased by an average of

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approximately 5.0%. Beginning with the issue dated January 14, 2008, Newsweek’s published national advertising rates were lowered commensurate with the percentage decline in the average weekly domestic rate base; such rates were increased again, also by an average of approximately 5.0%. Internationally, Newsweek is published in a Europe, Middle East and Africa edition; an Asia edition covering Japan, Korea and south Asia; and a Latin America edition, all of which are in the English language. As of April 1, 2007, Castelo de Pedra Editoria, LTDA, took over responsibility for the advertising, distribution and production of the Latin America edition. Editorial copy solely of domestic interest is eliminated in the international editions and is replaced by other international, business or national coverage primarily of interest abroad. Newsweek estimates that the combined average weekly paid circulation for these English-language international editions of Newsweek in 2007 was approximately 450,000 copies. Since 1984, a section of Newsweek articles has been included in The Bulletin, an Australian weekly news magazine that also circulates in New Zealand. Effective January 24, 2008, The Bulletin with Newsweek ceased publication; the last issue of the magazine went on sale January 23, 2008. A Japanese-language edition of Newsweek, Newsweek Nihon Ban, has been published in Tokyo since 1986 pursuant to an arrangement with a Japanese publishing company that translates editorial copy, sells advertising in Japan and prints and distributes the edition. Newsweek Hankuk Pan, a Korean-language edition of Newsweek, began publication in 1991 pursuant to a similar arrangement with a Korean publishing company.

Newsweek en Español, a Spanish-language edition of Newsweek that has been distributed in Latin America since 1996, is currently being published under an agreement with a Mexico-based company that translates editorial copy, prints and distributes the edition and jointly sells advertising with Newsweek. Newsweek Bil Logha Al-Arabia, an Arabic-language edition of Newsweek, began publication in 2000 under a similar arrangement with a Kuwaiti publishing company. Pursuant to agreements with local subsidiaries of a German publishing company, Newsweek Polska, a Polishlanguage newsweekly, began publication in 2001, and Russky Newsweek, a Russian-language newsweekly, began publication in 2004. In addition to containing selected stories translated from Newsweek’s various U.S. and foreign editions, each of these magazines includes editorial content created by a staff of local reporters and editors. Under an agreement with a Hong Kong-based publisher, Newsweek Select, a Chinese-language magazine based primarily on selected content translated from Newsweek’s U.S. and international editions, has been distributed in Hong Kong since 2003 and in mainland China since 2004. Newsweek estimates that the combined average weekly paid circulation of The Bulletin insertions and the various foreign-language international editions of /Newsweek was approximately 653,500 copies in 2007. The online version of Newsweek, which includes stories from Newsweek’s print edition as well as other material, had been a co-branded feature on the MSNBC.com website since 2000. This feature is being produced by Washingtonpost.Newsweek Interactive, another subsidiary of the Company. Since October of 2007, Newsweek.com has been hosted independent of MSNBC.com through WPNI, although a cobranding and traffic relationship with MSNBC.com has continued.

Arthur Frommer’s Budget Travel magazine, another Newsweek publication, was published 10 times during 2007 and had an average paid circulation of more than 600,000 copies. Budget Travel is

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headquartered in New York City and has its own editorial staff. This magazine’s website is also produced by Washington Post. Newsweek Interactive. Cable Television Operations At the end of 2007, the Company (through its Cable ONE subsidiary) provided cable service to approximately 702,700 basic video subscribers (representing about 51% of the 1,371,000 homes passed by the systems) and had in force approximately 223,900 subscriptions to digital video service and 341,000 subscriptions to cable modem service. Digital video and cable modem services are each available in /markets serving virtually all of Cable ONE’s subscriber base. Amon g the digital video services offered by Cable ONE is the delivery of certain premium, cable network and local over-theair channels in HDTV.

In January 2007, Cable ONE purchased some cable systems in Idaho (near our West Valley system) which passed 11,000 homes and served 4,557 basic customers. In December 2007, Cable ONE completed a trade of a Cable ONE Texas system (which was managed by a third party) for cable systems in Arkansas, Texas and Missouri. The basic subscriber counts were about equal, but Cable ONE picked up an additional 2,600 homes passed in the transaction. The Company’s cable systems are located in 19 midwestern, southern and western states and typically serve smaller communities. Thus, 6 of the Company’s current systems pass fewer than 10 ,000 dwelling units, 34 pass 10,000 – 50,000 dwelling units and 5 pass more than 50,000 dwelling units. The two largest (which each currently serve more than 80,000 basic video subscribers) are located on the Gulf Coast of Mississippi and in the Boise, ID, area. Cable ONE continued its introduction of its voice over Internet protocol (“VoIP”), or digital telephone, service in 2007. At year-end, Cable ONE provided VoIP service to 58,640 customers, and the service is currently available to 90% of the homes passed.

The Washington Post competes in the Washington, D.C., metropolitan area with The Washington Times, a newspaper that has published weekday editions since 1982 and Saturday and Sunday editions since 1991. The Post also encounters competition in varying degrees from other newspapers and specialized publications distributed in The Post’s circulation area (including newspapers published in suburban and outlying areas and nationally circulated newspapers), and from websites, television, radio, magazines and other advertising media, including direct mail advertising. Express similarly competes with various other advertising media in its service area, including both daily and weekly free-distribution newspapers. The websites produced by Washingtonpost. Newsweek Interactive face competition from many other Internet services (particularly in the case of Washingtonpost.com from services that feature national and international news), as well as from alternative methods of delivering news and information. In addition, other Internet-based services, including search engines, are carrying significant amounts of advertising, and the Company believes that such services have adversely affected the Company’s print publications and, to a lesser extent, its television broadcasting operations, all of which rely on advertising for the majority of their revenues. National online classified advertising has become a particularly crowded field, with competitors such as Yahoo! and eBay aggregating large volumes of content into national classified or direct-shopping databases covering a broad range of product lines. Some nationally managed sites, such as Fandango and Weather.com, also offer local information and services (in the case of those sites, movie information and tickets and local weather). In addition,

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major national search engines have entered local markets. For example, Google and Yahoo! have launched local services that offer directory information for local markets with enhanced functionality, such as mapping and links to reviews and other information. At the same time, other competitors are focusing on vertical niches in specific content areas. For example, AutoTrader.com and Autobytel.com aggregate national car listings; Realtor.com and move.com aggregate national real estate listings; Monster.com, Yahoo! Hotjobs (which is owned by Yahoo!) and CareerBuilder.com (which is jointly owned by Gannett, McClatchy, Tribune Co. and Microsoft) aggregate employment listings. All of these vertical-niche sites can be searched for local listings, typically by using ZIP codes. Finally, several new services have been launched in the past several years that have challenged established business models. Many of these are free classified sites, one of which is craigslist.com. addition, the role of the free classified board as a center for community information has been expanded by “hyper local” neighborhood sites, such as dcurbanmom.com (which provides community information to mothers in the Washington, D.C., metro area). Some free classified sites, such as Oodle and Indeed, feature databases populated with listings indexed from other publishers’ classified sites. Google Base is taking a somewhat different approach and is accepting free uploads of any type of structured data, from classified listings to an individual’s favorite recipes. For its part, Slate competes for readers with many other political and lifestyle publications, both online and in print, and competes for advertising revenue with those publications, as well as with a wide variety of other print publications and online services, plus other forms of advertising.

The Herald circulates principally in Snohomish County, WA; its chief competitors are the Seattle Times and the Seattle Post-Intelligencer, which are daily and Sunday newspapers published in Seattle and whose Snohomish County circulation is principally in the southwest portion of the county. Since 1983 the two Seattle newspapers have consolidated their business and production operations and combined their Sunday editions pursuant to a joint operating agreement, although they continue to publish separate daily newspapers. The Enterprise Newspapers are distributed in south Snohomish and north King Counties, where their principal competitors are the Seattle Times and The Journal Newspapers, a group of monthly controlled-circulation newspapers. Numerous other newspapers and shoppers are distributed in The Herald’s and The Enterprise Newspapers’ principal circulation areas. La Raza del Noroeste’s principal competitors in its circulation territory are the weekly Spanish-language newspapers El Mundo and Seattle Latino, although it also competes with various other Spanish-language media. The chief competitor for the Snohomish County Business Journal is the Puget Sound Business Journal, with parenting publication Parent Map serving as the principal competitor for Seattle’s Child. The circulation of The Gazette Newspapers is limited to Montgomery, Prince George’s and Frederick Counties and parts of Carroll County, MD. The Gazette Newspapers compete with many other advertising vehicles available in their service areas, including The Potomac and Bethesda/Chevy Chase Almanacs, The Western Montgomery Bulletin, The Bowie Blade-News, The West County News and The Laurel Leader, weekly controlled-circulation community newspapers; The Montgomery Sentinel, a weekly paid-circulation community newspaper; The Prince George’s Sentinel, a weekly controlled-circulation community newspaper (which also has a weekly paidcirculation edition); and The Frederick News-Post and Carroll County Times, daily paid-circulation

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community newspapers. The Southern Maryland Newspapers circulate in southern Prince George’s County and in Charles, Calvert and St. Mary’s Counties, MD, where they also compete with many other advertising vehicles available in their service areas, including the Calvert County Independent and St. Mary’s Today, weekly paid-circulation community newspapers. In 2004, Clarity Media Group, a company associated with Denver businessman and billionaire Philip Anschutz, bought The Montgomery, Prince George’s and Northern Virginia Journals, three community newspapers with a combination of paid and free circulation that had been published in suburban Washington, D.C., for many years by a local company. In February 2005 Clarity Media Group relaunched The Journal newspapers as The Washington Examiner, a free newspaper which is being published six days a week in northern Virginia, suburban Maryland and Washington, D.C., zoned editions, each of which contains national and international as well as local news. The Company believes that the three editions of The Washington Examiner are currently being distributed primarily by ZIP-code targeted home delivery in their respective service areas. The Washington Examiner competes in varying degrees with The Gazette Newspapers, Express and The Washington Post. In March 2006 Clarity Media Group began publishing The Baltimore Examiner, a similar type of free-distribution newspaper for the greater Baltimore, MD, metropolitan area. The advertising periodicals published by Greater Washington Publishing compete with many other forms of advertising available in their distribution area, as well as with various other free-circulation advertising periodicals.

El Tiempo Latino competes with other Spanish-language advertising media available in the Washington, D.C., area, including several other Spanish-language newspapers. The Company’s television stations compete for audiences and advertising revenues with television and radio stations, cable television systems and video services offered by telephone companies serving the same or nearby areas, with direct broadcast satellite services, and to a lesser degree, with other media such as newspapers and magazines. Cable television systems operate in substantially all of the areas served by the Company’s television stations where they compete for television viewers by importing out-ofmarket television signals; by distributing pay-cable, advertiser-supported and other programming that is srcinated for cable systems; and by offering movies and other programming on a pay-perview basis. In addition, DBS services provide nationwide distribution of television programming (including in some cases pay-per-view programming and programming packages unique to DBS) using digital transmission technologies. In 1999, Congress passed the Satellite Home Viewer Improvement Act, which Donald E. Graham, age 62, has been Chairman of the Board of the Company since September 1993 and Chief Executive Officer of the Company since May 1991. Mr. Graham served as President of the Company from May 1991 until September 1993 and prior to that had been a Vice President of the Company for more than five years. Mr. Graham also served as Publisher of The Washington Post from 1979 until September 2000. The Company and its subsidiaries employ approximately 19,000 persons on a full-time basis. Worldwide, Kaplan employs approximately 11,800 persons on a full-time basis. Kaplan also employs substantial numbers of parttime employees who serve in instructional and administrative capacities.

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Newsweek

(Also See Washington Post)

America's well-regarded newsmagazine is savvy, incisive, and scintillating. With its comprehensive coverage of national and international affairs, newsmakers, politics, business, economics, science, technology, health, arts, entertainment and society, Newsweek is your one-stop information source. Thought-provoking essays and compelling columns like Periscope, Cyberscope, Perspectives and Newsmakers analyze events and put them into an interesting perspective. http://magazine-subscription.comsub.info/newsweek/magazine?page=44&umc=1200>se=adwords&abtest=3>kw=Newswee k&mtrack=magazine-magsubcsi&redirect=no&gclid=CObXjpLYv5oCFQNfFQodLlCDqA Jerry Adler Senior Editor Lorraine Ali Senior Writer History: Founded by Thomas J.C. Martyn, a former foreign editor at Time magazine, Newsweek was first published on Feb. 17, 1933. That issue, called "News-Week," featured seven photographs from the week's news on the cover. It cost 10 cents a copy, $4 for a year, and had a circulation of 50,000. Newsweek was bought by The Washington Post Company in 1961. Today, Newsweek has a worldwide circulation of more than 4 million . Newsweek holds more prestigious National Magazine Awards, given by the American Society of Magazine Editors (ASME), than any other newsweekly. Content: Newsweek offers comprehensive coverage of world events with a global network of correspondents, reporters and editors covering national and international affairs, business, science and technology, society and the arts and entertainment. Newsweek also features respected commentators such as Jonathan Alter, Ellis Cose, Jane Bryant Quinn, Robert J. Samuelson, Anna Quindlen, Stuart Taylor Jr. and George Will. Newsweek.com offers the weekly magazine online, daily news updates, Web-only columns from Newsweek's top writers, photo galleries, audio and video reports from correspondents, podcasts, mobile content and archives.

EDITORIAL Editor: Jon Meacham Managing Editor: Daniel Klaidman Director of Special Projects: Alexis Gelber Assistant Managing Editors: Kathleen Deveny, Deidre Depke, Mark Miller, Debra Rosenberg, Amid Capeci (Design)Editor of Newsweek International: Fareed Zakaria NY Staff: Newsweek's editorial staff, based in New York, is made up of senior editors and writers and general, associate and assistant editors. The editorial staff also includes head researchers, research-reporters, librarians, graphic artists, photographers and support technicians.

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Media Conglomeration: Big Media Giants: Time Warner Disney, AOL and CNN Overview Time Warner Inc., a Delaware corporation, is a leading media and entertainment company. The Company classifies its businesses into the following five reporting segments: 1. AOL, consisting principally of interactive consumer and advertising services; 2. Cable, consisting principally of cable systems that provide video, high-speed data and voice services; 3. Filmed Entertainment, consisting principally of feature film, television and home video production and distribution;\ 4. Networks, consisting principally of cable television networks that provide programming; and 5. Publishing, consisting principally of magazine publishing.

At December 31, 2007, the Company had a total of approximately 86,400 employees. Time Warner Cable Inc. (together with its subsidiaries, “TWC”), is the second largest cable operator in the U.S., with technologically advanced, well-clustered systems located mainly in five geographic areas — New York state (including New York City), the Carolinas, Ohio, southern California (including Los Angeles) and Texas. As of December 31, 2007, TWC served approximately 14.6 million customers who subscribed to one or more of its video, high-speed data and voice services, representing approximately 32.1 million revenue generating units, which reflects the total of all TWC basic video, digital video, high-speed data and voice subscribers. In addition to its video, high-speed data and voice services, TWC sells advertising time to a variety of national, regional and local businesses. On July 31, 2006, Time Warner NY Cable LLC (“TW NY”), a subsidiary of TWC, and Comcast Corporation (together with its subsidiaries, “Comcast”) completed their respective acquisitions of assets comprising in the aggregate substantially all of the cable assets of Adelphia Communications Corporation (“Adelphia”) (the “Adelphia Acquisition”). Immediately prior to the Adelphia Acquisition, TWC and Time Warner Entertainment Company, L.P. (“TWE”), a subsidiary of TWC, redeemed Comcast’s interests in TWC and TWE, respectively. In addition, immediately after the Adelphia Acquisition, TW NY exchanged certain cable systems with Comcast. On February 13, 2007, Adelphia’s Chapter 11 reorganization plan became effective and, under applicable securities law regulations and provisions of the U.S. bankruptcy code, TWC became a public company subject to the requirements of the Securities Exchange Act of 1934, as amended. Under the terms of the reorganization plan, during 2007, substantially all of the shares of TWC Class A Common Stock that Adelphia received as part of the payment for the systems TW NY acquired in July 2006 were distributed to Adelphia’s creditors. On March 1, 2007, TWC’s Class A Common Stock began trading on the New York Stock Exchange under the symbol “TWC.” Time Warner owns approximately 84% of TWC’s common stock (including approximately 83% of the outstanding TWC Class A Common Stock and all outstanding shares of TWC Class B Common Stock), and also owns an indirect 12.43% non-voting equity interest in TW NY. Time Warner is in discussions with TWC’s management and its board of directors regarding Time Warner’s ownership of TWC. TWC

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offers video, high-speed data and voice services over its broadband cable systems. TWC markets its services separately and as “bundled” packages of multiple services and features. Historically, TWC has focused primarily on residential customers, while also selling video, high-speed data and commercial networking and transport services to commercial customers. Recently, TWC has begun selling voice services to small- and medium-sized businesses as part of an increased focus on its commercial business. TWC customers who subscribe to a bundle receive a discount from the price of buying the services separately as well as the convenience of a single monthly bill. Increasingly, TWC’s customers subscribe to more than one primary service. As of December 31, 2007, 48% of TWC’s customers subscribed to two or more of its primary services, including 16% of its customers who subscribed to all three primary services. TWC offers three main levels or “tiers” of video programming —Basic Service Tier, Expanded Basic Service Tier and Digital Basic Service Tier. The basic service tier generally includes broadcast television signals, satellite delivered broadcast networks and superstations, local srcination channels, and public access, educational and government channels. The expanded basic service tier enables basic service tier subscribers to add national, /5 regional and local cable news, entertainment and other specialty networks. In certain areas, the basic service tier and the expanded basic service tier also include proprietary local programming devoted to the communities TWC serves, including 24-hour local news channels in a number of cities. Together, the basic service tier and the expanded basic service tier provide customers with approximately 70 channels. The digital basic service tier offers subscribers up to 50 additional cable networks. Generally, subscribers to the expanded basic service tier and the digital basic service tier can purchase thematically-linked programming tiers, including movies, sports and Spanish language tiers, and subscribers to any tier of video programming can purchase premium services, such as HBO and Showtime. TWC’s video subscribers pay a fixed monthly fee based on the video programming tier they receive. Subscribers to specialized tiers and premium services are charged an additional monthly fee, with discounts generally available for the purchase of packages of more than one such service. TWC’s customers may receive video service through analog transmissions, a combination of digital and analog transmissions or, in systems where TWC has fully deployed digital simulcast, digital transmissions only. Customers who receive any level of video service via digital transmissions are referred to as “digital video subscribers.” As of December 31, 2007, 50% of TWC’s homes passed, or approximately 13.3 million customers, were basic video subscribers and of those, approximately 8.0 million (or 61%) were digital video subscribers. Digital video subscribers using a TWC-provided set-top box generally have access to an interactive program guide, Video on Demand (“VOD”), which is discussed below, music channels and seasonal sports packages. Digital video subscribers who receive premium services generally also receive “multiplex” versions of these services. On-Demand services are available to digital video subscribers using a set-top box provided by TWC. Available On-Demand services include a wide selection of featured movies and special events, for which separate per-use fees are generally charged, and free access to selected movies, programs and program excerpts from cable networks, music videos, local programming and other content. In addition, premium service (e.g., HBO) subscribers receiving services via a digital set-top box provided by

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TWC generally have access to the premium service’s On-Demand content without additional fees. TWC is expanding the use of VOD technology to introduce additional enhancements to the video experience. For instance, TWC has launched Start Over, which allows digital video subscribers using a set-top box provided by TWC to restart select “in progress” programs airing on participating cable and broadcast networks directly from the relevant channel, without the ability to fast-forward through commercials. Start Over was available to over one million digital video subscribers as of December 31, 2007, and TWC plans to continue to roll out Start Over in 2008. TWC has begun rolling out other Enhanced TV features such as Look Back, which utilizes the Start Over technology to allow viewing of previously aired programs, and Quick Clips, which allows customers to view short form content tied to the cable or broadcast network then being watched. TWC is also working to make available Catch Up, which will allow customers to view previously aired programs they have missed. Set-top boxes equipped with digital video recorders (“DVRs”), among other things, enable customers to pause and/or rewind “live” television programs and record programs on a hard drive built into the set-top box. In its more advanced divisions, TWC offers between 30 and 40 channels of high-definition (“HD”) television, or HDTV, and expects to add additional programming during 2008. In addition to its linear HD channels, TWC also offers VOD programming in HD. As of December 31, 2007, TWC offered residential high-speed data services to nearly all of its homes passed and approximately 7.6 million customers, or 29% of estimated high-speed data service-ready homes, subscribed to a residential high-speed data service. High-speed data subscribers connect to TWC’s cable systems using a cable modem, and pay a flat monthly fee based on the level of service received. In virtually all of its systems, TWC offers four tiers of its Road Runner highspeed data service: Turbo, Standard, Basic and Lite. The tiers offer different speeds at different monthly fees. TWC’s Road Runner service provides communication tools and personalized services, including e-mail, PC security, parental controls, news groups and online radio, without any additional charge. The Road Runner portal provides access to content and media from local, national and international providers and topic-specific channels, including games, news, sports, autos, kids, music, movie listings and shopping sites. In addition to Road Runner, most of TWC’s cable systems provide their high-speed data subscribers with access to the services of certain other on-line providers, including Earthlink. TWC has offered its Digital Phone service broadly since 2004. Under TWC’s primary calling plan, its customers receive unlimited local, in-state and U.S., Canada and Puerto Rico calling and a number of calling features for a fixed monthly fee. TWC also offers additional calling plans with a variety of calling options that are designed to meet customers’ particular usage patterns, including a local-only calling plan, an unlimited in-state calling plan and an international calling plan. As of December 31, 2007, approximately 2.9 million customers, or 12% of estimated voice service-ready homes passed, subscribed to Digital Phone. TWC offers business customers a full range of video programming tiers marketed under the “Time Warner Cable Business Class” brand. Packages are designed to meet the demands of a business environment by offering a wide variety of video services that enable businesses to entertain customers or stay abreast of news, weather and financial information. TWC also offers business customers a variety of high-speed data services, including Internet access, website hosting and managed security. These services are offered to a broad range of businesses and are also marketed under the “TimeWarner Cable Business Class” brand. Business subscribers pay a flat monthly fee, which differs from the fee paid by residential subscribers, based on the level of service received. In

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addition to TWC’s existing commercial video and high-speed data businesses, TWC recently introduced Business Class Phone, a business-grade phone service geared to small- and medium-sized businesses. TWC rolled out Business Class Phone in the majority of its systems during 2007 and expects to complete the roll-out of Business Class Phone in the remainder of its systems during 2008. The introduction of Business Class Phone enables TWC to offer its commercial customers a bundle of video, high-speed data and voice services and to compete against bundled services from its competitors.

Filmed Entertainment The Company’s Filmed Entertainment businesses produce and distribute theatrical motion pictures, television shows, animation and other programming, distribute home video product, and license rights to the Company’s feature films, television programming and characters. All of the foregoing businesses are principally conducted by various subsidiaries and affiliates of Warner Bros. Entertainment Inc., known collectively as the Warner Bros. Entertainment Group (“Warner Bros.”), and New Line Cinema Corporation (“New Line”). On February 28, 2008, the Company announced the planned consolidation of its Filmed Entertainment businesses, under which New Line will be operated as a unit of Warner Bros. while maintaining separate development, production and other operations. Warner Bros. produces feature films both wholly on its own and under co-financing arrangements with others, and also distributes its films and completed films produced by others. Warner Bros.’ feature films are produced under both the Warner Bros. Pictures and Castle Rock banners, and also byWarner Independent Pictures (“WIP”). Warner Bros.’ strategy focuses on offering a diverse slate of films with a mix of genres, talent and budgets that includes several “event” movies per year. In response to the high cost of producing theatrical films, Warner Bros. has entered into certain film co-financing arrangements with other companies, decreasing its financial risk while in most cases retaining substantially all worldwide distribution rights. During 2007,Warner Bros. and WIP released a total of 28 srcinal motion pictures for theatrical exhibition, including 300, Ocean’s Thirteen, Harry Potter and the Order of the Phoenix and I Am Legend. Of the total 2007 releases, eight were wholly financed by Warner Bros. and 20 were financed with or by others. WIP produces or acquires smaller budget and alternative films for domestic and/or worldwide release. WIP released five films during 2007, including In the Valley of Elah. Warner Bros. distributes feature films for theatrical exhibition to more than 125 international territories. In 2007,Warner Bros. released internationally 19 English-language motion pictures and 28 locallanguage films that it either produced or acquired. After their theatrical exhibition, Warner Bros. licenses its newly produced films, as well as films from its library, for distribution on broadcast, cable, satellite and pay television channels both domestically and internationally, and, as further discussed below, it also distributes its films on DVD and in various digital formats. Page


Theatrical films are also produced and distributed by New Line, a leading independent producer and distributor of theatrical motion pictures. Included in its 13 films released during 2007 were Hairspray, Rush Hour 3 and The Golden Compass. Like Warner Bros., New Line releases a diverse slate of films with an emphasis on building and leveraging franchises. As part of its strategy for reducing financial risk and dealing with the rising cost of film production, New Line typically pre-sells the international rights to its releases on a territory-byterritory basis,awhile still retaining share of each film’s potential profitability in those foreign territories. New Line also has entered into a two-year co-financing transaction arranged by The Royal Bank of Scotland that began in February 2007. Picture house, a theatrical distribution company formed in 2005 and jointly owned by New Line and Home Box Office, Inc., is also a producer and distributor of independent films. This venture released eight films in 2007, including La Vie En Rose and The Orphanage. Warner Home Video (“WHV”), a division of Warner Bros. Home Entertainment Inc. (“WBHE”), distributes for home video use DVDs containing filmed entertainment product produced or otherwise acquired by the Company’s various content-producing subsidiaries and divisions, including Warner Bros. Pictures, Warner Bros. Television, New Line, Home Box Office and Turner Broadcasting System. Significant WHV releases during 2007 included 300, Ocean’s Thirteen and Harry Potter and the Order of the Phoenix. WHV produces and distributes DVDs from new content generated by the Company as well as from the Company’s extensive filmed entertainment library of thousands of feature films, television titles and animated titles. WHV also distributes other companies’ product, including DVDs for BBC, National Geographic and national sports leagues in the U.S., and has similar distribution relationships with producers outside the U.S.WHV distributes packaged media product in the standard definition DVD format and, in 2007, it distributed product in both of the HD DVD and Blue-ray high-definition formats. In January 2008, WHV announced that, commencing in the second quarter of 2008, it would distribute its highdefinition products exclusively in the Blue-ray high-definition format. Warner Premiere, a division of Warner Specialty Films Inc. established in 2006, develops and produces filmed entertainment that is distributed initially though DVD sales (“direct-to-video”) and short-form content that is distributed through online and wireless platforms. Warner Premiere released three direct-to-video titles in 2007. Warner Bros. Interactive Entertainment (“WBIE”), a division of WBHE, licenses and produces interactive videogames for a variety of platforms based on Warner Bros.’ and DC Comics’ properties, as well as srcinal game Page


properties produced by it and its subsidiary, Monolith Productions Inc. In 2007, WBIE expanded its business to include games publishing, utilizing the global supply chain infrastructure of WHV, and entered into a number of games distribution agreements. In 2007, WBIE distributed 23 game titles in North America, and in 2008, WBIE plans to release a number of new games and expand its game publishing operations into international territories. In December 2007, WBHE acquired TT Games Limited, which includes Traveler’s Tales, one of the world’s largest independent game developers, and TT Games Publishing, a U.K.-based game publisher. Warner Bros. Television Group (“WBTVG”) is one of the world’s leading suppliers of television programming, distributing programming in the U.S. as well as in more than 200 international territories and in more than 45 languages. WBTVG both develops and produces new television series, made-for-television movies, reality based entertainment shows and animation programs and also licenses programming from the Warner Bros. library for exhibition on media all over the world. WBTVG programming is primarily produced by Warner Bros. Television (“WBTV”), a division of WB Studio Enterprises Inc. that produces primetime dramatic and comedy programming for the major broadcast networks and for cable networks; Warner Horizon Television Inc. (“Warner Horizon”), which specializes in unscripted programming for broadcast networks as well as scripted and unscripted programming for cable networks; and Telepictures Productions Inc. (“Telepictures”), which specializes in reality based and talk/variety series for the syndication and daytime markets. For the 2007-08 season, WBTV is producing, among others, Smallville and Gossip Girl for The CW Television Network (“The CW”) and Two and a Half Men, Without a Trace, Cold Case, The Big Bang Theory, Pushing Daisies and ER for other broadcast networks. WBTV also produces srcinal series for cable networks, including The Closer and Nip/Tuck. Warner Horizon produces the primetime reality series The Bachelor. Telepictures produces first-run syndication staples such as Extra and the talk shows The Ellen DeGeneres Showand Tyra, as well as TMZ, a series based on the top entertainment website TMZ.com. Warner Bros. Animation Inc. (“WBAI”) is responsible for the creation, development and production of contemporary animated television programming and srcinal made-for-DVD releases, including the popular Scooby Doo and Tom and Jerry series. WBAI also oversees the creative use of, and production of animated programming based on, classic animated characters from Warner Bros., including Looney Tunes, and from the Hanna-Barbera and DC Comics libraries. WBTVG’s online destination, TMZ.com, a joint venture with AOL, is the number-one entertainment news website in the U.S., according to comScore Media Metrix. In November 2007, WBTVG launched a second online destination, MomLogic.com, and plans to launch a third destination site featuring animated properties from the Looney Tunes, HannaBarbera and DC Comics libraries in the second quarter of 2008. In 2007, WBTVG’s digital production venture, Studio 2.0, which works with creative talent and advertisers to create srcinal live action and animated short form programming for broadband and wireless devices, developed Page


and/or produced more than two dozen new live action, short form programs for distribution in 2008. Many of WBTVG’s current on-air television series are available on demand via broadband and wireless streaming and downloading and cable VOD platforms under agreements entered into with the broadcast and cable networks exhibiting the series. Internationally, in 2007, WBTVG launched five Warner Bros. branded on-demand program channels. Warner Bros. Digital Distribution (“WBDD”), a division of WBHE, enters into domestic and international licensing arrangements for distribution of Warner Bros.’ film and television programming through VOD and/or permanent download or electronic sell-through (“EST”) via online, cable and wireless services. WBDD has VOD and EST licenses with Apple Inc. for iTunes, Amazon.com, Inc. for VOD Unbox,service, Microsoft for Xbox 360local and with Netflix, Inc. for via its subscription as Corporation well as licenses with online retailers in movies various international territories including Europe, Asia and Latin America. In 2007, WBDD commenced testing with Comcast and TWC in limited markets the release of films in VOD on the same date as their release on DVD. WBDD plans to expand this “day and date” release strategy for VOD in 2008 both domestically and internationally. WBDD has also worked with WHV to develop programs that make electronic copies of new release movies available to consumers who purchase DVDs, either by entering a code contained in the DVD packaging that allows consumers to download a file containing the film or by including an electronic copy of the film directly on the DVD that the consumer can upload. WBDD plans to expand this program in 2008. Warner Bros. Consumer Products Inc. licenses rights in both domestic and international markets to the names, likenesses, images, logos and other representations of characters and copyrighted material from the films and television series produced or distributed by Warner Bros., including the superhero characters of DC Comics, Hanna- Barbera characters, classic films and Looney Tunes. Warner Bros. and CBS Corporation (“CBS”) each have a 50% interest in The CW, a broadcast network launched at the beginning of the Fall 2006 broadcast season. Warner Bros. International Cinemas Inc. holds interests, either wholly owned or through joint ventures, in 88 multi-screen cinema complexes, with over 700 screens in Japan, Italy and the U.S. In September 2007,Warner Bros. entered into a long term, multi-faceted strategic alliance with ALDAR Properties PJSC, an Abu Dhabi real estate development company, and Abu Dhabi Media Company, a newly established media company owned by the Abu Dhabi government, to develop certain entertainment related projects in Abu Dhabi. DC Comics, wholly owned by the Company, publishes a wide array of graphic novels and an average of over 80 comic book titles per month, featuring such popular characters as Superman, Batman, Wonder Woman and The Sandman. DC Comics also derives revenues from motion pictures, television, videogames and merchandise. The Company also owns E.C. Publications, Inc., the publisher of MAD magazine.

Networks The Company’s Networks business consists principally of domestic and international networks and pay television programming services. The networks owned by Turner Broadcasting System, Inc. (“Turner”) are collectively referred to herein as the “Turner Networks.” Pay television programming consists of the multi-channel HBO and Cinemax pay television programming services (collectively, the “Home Box Office Services”) operated by Home Box Office, Inc. (“Home Box Office”). The programming of the Turner Networks and the Home Box Page


Office Services (collectively, the “Networks”) is distributed via cable, satellite and other distribution technologies. The Turner Networks generate revenues principally from the sale of advertising (other than Turner Classic Movies and Boomerang, which sell advertising only in certain European markets) and from the receipt of monthly subscriber fees paid by cable system operators, satellite distribution services, telephone companies, hotels and other customers (known as affiliates) that have contracted to receive and distribute such networks. The Home Box Office Services generate revenues principally from fees paid by affiliates for the delivery of the Home Box Office Services to subscribers, who are generally free to cancel their at any time. Home Box also derivesof9 srcinal revenues from its srcinal films and seriessubscriptions through the sale of DVDs, as well as Office from its licensing programming in syndication and to basic cable channels. Turner’s entertainment networks include two general entertainment networks, TBS, which reached approximately 97.2 million U.S. television households as reported by Nielsen Media Research (“U.S. television households”) as of December 2007; and TNT, which reached approximately 96.3 million U.S. television households as of December 2007; as well as Cartoon Network (including Adult Swim, its overnight block of contemporary animation aimed at adults), which reached approximately 95.5 million U.S. television households as of December 2007; truTV (formerly Court TV), which reached approximately 90.7 million U.S. television households as of December 2007; Turner Classic Movies, a commercial-free network presenting classic films; and Boomerang, an animation network featuring classic cartoons. High definition feeds of both TBS and TNT are available. Programming for these entertainment networks is derived, in part, from the Company’s film, made-for-television and animation libraries to which Turner or other divisions of the Company own the copyrights, sports programming and licensed programming, including network movie premieres and srcinal and syndicated series. Effective January 1, 2008, Court TV was renamed truTV as part of a rebranding initiative that also included expansion of the network’s programming to emphasize real-life stories. For its sports programming, Turner has a programming rights agreement with the National Basketball Association (“NBA”) to produce and telecast a certain number of regular season and playoff games on TNT through the 2015-16 season. In January 2008, Turner entered into a separate agreement with the NBA, effective for the 2008-09 season through the 2015-16 season, under which Turner and the NBA will jointly manage a portfolio of the NBA’s digital businesses. Turner also has a programming rights agreement with Major League Baseball to produce and telecast a certain number of regular season and playoff games on TBS that began with the 2007 season playoffs and continues through the 2013 season. In addition, Turner has secured rights to produce and telecast certain NASCAR Sprint Cup Series races from 2007 through 2014. In May 2007, the Company transferred the Atlanta Braves baseball franchise (the “Braves”), formerly owned by Turner, to Liberty Media Corporation (“Liberty”) in a transaction involving the exchange of shares of Time Warner common stock by Liberty for a subsidiary of the Company that owned assets including the Braves and cash. Turner’s CNN and CNN Headline News networks, 24 -hour per day cable television news services, reached approximately 96.4 million U.S. television households and 95.9 million U.S. television households, respectively, as of December 2007. A high definition feed of CNN also is available. As of December 31, 2007, CNN managed 39 news bureaus and editorial operations, of which 10 are located in the U.S. and 29 are located around the world. CNN International, an English language news network, reached more than 200 countries and territories as of the end of 2007. Turner’s entertainment and news networks are distributed to multiple distribution platforms such as cable and IPTV systems, satellite platforms, mobile operators and broadcasters for delivery to households, hotels and other viewers around the world. The entertainment networks distribute Page


approximately 50 region-specific versions and local-language feeds of Cartoon Network, Boomerang, Turner Classic Movies and TNT in over 175 countries around the world. In collaboration with IPC Media’s Nuts magazine, in the U.K., Turner distributes Nuts TV, a live programming block for men complemented by a related website. In the U.K. and Ireland, Turner distributes Cartoon ito, an all-action animation network, and in India and certain other South Asian territories, it distributes Pogo, an entertainment network for children. In October 2007, Turner completed the acquisition of seven pay television networks and the sales representation rights for eight third-party-owned networks operating principally in Latin America from Claxson Interactive Group, Inc. The seven pay television networks are entertainment networks that vary in content, including movies, series, fashion and music. In a number of regions, Turner has launched locallanguage of its channels through joint ventures with local partners. In addition to its networks, versions Turner manages various websites. CNN has multiple websites, including CNN.com and several localized editions that operate in Turner’s international markets. CNN also operates CNNMoney.com in collaboration with Time Inc.’s Money, Fortune and FSB: Fortune Small Business magazines. Turner operates the NASCAR websites NASCAR.com and N ASCAR.com en Español, a Spanish language website launched in 2007, under an agreement with NASCAR through 2014, and the PGA’s and PGA Tour’s websites, PGA.com and PGATour.com, respectively, under agreements with the PGA and the PGATour through 2011. Turner also operates CartoonNetwork.com, a popular advertiser-supported site in the U.S., as well as 36 international sites affiliated with the regional children’s services feeds. In addition, Turner operates GameTap, a direct-to-consumer broadband gaming service offering access to over 900 classic and contemporary video games, Play On!, a broadband subscription service providing Atlantic Coast Conference basketball games and other sports, VeryFunnyAds.com, a website featuring comic television commercials from around the world, and SuperDeluxe.com, a website featuring srcinal comedic content. HBO, operated by Home Box Office, is the nation’s most widely distributed premium pay television service. Including HBO’s sister service, Cinemax, the Home Box Office Services had approximately 40.6 million subscriptions as of December 31, 2007. Both HBO and Cinemax are made available on a number of multiplex channels and in high definition. Home Box Office also offers HBO On Demand and Cinemax On Demand, subscription products that enable digital cable subscribers who subscribe to the HBO and Cinemax services to view programs at a time of their choice. A major portion of the programming on HBO and Cinemax consists of recently released, uncut and uncensored theatrical motion pictures. Home Box Office’s practice has been to negotiate licensing agreements of varying duration with major motion picture studios and independent producers and distributors in order to ensure continued access to such films. HBO is also defined by its award-winning srcinal dramatic and comedy series, movies and mini-series such as The Sopranos, Entourage, Rome and Curb Your Enthusiasm, and boxing matches and sports news programs, as well as comedy specials, family programming and documentaries. In 2007, among other awards, HBO won 21 Primetime Emmys» —the most of any network — as well as three Sports Emmys». HBO Video markets a variety of HBO’s srcinal programming on DVD. HBO licenses its srcinal series, such as The Sopranos and Sex and the City , to basic cable channels and has also licensed Sex and the City in syndication. The Home Box Office-produced show Everybody Loves Raymond, which aired for nine seasons on broadcast television, is currently in syndication as well. Home Box Office content is also distributed by AT&T Mobility LLC (as successor to Cingular Wireless LLC) and Vodafone Group Services Limited on their respective domestic and international mobile services. In addition, Page


through various pay television joint ventures, HBO-branded services are distributed in more than 50 countries in Latin America, Asia and Central Europe.

Publishing The Company’s publishing business is conducted primarily by Time Inc., a wholly owned subsidiary of the Company, either directly or through its subsidiaries. Time Inc. is the largest magazine publisher in the U.S. based on advertising revenues, as measured by Publishers Information Bureau (“PIB”). In addition to publishing magazines, Time Inc. also operates a number of websites, as well as certain direct-marketing and direct-selling businesses. As of December 31, 2007, Time Inc. published over 120 magazines worldwide, with over 20 in the U.S. over 100 in theand U.K., Mexico and, other These magazines generally to the, broadand consumer market include , InStyle , Southern People Sportscountries. Illustrated Living, appeal Real Simple Time, Cooking Light, Entertainment Weekly and What’s On TV. In addition, Time Inc. operates over 40 websites worldwide, such as CNNMoney.com, SI.com and People.com, that collectively had average monthly unique visitors of over 23 million worldwide in 2007, according to Nielsen Media Research in the U.S. and comScore Media Metrix in the U.K. In March 2007, Time Inc. sold its Parenting Group and most of its Time4 Media magazine titles, consisting of 18 of Time Inc.’s smaller niche magazines, to a subsidiary of Bonnier AB, a Swedish media company. In recent years, Time Inc. has expanded its publishing business most significantly through developing and acquiring websites. Time Inc.’s largest websites publish srcinal content as well as content from Time Inc.’s magazines. In addition, Time Inc. continues to expand through the development of new magazines, licensed international editions and product extensions, including books and television. IPC Media (“IPC”), a leading U.K. consumer magazine publisher, publishes over 75 magazines as well as numerous special issues and guides. IPC’s magazines include What’s On TV and TV Times in the television listings sector, Chat, Woman and Woman’s Own in the women’s lifestyle sector, Now in the celebrity sector, Woman & Home and Ideal Home in the home and garden sector, Country Life and Horse & Hound in the leisure sector, NME in the music sector and Nuts and Loaded in the men’s lifestyle sector. In addition, IPC publishes four magazines through three unconsolidated joint ventures with Groupe Marie Claire. In 2007, IPC launched HouseToHome.co.uk, a shelter website, and GoodToKnowYou.co.uk, a mass market women’s website, and acquired TrustedReviews.com, a leading U.K. consumer product review site. Southern Progress Corporation (“SPC”) publishes seven monthly magazines, including the regional lifestyle magazines Southern Living and Sunset, the epicurean magazine Cooking Light, the shelter magazine Coasta Living, and the women’s fitness magazine Health. In 2007, SPC launched the MyRecipes.com and MyHomeIdeas.com websites, which feature recipe content and shelter content, respectively, from SPC and other Time Inc. brands. This Old House publishes This Old House magazine and ThisOldHouse.com, a related website, and produces two television series, This Old House and Ask This Old House. Essence Communications Inc. publishes Essence magazine and produces the annual Essence Music Festival. Grupo Editorial Expansión (“GEE”)\ publishes over 15 consumer and business magazines in Mexico, including Expansión, a business magazine; Quién, a celebrity and personality magazine; Obras, an architecture, construction and engineering magazine; Life and Style, a men’s lifestyle magazine; and Balance, a fitness, health and nutrition magazine for women. In addition, GEE publishes two magazines through an unconsolidated joint venture with Hachette Filipacchi Presse S.A. GEE also operates CNNExpansíon.com, a leading business site in Mexico, and, in 2007, acquired MetrosCúbicos.com, a leading website for classified real estate listings in Mexico. In addition, Time Inc. licenses over 40 editions of its magazines for publication outside the U.S. to publishers in over 15 countries. Time Inc. also has responsibility under a Page


management contract for the American Express Publishing Corporation’s publishing operations, including its lifestyle magazines Travel & Leisure, Food & Wine and Departures. Time Inc. derives more than half of its revenues from the sale of advertising, primarily from its magazines and with a small but increasing amount of advertising revenues from its websites. Advertising carried in Time Inc.’s magazines and websites is predominantly consumer advertising. In 2007, Time Inc.’s U.S. magazines accounted for 18.6% (compared to 19.7% in 2006) of the total U.S. advertising revenues in consumer magazines, excluding newspaper supplements, as measured by PIB. People, Sports Illustrated and Time were ranked 1, 3 and 4, respectively, in terms of PIBmeasured advertising revenues in 2007, and Time Inc. had seven of the top 25 leading magazines based on the same for measure. Through the sale of magazines to consumers, circulation generates significant revenues Time Inc. In addition, circulation is an important component in determining Time Inc.’s print advertising revenues because advertising page rates are based on circulation and audience. Most of Time Inc.’s U.S. magazines are sold primarily by subscription and delivered to subscribers through the mail. Subscriptions are sold primarily through direct mail and online solicitation, subscription sales agents, marketing agreements with other companies and insert cards in Time Inc. magazines and other publications. Most of Time Inc.’s international magazines are sold primarily at newsstands. Time Inc.’s Synapse Group, Inc. (“Synapse”) is a leading seller of domestic magazine subscriptions to Time Inc. magazines and magazines of other U.S. publishers. Synapse sells magazine subscriptions principally through marketing relationships with credit card issuers, consumer catalog companies, commercial airlines with frequent flier programs, retailers and Internet businesses. Newsstand sales of magazines, which are reported as a component of Subscription revenues, are sold through traditional newsstands as well as other retail outlets such as Wal-Mart, supermarkets and convenience and drug stores, and may or may not result in repeat purchases. Through subsidiaries, Time Inc. conducts direct-marketing and direct-selling businesses as well as certain niche book publishing. In addition to selling magazine subscriptions, Synapse is a direct marketer of consumer products, including jewelry and other merchandise. Southern Living At Home, the direct selling division of SPC, specializes in home décor products that are sold in the U.S. through over 33,000 independent consultants at parties hosted in people’s homes. Time Inc.’s book publishing business consists of Oxmoor House and Sunset Books, which are operated by SPC, and Time Inc. Home Entertainment, which is operated by Time Inc., that publish how-to, lifestyle and special commemorative books, among other topics. Time Warner is a leading media and entertainment company, whose major businesses encompass an array of the most respected and successful media brands. Among the Company’s brands are HBO, CNN, AOL, People,Sports Illustrated, Time and Time Warner Cable. The Company produces and distributes films through Warner Bros. and New Line Cinema, including Harry Potter and the Order of the Phoenix, 300, Ocean’s Thirteen, Hairspray and Rush Hour 3 as well as television series, including Two and a Half Men, Without a Trace, Cold Case, The Closer and ER. During 2007, the Company generated revenues of $46.482 billion (up 6% from $43.690 billion in 2006), Operating Income of $8.949 billion (up 23% from $7.303 billion in 2006), Net Income of $4.387 billion (down 33% from $6.552 billion in 2006) and Cash Provided by Operations of $8.475 billion (down 1% from $8.598 billion in 2006). Time Warner’s Networks segment comprises Turner Broadcasting System, Inc. (“Turner”) and Home Box Office, Inc. (“HBO”). On September 17, 2006,Warner Bros. and CBS Corporation (“CBS”) ceased the stand-alone operations of The WB Network and UPN, respectively, and formed The CW Television Network (“The CW”), an equity- method investee of the Company. The Networks segment results included the operations of The WB Network through the date of its Networks.

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shutdown on September 17, 2006. In 2007, the Networks segment generated revenues of $10.270 billion (20% of the Company’s overall revenues), $3.336 billion in Operating Income before Depreciation and Amortization and $3.015 billion in Operating Income. The Turner networks —including such recognized brands as TNT, TBS, CNN, Cartoon Network and Headline News— are among the leaders in advertising-supported cable TV networks. For six consecutive years, more primetime households have watched advertising-supported cable TV networks than the national broadcast networks. In 2007, TNT ranked first among advertisingsupported cable networks in total-day delivery of its key demographics, Adults 18-49 and Adults 2554, and in primetime delivery ranked second for Adults 25-54 and third for Adults 18-49. TBS ranked secondAdults among18-34. advertising-supported cablegenerate networks in primetime delivery of its demographic, The Turner networks revenues principally from the salekey of advertising and from receipt of monthly subscriber fees paid by cable system operators, satellite distribution services and other distributors. Key contributors to Turner’s success are its continued investments in high-quality programming focused on sports, network movie premieres, srcinal and syndicated series, news and animation leading to strong ratings and Advertising and Subscription revenue growth, as well as strong brands and operating efficiency. HBO operates the HBO and Cinemax multichannel pay television programming services, with the HBO service ranking as the nation’s most widely distributed premium pay television service. HBO generates revenues principally from monthly subscriber fees from cable system operators, satellite distribution services and other distributors. An additional source of revenues is the sale of its srcinal programming, including The Sopranos, Sex and the City, Romeand Entourage. Selected subscriber-related statistics are as follows (thousands): Consolidated Subscribers as of December 31, 2007 2006 % Change

Managed Subscribers(a) 2007

as of December 31, 2006 % Change

Basic video(b) . . . . . . . . . . . . . . . . 13,251 (1%) Digital video(c). . . . . . . . . . . . . . . . 8,022 Residential high-speed data(d) . . . . . 7,620 Commercial high-speed data(d) . . . . 280 Digital Phone(e) . . . . . . . . . . . . . . . 2,895 Revenue generating units(f) . . . . . . . 32,077 9% Customer relationships(g) . . . . . . . . 14,626

12,614

5%

6,938 16% 6,270 22% 230 22% 1,719 68% 27,877

15%

13,710

7%

13,251 8,022 7,270 10% 7,620 6,644 15% 280 245 14% 2,895 1,860 56% 32,077 14,626

13,402

29,527 14,565 —

Disney $24 billion - 1997 sales

Disney is the closest challenger to Time Warner for the status of world's largest media firm. In the early 1990s, Disney successfully shifted its emphasis from its theme parks and resorts to its film and television divisions. In 1995, Disney made the move from being a dominant global content producer to being a fully integrated media giant with the purchase of Capital Cities/ABC for $19 billion, one of the biggest acquisitions in business history. Disney now generates 31 percent of its income from broadcasting, 23 percent from theme parks, and Page


the balance from "creative content," meaning films, publishing and merchandising. The ABC deal provided Disney, already regarded as the industry leader at using cross-selling and cross-promotion to maximize revenues, with a U.S. broadcasting network and widespread global media holdings to incorporate into its activities. Consequently, according to Advertising Age (8/7/95), Disney "is uniquely positioned to fulfill virtually any marketing option, on any scale, almost anywhere in the world." It has already included the new Capital Cities/ABC brands in its exclusive global marketing deals with McDonald's and Mattel toymakers. Although Disney has traditionally preferred to operate on its own, C.E.O. Michael Eisner has announced Disney's plans to expand aggressively overseas through joint ventures with local firms orshare otherofglobal players, its non-U.S. revenues from or 23 through percent further in 1995acquisitions. to 50 percentDisney's by 2000.stated goal is to expand Historically, Disney has been strong in entertainment and animation, two areas that do well in the global market. In 1996 Disney reorganized, putting all its global television activities into a single division, Disney/ABC International Television. Its first order of business is to expand the childrenand family-oriented Disney Channel into a global force, capitalizing upon the enormous Disney resources. Disney is also developing an advertising-supported children's channel to complement the subscription Disney Channel. For the most part, Disney's success has been restricted to English-language channels in North America, Britain and Australia. Disney's absence has permitted the children's channels of News Corporation, Time Warner and especially Viacom to dominate the lucrative global market. Disney launched a Chinese-language Disney Channel based in Taiwan in 1995, and plans to launch Disney Channels in France, Italy, Germany and the Middle East. "The Disney Channel should be the killer children's service throughout the world," Disney's executive in charge of international television states. With the purchase of ABC's ESPN, the television sports network, Disney has possession of the unquestioned global leader. ESPN has three U.S. cable channels, a radio network with 420 affiliates, and the ESPN Sports-Zone website, one of the most heavily used locales on the Internet. One Disney executive notes that with ESPN and the family-oriented Disney Channel, Disney has "two horses to ride in foreign markets, not just one." ESPN International dominates televised sport, broadcasting on a 24-hour basis in 21 languages to over 165 countries. It reaches the one desirable audience that had eluded Disney in the past: young, single, middle-class men. "Our plan is to think globally but to customize locally," states the senior VP of ESPN International. In Latin America the emphasis is on soccer, in Asia it is table tennis, and in India ESPN provided over 1,000 hours of cricket in 1995.

Disney plans to exploit the "synergies" of ESPN much as it has exploited its cartoon characters. "We know that when we lay Mickey Mouse or Goofy on top of products, we get pretty creative stuff," Eisner states. "ESPN has the potential to be that kind of brand." Disney plans call for a chain of ESPN theme sports bars, ESPN product merchandising, and possibly a chain of ESPN entertainment centers based on the Club ESPN at Walt Disney World. ESPN has released five music CDs, two of which have sold over 500,000 copies. In late 1996, Disney began negotiations with Hearst and Petersen Publishing to produce ESPNSports Weekly magazine, to be a "branded competitor to Sports Illustrated."

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Disney selected holdings ABC television and radio networks; Disney Channel, ESPN, ESPN2 and ESPNews; holdings in Lifetime, A & E and History channels;

Buena Vista; ne and newspaper publishing, through its subsidiaries, Fairchild Publications and Chilton Publications; sney Records; France and Japan; -tech arcade game stores; ghty Ducks and major league baseball's Anaheim Angels;

News Corporation

News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of September 30, 2011 of approximately US$60 billion and total annual revenues of approximately US$34 billion. The Corporation is a diversified global media company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers and information services; book publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and Latin America. Market Cap. (Mil) $23,081.240

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NEWS Corporation Owned companies: 2 WJBK Detroit, MI KRIV Houston, TX KTXH Houston, TX KMSP Minneapolis, MN WFTC Minneapolis, MN WTVT Tampa Bay, FL KSAZ Phoenix, AZ KUTP Phoenix, AZ WJW Cleveland, OH KDVR Denver, CO WRBW Orlando, FL WOFL Orlando, FL KTVI St. Louis, MO WDAF Kansas City, MO WITI Milwaukee, WI KSTU Salt Lake City, UT WBRC Birmingham, AL WHBQ Memphis, TN WGHP Greensboro, NC KTBC Austin, TX WUTB Baltimore, MD WOGX Gainesville, FL Asia Balaji Telefilms 26% Latin America Canal Fox Television United States FOX Broadcasting Company MyNetworkTV Fox Television Stations WNYW New York, NY WWOR New York, NY KTTV Los Angeles, CA KCOP Los Angeles, CA WFLD Chicago, IL WPWR Chicago, IL WTXF Philadelphia, PA KDFW Dallas, TX KDFI Dallas, TX WFXT Boston, MA WTTG Washington, DC WDCA Washington, DC

WAGA Atlanta, GA Cable Network Programming WJBK Detroit, MI United States KRIV Houston, TX FOX News Channel KTXH Houston, TX Fox Cable Networks KMSP Minneapolis, MN FX WFTC Minneapolis, MN Fox Movie Channel WTVT Tampa Bay, FL Fox Regional Sports Networks KSAZ Phoenix, AZ (15 owned and operated) (a) KUTP Phoenix, AZ Fox Soccer Channel WJW Cleveland, OH SPEED KDVR Denver, CO FSN WRBW Orlando, FL Fox Reality WOFL Orlando, FL Fox College Sports KTVI St. Louis, MO Fox International Channels WDAF Kansas City, MO Big Ten Network 49% WITI Milwaukee, WI Fox Sports Net Bay Area 40% KSTU Salt Lake City, UT Fox Pan American Sports 38% WBRC Birmingham, AL National Geographic Channel – WHBQ Memphis, TN International 75% WGHP Greensboro, NC National Geographic Channel – KTBC Austin, TX Domestic 67% WUTB Baltimore, MD National Geographic Channel – WOGX Gainesville, FL Latin America 67% National Geographic Channel – Asia STAR Europe 25% STAR PLUS STATS, LLC 50% STAR ONE Australia STAR CHINESE CHANNEL Premier Media Group 50% STAR WORLD Direct Broadcast Satellite STAR UTSAV Television VIJAY Europe XING KONG SKY Italia STAR CHINESE MOVIES Sky Sport STAR MOVIES Sky Calcio STAR GOLD Sky Cinema STAR NEWS 26% Sky TG 24 STAR ANANDA 26% Annual Report 2007 STAR MAJHA 26% CHANNEL [V] CHANNEL [V] THAILAND 50% Rupert Murdoch ESPN STAR SPORTS 50% Chairman and Chief Executive PHOENIX SATELLITEOfficer TELEVISION 18% News Corpor ation ANTV 20% Latin America Cine Canal 33% Telecine 13% Australia and New Zealand Premium Movie Partnership 20%

(Source: http://www.newscorp.com/corp_gov/bod.html)

News International

Throughout the U.K. and Ireland, News International publishes the trusted brands – The Times, The Sunday Times, The Sun, the News of the World and the London paper – that consumers turn to again and again for national and global coverage. Sales of our four national papers in the U.K. accounted for approximately one-third of all national newspapers sold last year. No other quality title in the U.K. reaches more business leaders than The Times and The Sunday Times. The Sunday Times remained the largest print publication for the British business audience. The Sun’s multi-platform strategy across newsprint, online and mobile platforms helped strengthen its position as the U.K.’s favorite daily newspaper. The Sun increased its gross monthly audience across all platforms by 12 percent last year and increased its share of the daily tabloid market to 58 percent – selling 1.6 million more copies than its nearest rival. The News of the World maintained its leading position in the Sunday market last year, (2008) increasing its market share to 58 percent. It also launched a new glossy women’s magazine distributed with the paper every week that reaches 3.8 million women each Sunday. The News of the World consistently outsells the combined sales of its direct rivals. The London paper was distributed free to more than 500,000 readers each weekday in London last year, achieving a stronger profile of young, upmarket readers than any other U.K. national newspaper.

Times Online drew record traffic following a bold redesign and the launch of its archive dating back to 1785. It was the fastest growing newspaper site for business users in the U.K. last year. The Sun Online was the top-ranking newspaper site in the U.K. in 2008, with an average of 4.3 million unique U.K. users per month. In 2011, however, a major scandal brought Rupert Murdoch’s newspaper empire in England tumbling down when it was revealed that News of the World reporters used illegal means to gather news. According to an article in Time magazine, (July 25, 2011) the 168 year old Newspaper, with a circulation of 7.5 million, was closed down in July 2011. The scandal involved high level British officials and politicians, and its full impact is still unraveling.

Dow Jones We completed our acquisition of Dow Jones in December 2007 and began revitalizing its famous brands while simultaneously extending the success of the Dow Jones Indexes and its other premium content businesses. The Wall Street Journal achieved a global daily audience last year of 3.7 million, reaching the world’s business, political and thought leaders, as well as investors seeking clarity and analysis about news, trends and issues. The Journal is the only one of the top 15 U.S. newspapers to have increased its circulation during the first half of calendar 2008. To appeal to a wider range of readers and advertisers, The Wall Street Journaladded new features, including a third editorial page; a weekly sports page; expanded coverage of U.S. and world news; and a new Currents page highlighting trends in religion, education and science. We continued to expand the subscription-free area of wsj.com, which includes videos, blogs and news stories. Overall, wsj.com traffic is up nearly 90 percent since our acquisition of Dow Jones. The Wall Street Journal Digital Network, which includes wsj.com,


Barrons.com, MarketWatch.com and AllThingsD.com, increased traffic by nearly 70 percent since our acquisition as consumers’ thirst for business and financial news grows. Dow Jones is more than just its flagship newspaper The Wall Street Journal – it is the world’s leading provider of business content and information. The Dow Jones Enterprise Media Group provides high value, hard-to-find, premium content that businesses and financial services firms demand. We are one of the largest global English-language publishers, with an impressive history of publishing some of the world’s most important books. INFORMIN G WITH A PURPOSE HarperCollins Blockbuster sales of The DangerousBook for Boysby Conn and Hal Iggulden, Deceptively Delicious by Jessica Seinfeld and The Daring Book for Girls by Andrea Buchanan and Miriam Peskowitz drove success last year. Our authors received many prestigious awards in 2008, including Pulitzer Prizes for The Years of Extermination by Saul Friedlander and Time and Materials by Robert Hass, as well as a Nobel Prize in Literature for the body of work of noted HarperCollins author Doris Lessing. Time and Materials also won a National Book Award for poetry last year. HarperCollins had 165 titles on The New York Times bestseller lists in 2008, with 14 hitting the number one position. For the seventh consecutive year, HarperCollins Children’s Books had the greatest number of bestsellers on the Times list. Fox Television Stations is a major component of our Television segment, featuring stations in nine of the top ten largest markets in the U.S. Our 27 stations in the U.S., after our sale of eight stations in July 2008, offer news, sports and entertainment programming as affiliates of the FOX and MyNetworkTV networks and reach millions of viewers. SKY Italia’s around-the-clock independent news service, Sky TG24, grew by 77 percent last year, with more than 2 million viewers each day. The pay-TV platform launched 13 new channels last year and substantially increased its subscriber base. Sky News, BS kyB’s 24-hour news channel, won the Royal Television Society News Channel of the Year award in 2008 for its comprehensive news coverage. Sky News was available to 145 million viewers in 36 countries throughout Europe, as well as Asia, the Middle East and Africa. STAR Across 53 countries in Asia, STAR offers 63 channels in ten languages. We reached approximately 300 million people in 146 million households in India, Greater China, Indonesia, Southeast Asia, the Middle East, Pakistan, the U.K., continental Europe and North America. STAR was the leading provider of television programming in Asia in 2008. News Corporation owns and operates more than half of the channels broadcast by ST AR and we have joint ventures with several leading broadcasters, including ESPN . Our unmatched reach in this vast market continued to attract major advertisers and viewers in 2008. For the eighth consecutive year, ST AR PLUS led general entertainment channels in India, widening its lead on the competition. ST AR GOLD is one of India’s Page


most popular movie channels and its Sabsey Favourite Kaun, a Bollywood awards show, reached more than ten million viewers in 2008. New weekday primetime drama Bidaayi captured millions of viewers across India last year, becoming the highest rated program in India. ST AR broadcasts the number one Chinese movie channel in Taiwan, Hong Kong, the Philippines and Singapore. We launched a North American version, Chinese Movies 2, in 2008, which is broadcast to Chinese-speaking audiences in both North America and Asia, to showcase the golden age of Hong Kong filmmaking. MyNetworkTV With 175 affiliate stations, MyNetworkTV reached approximately 97 percent of U.S. households last year with its primetime entertainment and unique programming, including the Harlem Globetrotters:A New Generation. Fox International Channels Fox International Channels (FIC ) launched 35 new channels last year, increasing its total to 120. FIC garnered almost $1 billion in revenue last year, much of it from emerging markets and mature markets with low, but growing, cable and satellite penetration and ad sales market share. FIC enjoys some of the highest margins in the international cable channel industry. FIC reaches more than 260 million subscribers in 29 languages in Europe, Latin America, Asia and Africa, primarily under the FOX and National Geographic brands. The network also produced more than 3,000 hours of drama, comedy, reality and documentary shows for its own as well as third-party channels.

MySpace MySpace.com continues to lead the social networking category by connecting hundreds of millions of users who spent more than three hours per month in 2008 interacting with friends, discovering popular culture and making a positive impact on the world through many social and environmental initiatives. MySpace is truly a global community, with an international network of 29 fully localized sites – 9 of which were launched in 2008 – available in 15 different languages. To reach even more of the world, we opened the MySpace platform to third-party developers last year and users responded by launching more than 1,500 applications and uploading more than 30 million applications to their profile pages. My Space TV features more than 100 branded channels and serves half a billion videos a month with advanced technology to optimize the delivery of online advertising. MySpace Music, a joint venture with Sony BM G Music, Universal Music Group and Warner Music Group, was formed in 2008 to give even more options to the more than 65 percent of MySpace users who already embed music into their profile pages. Hulu In a joint venture with NBC Universal, in October 2007 we launched hulu, an innovative, premium online video service. Initially, Hulu offered people in the U.S. free-of-charge the world’s premium content from News Corporation, NBC Universal and scores of other companies when, where and how they wanted it. Hulu has now begun to charge a monthly fee to watch its programmes. Previously it made it easy to share professionally produced video content on almost any computer in the U.S. With thousands of hours of television and movie programming from 80 Page


content providers, hulu was quickly becoming a top 10 online video destination. The site used to average millions of unique weekly viewers and PC World magazine ranked it the number one overall tech product of 2008. Jamba/Fox Mobile Entertainment Jamba, our joint venture with VeriSign, offers popular mobile entertainment from content providers around the world, using its relationships with more than 800 major music, film and television brands to lead the mobile space. Known as Jamster in the U.S., Canada, the U.K. and other English-speaking territories, Jamba distributed its games, movies and ringtones to 125 mobile operators, reaching hundreds of millions consumers in more than 25 countries. This past year, Jamba collaborated with Twentieth Century Fox to create and market a unique mobile identity for The Simpsons Movie film and its characters. Its “Spider Pig” ringtone was a bestseller. Other Fox Mobile Entertainment distributed 24-hour programming from our film studios, FOX News and FOX Sports through an agreement with AT&T last year. Fox Mobile also produced all mobile content – from ringtones to trivia games – for American Idol, which was sponsored by AT&T. NDS NDS , in which we own a majority interest, is the world’s leading supplier of end-to-end digital technology and services to pay-TV platform operators and content providers. It makes conditional access, set-top box and residential gateway middleware, DVR technologies and many other services that ensure content protection across a range of consumer devices. NDS protected more than 90 million active devices last year, allowing consumers to get protected content anywhere, anytime on any device. NDS also led the global market in DVR technology last year. Its technology was used in 13 million devices distributed by more than 15 major pay-TV platforms, including News Corporation’s SKY Italia and partially owned BSkyB. CONNECTING THE WORLD News Digital Media News Digital Media (NDM ) encompasses many of our Australian sites, including Career.One.com.au, carsguide.com.au, moshtix.com.auand truelocal.com.au. Several sites launched mobile phone applications last year to reach new audiences for our advertisers. NDM ’s online ticket service, Moshtix, worked with MySpace to allow users to purchase tickets directly from the social networking site, enabling artists and event promoters to reach Australia’s 3 million MySpace users directly. CareerOne.com.au also launched a co-branded employment site with MySpace last year.

General Electric

General Electric Company (GE) operates as a technology, media, and financial services company worldwide. Its Energy Infrastructure segment produces gas, steam, and aeroderivative turbines; Page


generators; and combined cycle systems, as well as provides water treatment services and equipment. This segment also sells surface and subsea drilling and production systems, floating production platform equipment, compressors, turbines, turboexpanders, and high pressure reactors to national, international, and independent oil and gas companies; and offers equipment overhauls and upgrades, pipeline inspection and integrity services, remote diagnostic and monitoring, and contractual service agreements. The company’s Technology Infrastructure segment manufactures jet engines, aerospace systems and equipment, and its replacement parts, as well as provides repair and maintenance services for commercial aircraft; military aircraft, including fighters, bombers, tankers, and helicopters; marine applications; and executive and regional aircraft. This segment also produces healthcare products, including diagnostic imaging systems; offers transportation products and maintenance services; provides enterprise solutions using sensors for temperature, pressure, moisture, gas and flow rate, as well as nondestructive testing inspection equipment. GE’s NBC Universal segment engages in the production and distribution of films and television programs; operation of television stations and cable/satellite television networks, as well as theme parks. The company’s Capital Finance segment offers loans, leases, and other financial services to customers, including manufacturers, distributors, and end-users of equipment and major capital assets. Its Consumer & Industrial segment produces various house hold appliances, lighting products, and electrical equipment and control products, as well as provides related services. The company was founded in 1892 and is based in Fairfield, Connecticut. Through NBC Universal, one of the world's leading media and entertainment companies, we are developing, producing and marketing film, television, news, sports and special events to a huge global audience. At the same time, commerce and information continue to change form radically through digital technology. Whether it's growing the role of cable television or monetizing the internet, GE is part of today’s technological convergence and tomorrow’s most effective ways of doing business. NBC UNIVERSAL Web SitesNBC Universal Cable Web SiteNBC Universal-Cable Film Web SiteNBC Universal-Film Bravo, an NBC Cable Network since December 2002, is currently seen in 75 million homes and was the first service dedicated to film and the performing arts when it launched in December 1980. Today, Bravo boasts critically acclaimed srcinal programming -- including “Inside the Actors Studio” hosted by James Lipton, Emmy Award-winning “Cirque du Soleil Fire Within” and the breakout hit “Queer Eye for the Straight Guy.”http://www.nbc.com/nbc/NBC_Universal_Cable_Networks/Networks. The leading global brand in business news and analysis, CNBC provides real-time financial market coverage in 101 countries and approximately 175 million households worldwide. Launched in April, 1989, CNBC has expanded to broadcast talk, sports and entertainment programs in addition to market analysis.

CNBC World, a service of CNBC and Dow Jones, is a digital network offering global financial markets in real-time, live, worldwide. Currently in about 20 million homes, CNBC World combines the Page


resources of CNBC business news from the U.S., Asia and Europe into a 24-hour a day, in-depth global business news network. In addition, CNBC World provides one-on-one interviews with business leaders, along with special business lifestyle programming from world economic leaders such as India, Saudi Arabia and South Korea. Universal Studios Networks (USN) owns and operates 8 television channels across Europe and Latin America. Collectively, these channels reach 28 million subscribers across 27 countries. MSNBC is a partnership between NBC, a leading provider of news and information, and Microsoft, the leader in personal computer software and a major provider of Internet online services. Built on the worldwide resources of NBC News, MSNBC delivers breaking news and in-depth coverage to 78 million households on cable 24 hours a day and up to 20 million unique users a month on the Internet. By developing programming simultaneously for cable and the Internet, MSNBC offers truly integrated television, interactive news, and dynamic discussion of topical events. mun2 television is the only cable network that targets young, U.S. Latinos by developing srcinal programming that reflects their lifestyles. A pioneer in Latino youth programming, mun2 has been providing its audience with relevant bilingual content since its launch in October, 2001. mun2 is part of NBC Cable Networks and a division of Telemundo, which is wholly-owned and operated by NBC Universal. SCI FI Channel is a television network that fuels the imagination of viewers with srcinal series and events, blockbuster movies and classic science fiction and fantasy programming. Extending the SCI FI brand beyond television, the network also has an award-winning website and in-depth magazine. TRIO is an entertainment cable television channel reflecting pop culture at its most entertaining. Its programming encompasses the worlds of television, film, theater, music, and fashion. TRIO is available to 20 million households via digital cable and satellite services. Universal HD offers the best of NBC Universal's library in HD. Programming includes unedited and uninterrupted films, award winning dramas, series, sports, specials and performance arts programming — all from the Universal library. Launched in December 2004, Universal HD is currently available to more than 25 million homes in 100% 1080i HD, 24/7. USA Network is cable television's leading provider of srcinal series and feature movies, sports events, off-network television shows and blockbuster theatrical films. The channel is available in 82% of all U.S. homes (approximately 90 million households). Original series include Monk, starring Golden Globe and Emmy winner Tony Shalhoub, Touching Evil, and The Dead Zone. Mr. Jeffrey R. Immelt , 53 Exec. Chairman, Chief Exec. Officer

Market Cap May 11, 2009 $150.27 Billion Page


[Source: GE website]

Bloomberg Bloomberg L.P. began in 1981. Mike Bloomberg’s goal was to create an information-services. News and media company that provides business and financial professionals with the tools and data they need on a single, all-inclusive platform. The success of Bloomberg L.P. is due to the constant innovation of our products, unrivaled dedication to customer service and the unique way in which we constantly adapt to an ever-changing marketplace. The New York-based company employs more than 10,000 people in over 135 offices around the world. Bloomberg is about information: accessing it, reporting it, analyzing it and distributing it, faster and more accurately than any other organization. The BLOOMBERG PROFESSIONAL® service, the core product of Bloomberg, is the fastest-growing real-time financial information network in the world. Our customers trade, do research, and communicate using the BLOOMBERG PROFESSIONAL service to help them make decisions and to execute. Information is delivered to their desktops in whatever way they need it—any time, anywhere. BLOOMBERG PRESS® publishes practical books for financial professionals as well as books of general interest on investing, economics, current affairs, and policy affecting sophisticated investors. More than 140 titles have been released since 1996. The books are written by leading practitioners and authorities, including BLOOMBERG NEWS reporters and columnists, and are published in more than 20 languages. BLOOMBERG PRESS distributes the Economist line of books in the U.S. and Canada. In 2001, Mike Bloomberg was elected as Mayor of New York city. Lex Fenwick took charge of the company as CEO. Bloomberg radio reaches 16 million listeners in the USA. Bloomberg television reaches 200 million homes worldwide. http://www.bloomberg.com VIACOM

We produce and distribute television programming, motion pictures and other entertainment content under some of the world’s best known entertainment brands, many of which are household names worldwide. Our focus is on our audience, providing them the entertainment they want to experience, how and when they want to experience it. Key elements of our strategy include: • expanding and enhancing our brands worldwide through the creation and acquisition of hit programming, new channels, successful motion pictures and other forms of entertainment, including additional video game offerings; Page


• strengthening our relationships with our advertising, cable, satellite, online and mobile partners, as we work together to develop new ways of serving our audiences; • the continued expansion and monetization of our online and mobile entertainment experiences; • rationalizing our motion picture slate in terms of the number and type of films produced, focusing in particular on franchise properties, as well as associated marketing approaches, and capitalizing on international production and distribution and global digital opportunities; and • continued operational discipline throughout our organization to generate efficiencies and effectively execute our strategy. In connection with these efforts, we are committed to fostering a creative and diverse culture, which will enable us to continue to develop unique and cutting-edge content for our audiences and maintain our position as a market leader. Viacom is a leading global entertainment content company. We engage audiences on television, motion picture, Internet, mobile and video game platforms through many of the world’s best known entertainment brands. We manage our operations through two reporting segments: Media Networks and Filmed Entertainment. Our Media Networks segment provides entertainment content for consumers in key demographics attractive to advertisers, distributors and retailers. We create and acquire programming and other content for distribution to our audiences how and where they want to view and interact with it: on television, the Internet, mobile devices, video games and a variety of consumer products. MTV Networks reaches over 578 million households worldwide via its approximately 165 channels and multiplatform properties, which include MTV: Music Television®, MTV2®, mtvU®, MTV Tr3s®, VH1®, VH1 Classic™, CMT®: Country Music Television™, Logo®, Nickelodeon®, Nick at Nite®, Noggin®, The N®, Nicktoons®, Neopets® , COMEDY CENTRAL®, Spike TV® and TV Land™, among others. MTV Networks also has a growing video game business that includes the successful Rock Band® franchise and casual gaming websites such as Addictinggames.com and Shockwave.com. BET Networks is a leading provider of entertainment, music, news and public affairs television programming targeted to the African-American audience and can be seen in the United States, Canada, the Caribbean, the United Kingdom and sub-Saharan Africa. Page


Our media networks, MTV Networks and BET Networks, operate their program services, websites and other digital media services in the United States and abroad. Our Media Networks segment generates revenues principally from three sources: (i) the sale of advertising time on our program services and digital properties, (ii) the receipt of affiliate fees from cable television operators, direct-to-home satellite operators, mobile networks and other content distributors and (iii) ancillary revenues, which include the creation and publishing of video games and other interactive products, home entertainment sales of our programming, the licensing of our content to third parties and the licensing of our brands and properties for consumer products. In 2008, advertising revenues, affiliate fees and ancillary revenues were approximately 54%, 30% and 16%, respectively, of total revenues for the Media Networks segment.

Filmed Entertainment The Filmed Entertainment segment produces, finances and distributes motion pictures and other entertainment content under the Paramount Pictures®, Paramount Vantage™, Paramount Classics™, MTV Films® and Nickelodeon Movies™ brands. The Filmed Entertainment segment will also continue to release a number of pictures under the DreamWorks™ brand. Paramount Pictures has been a leading producer and distributor of motion pictures since 1912 and has a library consisting of approximately 3,500 motion pictures and a small number of television programs. It also acquires films for distribution and has distribution relationships with DreamWorks Animation and Marvel. Paramount also distributes motion pictures and other entertainment content on DVD, television, digital and other platforms in the United States and internationally, and is expanding its presence in the games business.

Our Media Networks segment derives revenues principally from advertising sales, affiliate fees and ancillary revenues. Revenues from the Filmed Entertainment segment are generated primarily from the theatrical release

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and/or distribution of motion pictures, sale of home entertainment products such as DVDs, and licensing motion pictures and other content to pay and basic cable television, broadcast television, syndicated television and digital media outlets. Revenues from the Media Networks segment accounted for 60%, 60% and 64% of our revenues for 2008, 2007 and 2006, respectively, and revenues from the Filmed Entertainment segment accounted for 41%, 41% and 37% of our revenues for those periods, respectively, with elimination of intercompany revenues being (1)%, (1)% and (1)%, respectively. We generated approximately 71% of our total revenues in 2008 from domestic operations, 73% in 2007 and 76% in 2006, with 29%, 27% and 24%, respectively, generated internationally. In 2008, our total international revenues were $4.254 billion, of which 64% was generated in Europe. We distribute our programming in the home entertainment market through the sale and rental of DVDs, video-on-demand, download-to-own and download-to-rent services. We also license our television programs and the concepts and/or formats of such programs to third parties for licensing fees and royalties. For example, TV Land’s new reality series She’s Got The Look has been licensed in over 65 countries worldwide. We also have a worldwide consumer products licensing business, which licenses popular characters from our programs, such as those featured in SpongeBob SquarePants, The Backyardigans, Dora the Explorer, Neopets and South Park, in connection with merchandising, video games and publishing worldwide. We generally are paid a royalty based upon a percentage of the licensee’s wholesale revenues, with an advance and/or guarantee against future expected royalties. Licensing revenue may vary from period to period depending on the popularity of the program available for license in a particular period and the popularity of licensed products among consumers. Strategic Relationships Our Media Networks properties have forged a number of strategic relationships with other leading companies: • We distribute content through online syndication partners including AOL, MySpace, Hulu, Bebo, Comcast’s Fancast, Joost, MSN, Dailymotion and Veoh, and mobile partners including AT&T,

Verizon Wireless and Sprint Nextel. • We have arrangements with download-to-own services, including Apple’s iTunes, Amazon, Sony’s PlayStation and Microsoft’s Xbox 360, to make various Media Networks programs available for Page


purchase online. • We have a strategic alliance with Microsoft under which, among other things, Microsoft licenses certain content from us on a non-exclusive basis for use on Microsoft properties such as MSN and Xbox, purchases certain specified amounts and types of advertising from us, and will provide its proprietary online advertising serving solution to us. Microsoft also distributes downloadable content for Rock Band. • We have entered into a relationship with Electronic Arts for the co-manufacturing, co-marketing and distribution of our Rock Band franchise. • Nickelodeon has partnered with DreamWorks Animation to create animated television series based on popular DreamWorks Animation theatrical motion pictures. The first series, Penguins, which is based on the penguins from Madagascar, is scheduled to air in early 2009. Nickelodeon is also working with Sony Music on music-based television programming for its target audiences. MTV: Music Television • MTV is a leading multimedia destination offering a diverse line-up of srcinal programming, music videos, news and commentary, and awards shows, among other programs. MTV’s programming covers everything from music, fashion, lifestyle and sports to attitudes, politics, news and trends. MTV was named the Best Global Pure Media Brand for the ninth year in a row, according to the 2008 Business Week/Interbrand “Best Global Brands” Study.

• Programming highlights in 2008 included new srcinal programming such as Randy Jackson Presents: America’s Best Dance Crew, From Gs to Gents and Paris Hilton’s:My New BFF, as well as returning favorites such as the VMAs, the MTV Movie Awards, The Hills, The Real World, Run’s House and A Shot At Love 2 with Tila Tequila. MTV operates numerous online destinations, communities and virtual worlds, delivers and creates content for its robust MTV mobile platform, has interests in home video, radio syndication, recorded music, publishing and consumer products. • MTV reached approximately 97 million domestic television households as of December 31, 2008. Worldwide, MTV reached more than 660 million households in 162 countries and territories as of December 31, 2008 via its channels and branded program blocks shown on third party broadcasters. MTV Digital • MTV.com is an ad-supported online/broadband service featuring entertainment and pop culture content, including music, music videos and performances, news and interviews, movies, casual games, ringtones, and links to MTV shows and specials. Its Flux platform allows users to connect, share and interact with content and other users across a network of websites. Nickelodeon and Nick at Nite • Nickelodeon has been the number one rated basic cable network for 14 years according to Nielsen.

Nickelodeon and the Nick Jr. programming block feature srcinal programming for kids during daytime hours. Nickelodeon produces and distributes television programming worldwide, has a global consumer products business and is a leading developer of digital Page


content for kids. Programming highlights in 2008 included new srcinal programming such as The Mighty B! and Tru Jackson, VP, as well as returning favorites SpongeBobSquarePants, iCarly and The Fairly OddParents. Nick Jr. favorites include Dora the Explorer, The Backyardigans, The Wonder Pets, Blue’s Clues and Go, Diego, Go!. • Nick at Nite airs during the evening hours and overnight and features classic sitcoms as well as family friendly srcinal programming. Programming highlights in 2008 included George Lopez, Home Improvement and Family Matters. • Nickelodeon and Nick at Nite reached approximately 98 million domestic television households as of December 31, 2008. Worldwide, Nickelodeon can be seen in approximately 400 million households in 147 territories as of December 31, 2008 via its channels and branded program blocks shown on third party broadcasters. COMEDY CENTRAL • COMEDY CENTRAL is television’s only all-comedy network and is a consistent top rated cable network among all adults ages 18-49 according to Nielsen. COMEDY CENTRAL also offers srcinal programming via a variety of websites including comedycentral.com and individual sites for popular programs, other online destinations such as iTunes, Microsoft Xbox, Hulu and Fancast and all major mobile carriers. COMEDY CENTRAL’s content is onair, online and on-the-go, giving its audience access to the world of comedy wherever they go. It also has interests in home video, recorded comedy and a live comedy touring business. • Programming highlights in 2008 included the Emmy® and Peabody® Award-winning series The Daily Show with Jon Stewart, The Colbert Report and South Park, as well as hits like Indecision 2008! coverage, Jeff Dunham’s Very Special Christmas Special, The Sarah Silverman Program, RENO 911! and Chocolate News starring David Alan Grier. • COMEDY CENTRAL reached approximately 97 million domestic television households as of December 31, 2008.

Spike TV • Spike TV targets men 18-34 and 18-49 by featuring a mix of srcinal and acquired programming, specials, live events and movies. Spike has a relationship with UFC: Ultimate Fighting Championship to air its events as the exclusive cable home for the sport. • Programming highlights in 2008 included The Ultimate Fighter, TNA iMPACT, DEA, Pros vs. Joes and Spike’s Video Game Awards. Spike also aired the broadcast premier of Star Wars III: Revenge of the Sith as part of a series featuring all six Star Wars films. • Spike TV reached approximately 98 million domestic television households as of December 31, 2008. TV Land • TV Land offers a mix of srcinal programming, classic TV shows and iconic movies, all

designed to

appeal to the entertainment needs and attitudes of adults in their 40s and 50s. TV Land expanded its offerings of srcinal programming in 2008, creating TV Land PRIME, a block of primetime programming specifically targeting this demographic. Page


• Programming highlights in 2008 included the new srcinal programs High School Reunion and She’s Got The Look, as well as returning favorites such as The Andy Griffith Show and M*A*S*H. New acquired programs such as Third Rock From The Sun, Extreme Makeover: Home Edition and The Cosby Show also joined the network this year. • TV Land reached approximately 96 million domestic television households as of December 31, 2008. M TV Networks I ntern ational

Worldwide, MTV Networks’ operations reached over 660 million households in 162 countries via its program services and branded program blocks as of December 31, 2008. MTV Networks International owns and operates, participates in as a joint venturer, and/or licenses to third parties to operate over 120 program services, including extensions of our multimedia brands MTV, VH1, Nickelodeon and COMEDY CENTRAL, and program services created specifically for international and/or non-English speaking audiences such as TMF (The Music Factory), Paramount Comedy, Game One, The Box and VIVA, among others. MTVN International also operates or licenses its brands for more than 130 online properties internationally. Most of the MTVN International program services are regionally customized for the particular viewers through the inclusion of local music, programming and on-air personalities, and use of the local language. MTV Networks’ operations in Europe, Latin America and Asia represent its largest international presence. We strategically pursue the development, licensing and acquisition of program services in international markets and engage in the syndication and distribution of consumer products. Our Viacom 18 joint venture in India includes television, film and digital media content across numerous brands as well as consumer products. In July 2008, it launched Colors, a new Hindi-language general entertainment channel, and is expected to launch additional niche channels and digital content in the future. We continue to focus on efficiently expanding our international presence by ensuring that we have the appropriate forms of ownership interests in our properties worldwide. This involves concentrating our resources in the regions and on the demographics that offer the greatest growth opportunity for our brands, such as Germany, India and the United Kingdom, and entering into licensing arrangements in other regions that can be best exploited by our partners. In Europe, we launched MTVNHD, a 24-hour English language high definition 11 service dedicated to music and kids. MTVNHD is now available in 11 European countries and has expanded to Mexico, with plans for further expansion in Latin America. In the Middle East, we launched Nickelodeon Arabia through an existing long-term licensing arrangement between MTVN International and TECOM Investments’ media unit, Arab Media Group. We also expanded our Eastern European presence, increased our ownership interest in Nickelodeon Australia, and plan to continue to expand our brands in various regions, including launch of COMEDYCENTRAL channels in Sweden and New Zealand in 2009. • BET International licenses BET content on multiple platforms, including 24-hour BET branded networks, BET branded program blocks, and BET branded broadband and mobile offerings to serve consumers of black culture globally. BET International is focused on expanding the distribution of BET srcinal programming into international markets, and in 2008, launched a BET channel in the United Kingdom and began making BET programming available on multiple platforms in 29 countries in subSaharan Africa. Page


• Worldwide, BET can be seen in approximately 100 million households as of December 31, 2008 via its channels and branded program blocks shown on third party broadcasters. • BET.com is a leading online destination for African-Americans and offers users content and interactive features for news, entertainment, community and other areas tailored to the unique interests and issues of African-Americans. BET.com also provides interactive entertainment content for BET Networks’ program services. • In the fourth quarter of 2008, BET.com averaged approximately 2.1 million monthly unique visitors. Media Networks Competition MTV Networks and BET Networks compete for advertising revenue with other cable and broadcast

television networks, online and mobile outlets, radio programming and print media. MTV Networks generally competes with other widely distributed cable networks such as TBS, TNT, Discovery, ESPN, SciFi, FX, Lifetime and USA Network, the broadcast television networks and digital properties such as MySpace, YouTube and Hulu. Each programming service also competes for audience share with competitors’ programming services that target the same audience. For example, Nickelodeon and its related properties compete for younger viewers with several of The Walt Disney Company’s properties and with Time Warner’s Cartoon Network. Similarly, BET Networks competes with African-American oriented shows on cable and broadcast networks including TV One and online properties such as Blackplanet.com and AOL Blackvoices. We also compete with other cable networks for affiliate fees derived from distribution agreements with cable television operators, satellite operators and other distributors. Our networks also compete with other content creators for actors, writers, producers and other creative talent and for new show ideas and the acquisition of popular programming. MTV Networks also releases several video game titles on both console and PC platforms that compete with titles released by major video game publishers such as Activision and Electronic Arts. FILMED ENTERTAINMENT The Filmed Entertainment segment produces, finances and distributes motion pictures under the Paramount Pictures, Paramount Vantage, Paramount Classics, MTV Films and Nickelodeon Movies brands. In addition, the Filmed Entertainment segment will continue to release a number of pictures under the DreamWorks brand. Paramount also acquires films for distribution, has distribution and fulfillment services agreements with DreamWorks Animation SKG, Inc. and has distribution agreements with MVL Productions LLC (“Marvel”) and DW Funding LLC, the owner of the DreamWorks liveaction film library. In general, motion pictures produced, acquired and/or distributed by the Filmed Entertainment segment are exhibited theatrically in the U.S. and internationally, followed by their release on DVDs, video-on-demand, pay and basic cable television, broadcast television and syndicated television (the “distribution windows”), digital media outlets, and, in some cases, other exhibitors such as airlines and hotels.

Our Filmed Entertainment segment generates revenues worldwide principally from: (i) the theatrical release of motion pictures, (ii) home entertainment, which includes sales of DVDs and other products relating to the motion pictures we release theatrically and certain other programming, including content Page


we distribute on behalf of third parties such as CBS Corporation and (iii) license fees paid worldwide by third parties for exhibition rights on various media. The Filmed Entertainment segment also generates ancillary revenues from providing production services to third parties, primarily at Paramount’s studio lot, consumer products licensing, game distribution and distribution of its content on digital platforms. In 2008, theatrical revenues, home entertainment revenues, license fees and ancillary revenues were approximately 29%, 45%, 22% and 4%, respectively, of total revenues for the Filmed Entertainment segment. In choosing films to produce, we aim to create a carefully balanced film slate that represents a variety of genres, styles and levels of investment —with the goal of creating entertainment for both niche audiences and worldwide appeal. In October 2008, Paramount announced that it would rationalize its film slate in order to compete more effectively. SOCIAL RESPONSIBILITY Viacom’s social responsibility commitment leverages the power of its brands and the strength of its audience relationships to encourage action on a variety of pro-social issues that are important to our employees, audiences, partners and shareholders alike. Our social responsibility efforts are spearheaded by our Corporate Responsibility Council, which seeks to provide company-wide guidance and support to the variety of pro-social causes supported by our brands and individual program services. Our businesses fuel social change through our foundations and individual campaigns, such as: • BET’s Rap-It-Up: raising AIDS/HIV awareness; • Comedy Central’s Address the Mess: raising awareness surrounding environmental issues; • MTV’s Choose or Lose and Nickelodeon’s Kids Pick the President: multiplatform initiatives to educate and engage young people about the election; • Think.mtv.com: a multi-media youth activism platform that houses MTV’s pro-social campaigns. On November 7, 2008, think.mtv.com won the Public and Community Service Emmy Award; • mtvU’s Peabody Award-winning Half of Us: encouraging public dialogue by college students on mental health issues; • Nickelodeon’s Worldwide Day of Play: an annual event in which Nickelodeon goes off the air for a day and hosts thousands of events internationally encouraging kids and their families to adopt healthy lifestyles; • Nick at Nite’s Family Table: encouraging parents and kids to share meals (TV-free) together; • Noggin’s Get Ready to Read: building early literacy skills in preschoolers; • VH1’s Save the Music Foundation: restoring instrumental music education in America’s public schools; • Paramount Pictures’ Neighborhood Schools Support Program: providing financial and volunteer support to community schools; • Paramount’s Friday Readers Program: encouraging reading through employees who read to school kids Fridays at lunch; • Paramount’s AIDS Walk and Feeding the Homebound Program: promoting HIV/AIDS awareness and

providing meals to those affected by HIV/AIDS and other illnesses; 17 • Viacom’s The Big Green Help: encouraging kids to make Earth-friendly and energy-saving choices; and Page


• Viacom’s annual Viacommunity Day: employees company-wide engage in a day of public service activities. We also believe it is important to promote socially responsible business practices both within Viacom and by our business partners. Our Global Business Practices Statement (formerly Business Conduct Statement) and Supplier Compliance Policy are posted in the “corporate governance” section of our website www.viacom.com. We also require that certain partners, such as licensees in our consumer products business, agree to a Code of Conduct as a condition to our doing business with them. Philippe P. Dauman, Chief Executive Officer, President and Direct...

Age: 53 Total Annual Compensation: $10.4M Dr. Sumner M. Redstone Founder and Executive Chairman Age: 84 Total Annual Compensation: $5.2M

Sony Company Profile, History and Culture, and SWOT Uploaded by swotattack on Aug 15, 2005 Executive Summery

Sony's current financial difficulties are tied into its corporate culture which were stated over 30 years ago. With such a large multinational corporation, greater planning and more use of strategies should be pursued. Sony could start with the implementation of a new mission statement, with profit and benefits of the company tied more closely to everyday operations. Internally, the four forces, the management, the designers, the production and the marketing should achieve better communication and cooperation. Alliance and cooperation between competitors should also be actively sort after in order to create standards in new fields. Sony should aim at being the leader instead of being the maverick. As for cost cutting, Sony should seriously consider setting up operations in other Asian countries in order to take advantage of the cheap labour and the budding markets. Finally, diversification, instead of pursuing the fast changing and easily imitated consumer goods market, Sony should use its technological know-how for high-end business and office equipment. With SWOT analysis and Porter's competitive forces model, we can view that the market is much more competitive with less profit margins and lead-time for product innovation. The conclusion is that change is needed in Sony. However, even with strategirial and structure change, the Sony spirit of innovation should remain intact because that is what made Sony grow and would make it stay strong. The first thing that comes to people’s minds of the company and products of Sony is its highPage


technology-filled-with-gadgets electronic goods and innovation. It was also this innovation that make Sony the greatest company that started in post-war Japan. Sony has used its innovation in building markets out of thin air, created a multibillion, multinational electronic empire with products such as the transistor radio, the Trinitron, the Walk-in and the VTR. that changed everyday household lives forever. However, this consumer targeted quest for excellence and constant innovation instead of targeting mainly at profit also has a lot to do with current crisis Sony is facing - sales and profits are down or are slowing down, capital investment cost and R&D are climbing, competitors are moving in with copycats, the battle between VHS and Beta and the search for a smash hit product such as the Trinitron or the Walk-in. This volatility and emphasis (or gambling) on new products instead of concentrating on profit and loss statements have always been a part of Sony since its beginning days. For each successful product (i.e. transistor radio and Trinitron), R&D cost often ran so high that the they pushed the firm to the verge of bankruptcy. This can also be seen through the eyes of the investor in which although sales have increased tremendously throughout the past twenty years, the stock price has remained relatively low. History and Culture The current Sony corporation has a unique culture which is firmly rooted in her history especially in relationship to her two founders, Masaru Ibuka and Akio Morita. Ibuka and Morita were both dedicated electrical engineers and geniuses above their business talents. Both gave insights and visions in what the company should make and how it should be made. Ibuka, especially, gave constant advice and suggestions to the engineers involved in projects from the earlier on transistor radios to Walkmans. This created the umbrella strategy in which Sony operates under where the top management, especially Ibuka, Morita and now Norio Ohga gave the general direction in which the lower engineers actively learned, developed and improved on the vision/idea. Therefore, although there is a planned direction, the actual product development through launching is emergent with great flexibility. Although the research and development section of Sony differs greatly from other companies with its great flexibility, Sony, in its essence is still a traditional Japanese company in many ways. There is lifetime employment, with strong norms and values which in turn create strategies through their actions. Status is given (the crystal award) instead of bonuses (not significant amount) for superior achievement. There is also the strong seniority system such as the mentor and apprentice relationship that is typical of a Japanese firm. All this can be classified as the cultural school in which strategy formation is of collective behaviour. Collective vision and stress on human resource, which is typical of many Japanese, can be clearly seen in the mission statement "Management Policies". Weaknesses and Threats Referring to Exhibit 1, sales has slowed down considerably since the beginning of the 80s. In the domestic market, sales actually decreased by 7.22%. The overseas market expanded both in real terms and relative to total sales, but slowed down to around 10% a year. This can be seen as the vacuum period between one hit product, the Walkman, and its succession. As mentioned by Ibuka, business is Page


conducted in a ten year cycle. However, in the eighties, the product might still take a few years to develop, but the time reaping the results and profits might be much less. As seen in the VTR example, both the VHS and Beta were developed by Sony. However, in a short time, Matsushita could come up with a competitive product based on Sony's technology. Therefore, it is fair to say that other electronic firms would be able to copy Sony's technology in a much shorter time while offering more competitive prices. The margin for technology advancement is therefore diminishing. Associated with innovation is the capital expenditure cost and return on investment ratio. As seen from Exhibit 1, capital expenditure has risen dramatically, especially in 1981, due to the automation of plants. However, the return on investment has decreased. Spending around 10% of sales on capital investment is by all company standards an extremely high figure. The question is that does this high rate of investment represent corresponding growth in profitability? As mentioned above, the diminishing returns from product innovation is apparent. However, the internal dimension also poses as much of a problem. With its great freedom, research and development are divided into small teams which are free to pursue their interest with little reference to "how it will fit into a market, what the product can do, how well it will function or how it could be used by customers." Secret projects without management knowing about them until "secret reports" are submitted are of common practice. With this kind of practice, there is lack of communication between management and R&D and threat of duplication of resources among the small groups. There is also a lack of general direction. This would be especially prominent when Ibuka and Morita, the symbolic leaders and founders retire. This is because the two in many ways act as the main guidance and bridge between management and the engineers. Therefore, there is also a succession problem. Sony has always been a leader in technology, creating markets by looking for new markets where bigger, well-established companies are not a threat. However, new products such as VTR, the Walk-in and the Mavica involve both hardware and software. Sony can no longer just produce superb quality machines and expect them to sell. The software would also have to be available. For the Walkman, cassette tapes were well established but for the Beta system and Mavica, a standard has yet to be set. For example, the images of Mavica would be held on a high density magnetic disk but Kodak, 3M and Sony all have different systems and are not compatible. The Mavica system also stands alone with little compatibility with conventional systems and little transitional interfaces. This leads to the problem of cooperation where Sony is often the maverick, alone creating markets. With Sony entering markets such as the VTR with no standards, it might be beneficial to both Sony and other vendors if they cooperated instead of competing on conflicting software that supports the systems. This could also be seen in Exhibit 2, the Porter competitive forces mode: new entrants from other Asian countries, other Japanese industry competitors, substitutes and buyers are all strong and much stronger than 20 years ago which reinforce the weakness of Sony acting alone. Last but not least, Sony lacks strategy. Product development, manufacturing and marketing are all well Page


established but the firm lacks any formal long term direction. The srcinal mission statement is also outdated with its references to W.W.II. Short term strategy is also lacking and there is little emphasis on profit and accountability of research and development of products. The result: a company with strong components but unable to coordinate in a coherent way in order to achieve maximum potential. Strengths and Opportunities The greatest asset of Sony is of its human capital, especially its engineers which make up the R&D department. Their constant innovation is crucial for a consumer electronic firm which specializes in audio-visual equipment and the higher profit margin, which comes from being the leader of the pact. Subsidiaries are also well established, such as in the United States and Europe which give Sony a distinct local hands-on knowledge of the local market. It also makes Sony an international corporation, bringing together the talents and best of strategies of both world to the organization. Besides the employees, the two founders, Ibuka and Morita also legends in their fields which they create vision and sense of direction for the organization. The also acts as bridges between the employees and the management. The self promoting system and job rotating systems creates satisfaction for employees and give them greater exposure to all aspects of the business. Ideally, this would produce better products as engineers gain knowledge on consumer needs while marketing people engaged in the production and can give their point of view. The innovative style also stems from the "never copy others" culture, the generous funding of the R&D and huge amounts in capital investments. As described by Ibuka,"It also stems from consumer driven in which technology is targeted at consumers or business while American electronic industry are spoiled be military and space applications." Sony has been ahead in the race of Video Tape Recorders and digital imaging techniques in Mavica which both offer tremendous potential of household penetration and sales. It also has the opportunity to set up standards and dominate the field. Sony has also acquired enough technology to increase width by going into the high technology business fields. With the rise of the Asian countries, Sony also has the opportunity to make use of them for markets and for cheap labour. Recommendations Building of Strategy With the succession of the two founders at hand, it would be very difficult for the company to find someone as visionary, as respected and with the same engineering background to lead the umbrella strategy company. With Sony as a much international company with major branches in Europe and the United States and stocks listed in 23 stock exchanges, the Japanese cultural school strategy is not sufficient. Becoming a mature company, the strategy should also change to more profit orientated. There should also be greater emphasis on market share, especially in Japan where Sony's market is shrinking. Page


Strategy should be aimed at greater control and communication between manager and workers, especially the engineers in the R&D Department. A more planned strategy should be adopted, which should outline the general direction of the company. Diversification One direction which is possible is concentrating more on electronic know how in non-consumer business. Currently, the buyer has much more choosing power and competition is fierce (Exhibit 2). The competitors are also able to copy the product in a much shorter time. To create larger profit margins, Sony should concentrate on the business sector and industries, supplying high technology equipment and parts. This would make full use of the R&D Department, the strongest advantage of Sony without waiting for the price cutting and technology adaptation to fit the average consumers needs. This would also make Sony less dependent on coming up with a steady stream of relatively short-lived hit products, and able to use its unique talents in video and semiconductor technology to create its version of the office of the future. Although the Sony name is often related to expensive, high-profit end of the market, the organization should also expand its product range by offering lower priced, simpler featured products that would compete head on with other copycats. With the lower priced line, Sony can also increase its market shares in both overseas and Japanese markets. Alliance and Cooperation Sony should try to become a leader instead of a maverick. The difference is great, the leader, besides a great innovator, should also be a great coordinator. New products, which involve both hardware and software such as the Mavica, should try to achieve industry wide standards. The standard may not be the best or the one created by Sony, but Sony, by pioneering in the field first, would already have a significant head start and the standards is just a way to ensure stability to allow Sony to concentrate on product development and improvement. This is because Sony is not large and strong enough to acquire and provide both software and hardware for one product. They also lack the know-how to the creative software market. Consumers also prefer to have the ability to choose between competitive equipment. Internally, the different R&D groups should cooperate more. The product line should also be made more compatible with one another which is crucial through the communication between groups and managers, i.e. no more secret projects. Products should be made with higher added value and longer life rather than making frequent model changes. This is also a shift from a manufacturer-orientated mentality to a consumer-orientated mentality, which is a way to save natural resources. The brand-line compatibility also builds brand loyalty for consumers. In relationship with the other Japanese consumer electronic firms, a more cooperative attitude should also be taken. Just like when Japanese took over the US market through cheap yet quality consumer goods, other Asian countries such as Taiwan and South Korea, with their lower labour cost, pose as Page


great competitors at the lower end of consumer goods. Therefore, the Japanese firms should cooperate in setting up standards in high technology areas in order to reap maximum profits and extend the technological lead-time over their fellow Asian countries. Cost Cutting Cost cutting is important because R&D plays an integral part in the success of Sony and cannot be cut drastically although it gobbles up 10% of sales. Therefore, the only way to improve profit margins is to cut cost. Sony currently has factories in the United States and Japan. Although this is good for relationship of the firm in a foreign firm and offers a chance to pay suppliers with local currencies, Sony is not fully making use of other lower cost areas in the world, especially Asian countries such as Malaysia, Thailand and the Philippines etc. By setting up factories in these countries, Sony can take advantage of their cheap labour and also get a head start in their budding consumer markets. As mentioned above, products should be refined instead of reinvented so that there would be less set up cost and greater automation could be achieved. Integration of production, design and marketing In many ways, designing and developing of a product is separate from the production and marketing. Although there is job rotation, the design stage is backed by intuition and experience rather than market research and analysis. Often, the rational is that it is the marketing personnel's job to find a market for a product after it has been developed instead of the other way round. To cure this phenomenon, R&D should listen more to what the consumer needs and then innovate instead of always creating new markets. With great freedom, the designing team should also take on greater responsibility in making the product fit to the current production pattern and marketing aims. They should also be made more responsible to the profit and lost of the particular product. Empowering these three separate groups create conflict, but it also brings these separate efficient groups together achieving synergy. Implementation Internally, strategy should be reviewed beginning with renewing the corporate goals. It should integrate together both the Japanese work ethic and its western counterparts. This is possible, because Sony is a multinational corporation with employees and customers in many different countries. This involves writing the importance of profits and its responsibility to shareholders in the statement. Integration of the company, the designing, production and marketing should be encouraged, with increased communication between each group and the management acting as liaison and guidance. The management should be providing the organization with specific goals and strategies for the short and long term. These changes are intended to balance business Vs engineering.

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Setting up alliances with fellow electronic manufacturers / competitor is crucial to mutual benefit so should be pursued as soon as possible. In areas such as the VTR, Sony has to decide what standard the world is adapting and make decisions to cut off setbacks. For new products such as the Mavica, new standards for the industry should be actively sort after with commitment from other competitors and conventional producers. This is also a change in culture for Sony so top management has to actively push and pursue for this direction. Cost cutting, with emphasis in making use of lower cost of labour in the Asian developing countries should then be implemented. This could also be seen as a long term strategy. The work force could also be made more flexible. Finally, diversification, with emphasis on making business supplies a major part of Sony's business. This is one of the long term goals in which Sony should thrive to achieve. However, the end product ratio between consumer and business products should be constantly reviewed throughout the process to achieve the optimum mix. Conclusion Although other electronic firms are taking market share and profits from Sony by being copycats, the heart of Sony's success, the innovative spirit and quest of excellence and perfection cannot be copied. Sony's main task is to integrate its talent by placing common goals and priority for this increasing competitive market. Sony also has the potential to innovate into a company with international operations as well as culture since it was one of the first Japanese companies to set up a main branch in the United States. With strategy and luck, Sony could become a great firm as it was and will be. Source: [http://www.echeat.com/essay.php?t=27662] dated the 24 May 2009

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New Media

At first there was printing press that created a revolution in the world of information dissemination. Then came radio that brought the world really closer and provided a tough competition to the print media. However, print media continued to flourish unabated. Many audiences benefitted from both. It did not take long before these gigantic inventions were further challenged by television, in the sixties. Television sets found their way in every household in USA and other industrialized nations, and gradually into the developing world. Electronic and print media empires began to rule the information world for the next forty to fifty years. No one thought supremacy of these media empires can ever be challenged. But then came the internet. Internet provided the most amazing ability to provide both the multimedia and printed information to anyone with a connection, and at a low cost too. The amazing variety of source material one could access on internet was sufficient to make the giants of media shudder. They quickly began to scramble for their space on the worldwide web. Initially a lot of free content was offered, but once owners felt audience were hooked, free info and entertainment were turned into products that one had to buy. One wondered what could be the next big challenge to the world media after internet? It did not take long and social media was born. Social media provided platforms to users to share information they cared for themselves, and not what was spoon fed by controlled media. This indeed was the paradigm shift in the world media that tipped the balance in favor of the consumers, taking big chunk of power from the powerful print and electronic empires that now even dominate the internet via websites. Social media, that includes Facebook, Youtube, Twitter, and many others, has changed the parameters ofworld media. Its interactive character is providing users a superior alternative to traditional electronic sources of information and entertainment, and even the way internet is used by major media houses. Social media is changing the form and reach of global media in a way that is likely to change the way people think and act. For the traditional media, there are major financial interests at stakes. Print media is already recoiling from the impact of internet on the information industry. Many newspapers have folded or merged or shrunk their circulation and size. Television industry that is constantly trying to cope with rapidly changing technology such as VCR, CDs. DVDs, and time shifting practices of viewers, is transforming by offering more consumer products on demand basis. Yet consumers are bent upon saving costs of their entertainment by using assorted tools available to them via internet. Industry is trying to cope. The well established business of video cassette and DVD rental is now challenged successfully by Netflix, an entirely new online service offering movie buffs thousands of films they can watch sitting at home. In other words, the battle for the consumers’ pockets is likely to go on for the foreseeable future. In this battle, consumers will win only if they understand how things work and how can they benefit from the tools available to them. This battle is not suppose to be a total loss for the industry because

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industry’s demise will also mean an empty victory for the consumers, with no benefits. However, Industry is more resourceful and powerful than consumers. It will keep on trying ways to make consumers pay for the services and products they have to offer. Competition and quality of products and services is likely to improve. Unnecessary fat will be trimmed. Industry will become even more sensitive to consumers’ needs. Online journalism is basically practiced through blogs. Wha t are blogs and how are they published is the topic covered in what follows.

Online Journalism By: Mohammad Yaqoob4

This is perhaps the most exciting time to be an online journalist, at the most exciting time in the media sphere. We are living in the most innovative time in the history of media? In this interesting time we needed to make a special editorial emphasis that goes beyond what the print journal does or what the newswires do. It is a different audience. It is a complementary audience, but it is not the same as print, and we try to meet those information needs.” Online journalism refers to news content produced and/or distributed via the Internet, particularly material created by journalists who work for mainstream market driven news organizations. While blogs and other emerging forms of online news communication are widely acknowledged as significantly influencing mainstream news content both online and offline, they are considered here a distinct phenomenon and treated under the category of alternative media. Using the internet for participation is not a new phenomenon. Tim Berners-Lee, the inventor of the world wide web, envisioned it as a social creation and designed it to be collaborative, a place where “a group of people of whatever size could easily express themselves, [and] quickly acquire and convey knowledge” (Berners-Lee 1999, page 175). WHY ONLINE JOURNALISM? 1.

Social Media is different than most other forms of media in one key respect: they stretch. TV and radio confront the reality that there are only 24 hours in a day. They can’t put on more content, because there’s no down time. Magazines and newspapers have to pay for paper, and that means ads, but there are only a finite number of people willing to pay. So the length finds a natural limit. Billboards confront zoning realities. Junk mail is gated by response rates. But blogs, you can easily post 100 times a day. With a team, it might be a thousand.

4

Muhammad Yaqoob, (Emerging Technology Strategist) and Manager at Office of Research, Innovation and Commercialization (ORIC), University of Gujrat, Pakistan. Page


2. Traditional media such as TV, Newspaper, Radio, Magazine, billboards, offers you a very limited space and time to publish, while at social media you have enough space and time to publish as many as you want. More people read the article online than in the newspaper due to the online version being global, free and around forever. The dead tree version has a limited shelf life (Stephen Davies). 4. It makes your world bigger. Now, we're concerned about wildfires in Australia or failing banks in the UK. Now, we celebrate when conjoined twins are saved a few continents away, and join in the search for a missing adventurer in a place we've never been. Even the biggest publishers need a technology provider to enable them to maximize online subscription revenues, while retaining ownership of their customers. 5. For publishers, building their own commerce tools would be slower to market, far less flexible, and far more expensive than using Journalism Online’s Reader Revenue Platform™. 6. As the transition to paid access occurs, consumers will benefit from having a single, convenient account for their online news. 7. Because TV is down, Radio is down, Newspapers and magazines are down-They are almost out. 8. Most of them are realizing aggressively that all of this is very inexpensive and very quick. The hardest part is finding the will do it right. 9. Not every newspaper and magazine owns a printing press. There are so many printing presses available to outsource and run a newspaper. This means that a good idea on a little blog has a very good chance of spreading. In fact, an idea from outside the mainstream might have an even better chance of spreading. 10. Web Editors often make more money than their print editor counterparts These days every morning, the journalist, check YouTube, twitter, and Face book in his /her region. Social Media

Social media has provided us with an amazing way to interact with each other and if you don't consider your “social identity” as you grow your social network, you're leaving a lot in this din; if I may use this expression. Social networking websites are the clear examples that help you see connections next to you that are hidden in the real world. Users are now these websites to make those connections visible and to interact. The objective of this section is to provide a set of starting points to help using social media to develop positive relationships with online audiences, therefore contributing to engagement with the media and its brand. This is a practical guide that also defines online journalism and explores its influence among online publishers' and audiences.

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Online journalism refers to news content produced and/or distributed via the Internet, particularly material created by journalists who work for mainstream market driven news organizations. While blogs and other emerging forms of online news communication are widely acknowledged as significantly influencing mainstream news content both online and offline, they are considered here a distinct phenomenon and treated under the category of alternative media. Using the internet for participation is not a new phenomenon. Tim Berners-Lee, the inventor of the World Wide Web, envisioned it as a social creation and designed it to be collaborative, a place where “a group of people of whatever size could easily express themselves, [and] quickly acquire and convey knowledge”. (Ber ners-Lee 1999, page 175). Blogs and other web publishing applications that enable journalists to publish contents without competency of IT skills, is known as online journalism. These tools have become alternative information sources, leading to an environment where grassroots online journalism has bloomed. Grassroots online journalism is the practices developed in web news periodicals, or parts thereof, where the boundary between reading and publishing is either blurred or non-existent. The term comprehends news websites in which readers can intervene on what is published, either by submitting their own reporting, rewriting stories, and commenting and debating the journalistic material produced by other contributors. Online Models of Communications

1. Mass media and broadcast models are losing their hold as prime communication modes. 2. The broadcast notion of 'filter then publish'; is being replaced by the model of online communities: 'publish, and then filter'. 3. The audience can decide when they consume content, what is relevant, and what is newsworthy through 'on demand' media. (Barker, Shedd& Copper 2006, Bowman & Willis 2003, Charron et al 2006, Rainie 2006) Declining Consumer Trust in Business and Traditional Information Sources

1. People are more independent, less brand-loyal and less trusting of traditional media and advertising. 2. Trust in the internet as an information source is growing, while it is declining for television. 3. Consumers are more likely to trust peers than institutions or experts. The Edelman Trust Barometer study found that in the United States trust in “a person like me” has grown from 20 per cent in 2003 to 68 per cent in 2006. (Charron et al 2006, Edelman 2006) Familiarity with the Internet–For the Young and Older

1. Recent studies find that both younger and older generations are familiar with the internet as a communication tool. 2. As well as business use, there is increasing use of the internet for social purposes, such as family and entertainment. 3. This is even more significant among 'Generation Y' and 'digital natives' as they have grown up with it as normal communication activity and they 'live online'. (Charron et al 2006, comScore 2006, OECD 2006: 2, Rainie 2006) Decreased Barriers to Entry of Internet Publishing

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1. The rise in availability of do-it-yourself publishing tools, social software and internet connectivity mean that anyone has the ability to publish over the internet – text, audio, video and photographs. 2. These two way technologies have enabled people to become their own publishers and media producers. (Charron et al 2006, Holtz 2006: 2, Rainie 2006) How It is Happening: Social Software and The Viral Effect

“The only advertising that was truly effective was word of mouth, which is nothing more than conversation. Now word of mouth has gone global.” (Rick Levine, Chris Locke, Doc Searls & David Weinberger (2000), The Clue train Manifesto, p-83) The role of an online journalist is largely similar to that of any other journalist. The journalistic rules are the same; the only differences are the platform and online presentation skills. Reporting facts over the web your content need to be short and pithy. Every single post must have a subject, a verb, and an object. You will still be presenting the absolute essentials of a story, and you will be asking the basic questions, who, why, where, when, what, and how. The story format will be pyramid journalism (writing that can be cut at any point and still make sense). This is for reasons that will be explained in the multi-platforms authoring module. The website remit if the website you are working on is a stand-alone production (one that is not connected to another media operation) you will be free to present the information as you see fit, within your newsrooms editorial guidelines. However, if the website you are working on is part of a larger media concern, you will be expected to reflect that media operations newsgathering and news production strengths online. Story length and style the ideal online news story will be in the region of 500 words. This is not a hard and fast rule, just a guide. Features and in-depth analysis pieces can be more, but the basic news stories should remain short. More and more Web journalists will be creating content that will also be published on other digital devices. Because of this, it is important that you learn to write as economically as possible with no unnecessary or wasted words. The headline needs to make sense standing alone. It must not be a label. It will be a short sentence. This is not only good journalism, but it also means that your news organization can use the material as a headline ticker on other platforms. The first paragraph must not repeat the headline, but must add information without duplication. It must also work on its own and with the headline. Your news organization might want to use this for an SMS service. You might find that your news organization has arranged the CMS so that the headline and summary of your story automatically publishes on the index page of the section you are working in, or the front page of the site. Don’t underestimate a reader’s intelligence by overstating the obvious, but also be careful not to undersell the story by failing to state the basics. It is a fine balancing act, but, once perfected, it can make a meaningful news story out of one new fact. Again don't rule out trying to add a quote from one of your news organization’s specialist correspondents. This again adds a value specific to your news output. Social networking

Websites help you see connections that are hidden in the real world. Social networks on the web are like contained versions of the sprawling blog network. People joining a social network usually create a

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profile and then build a network by connecting to friends and contacts in the network, or by inviting real-world contacts and friends to join the social network. These communities retain the interest of their members by being useful to them and providing services that are entertaining or help them to expand their networks. MySpace, for instance, allows members to create vivid, chaotic home pages (they've been likened to the walls of a teenager's bedroom) to which they can upload images, videos and music. Members of social networks can find information, inspiration, like-minded people, communities and collaborators faster than ever before. New ideas, services, business models and technologies emerge and evolve at dizzying speed in social media. How Online Social Networks are used:

Members of social network share information and form connections, linking to e ach other’s profiles and discussions, enabling the network to spread. Members use the tools provided to create personal profiles, lists of friends, discussions, share video, audio and photos, post comments, tag, rate and share favorites, chat with friends and send and receive email. Below are few examples: FACEBOOK

In 2007, Face book, a social network that srcinated in US colleges, became available for public use in the UK. Its popularity quickly rocketed. Part of Face book’s success is its creators' decis ion to 'open up' and allow anyone to develop applications and run them on Face book - without charging them. This has seen Face book users able to play each other at Scrabble and Chess, compare each others' tastes and send 'virtual gifts’, among any number of new ideas vying for attention. LINKEDIN

Perhaps the most 'grown-up' of the popular networks is LinkedIn, which allows users build their business and professional contacts into an online network. It has been criticized for not being open enough and for charging for too many of its services – but next to Face book it is still the most popular online social network among people aged 25 and over. The huge success of the ‘opening up' of Face book, as mentioned above could be a challenge to LinkedIn's 'closed ‘approach in the future. Blogging Blog De fi nition:

1. A frequently updated online journal, written in a conversational style, with entries displayed in reverse chronological order (most recent stuff on top). 2. Links to other news and information found on the Web complemented with analysis from the blogger (or bloggers). A BLOG is just a web page, but a web page with some clever formatting software behind it so that anyone (including you) can build it and update it with no technical knows how. 3. A “comments” link that allows readers to post their own thoughts on what the blogger is writing about. Not all blogs allow comments, but most do. 4. A blog usually centers on a defined topic and can include individual diaries, political campaigns and various business uses. 5. The totality of blogs is called the blogosphere. On 2 November 2006, they numbered58.7 million.

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Wh at are blogs?

1. Blogs are outlets for creativity. 2. Blog empowers. 3. Blogs are the source to communicate, educate and entertain. 4. It connects people, spread ideas, foster friendships, sway political opinion and facts. 5. For some people it’s an occupation, they consider it as a cottage industry. 6. Blogs are continuously growing in every culture, race, discipline and society. 7. Politicians, celebrities, brands, individuals, students, schools, universities, 8. Government, NGOs it seems that everyone and his uncle has now a blog. 6. Blogs are social enough in its nature. 7. It born every second. 8. Blogs are a reaction to that false voice. 9. Blogs are about links, links, and more links. 10. It’s a collection of completely independent people talking to each others, mostly young. 9. It’s made of people, constituents, voters, customers, students, parishioners, neighbors, friends etc. 10. It’s a cluster of links. 11. Blogs are not a business elective. They're a prerequisite. 12. It’s not a mass media, not even a medium; it’s just people talking to each other. 13. It’s a conversation. 14. Blog is your social identity, your portfolio and your resume. 15. Your blog is your reputation. 16. Blogs are focused, whereas magazines are not. 17. Blogs are not able to game the system, But blogging is still a pretty powerful way to get high on Google. 18. Blogs are just coming into their own now. 19. Blogs are becoming a hotbed of marketing opportunities. 20. Blogs are journalism. blogs aren't just reacting to the news: they're making it. 21. Blogs are concerned. it represents your ideas, knowledge, and mood in time and space. 22. Blogs are terrific at repackaging content and expanding on it over with commentary and analysis and a fresh angle. 23. Blogs are changing the Way Businesses Talk with Customers. 24. Blogs are filter for main stream media. 25. Blogs can bypass the established media and spin the truth. i.e. Iran elections. 26. Blogs are whatever we make them. 27. Blogs are what's causing the Web to grow. 28. Blogs are the new phenomenon which has changed the way we look for information. 29. Oh yeah its pays too. or blogs are now wined, dined and even paid 30. Blogs are broadcast. 31. it’s about being yourself 32. Its an Art, same as any other method of self-expression. Bl og Popul arity

According to Pew Institute a new blog is started every second. Many remain unread and semianonymous. A few end up with a strong following. Most are not created by journalists!

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Who i s Blogg ing?

According to Pew Institute, Bloggers are mostly young. More than half (54%) of bloggers are under the age of 30, 55% of bloggers blog under a false name, and 46% blog under their own name. Bookmarking Saving an item, page or website for future reference, increasingly via an online account such as del.icio.us. Works in a similar way to the 'favorites’ feature of a web browser. For Example: DIGG

Digg.com which is a news and content community. Members submit links to news stories that they think will be of interest and these are voted on by other members. Once a story has garnered about article number of votes (the number varies according to how busy the site is) it will be moved to the front page where it will receive wider attention from members as well as more casual visitors to the site. Digg claims to receive 20 million unique visitors every month, and certainly the volume of traffic via popular links from the service are so great that it can cause smaller companies' servers to crash. FLICKR

Flicker is based around sharing photography and is the most popular service of its kind in the UK. Members upload their photos to the site and choose whether to make them public or just share with family and friends in their network. YOUTUBE

YouTube is the world's largest video sharing service, with over 100 million videos viewed every day. Members of YouTube can upload videos or create their own “channels” of favorite videos. Really Simple Syndications RSS is the short form of the term "Really Simple Syndication". It is the technology that publishes blog entries, videos, pictures, podcasts and news headlines frequently in standardized format trousers who subscribed to the blog's RSS feeds. As you can see in most blogs, bloggers use the orange button to allow readers to subscribe to his or her blog's RSS feeds. Wh y Use RSS?

Millions of Internet users subscribed to RSS to receive updates from the sites. They use RSS instead of book marketing the site because they are interested in reading articles such as TechCrunch and Labnol whose content schedule is unpredictable. Of course, if you were to check a particular website for new information many times a day, it will be tedious. Podcasts are audio or video files that are published on the internet and that users can subscribe to. Sometimes 'vodcast' is used to specifically describe video services. It is the subscription feature that makes a podcast so powerful as a form of social media. People have long been able to upload audio content to the web, but the subscription feature means that people can build regular audiences and communities around their shows. It effectively puts private individuals or brand son a level playing field with traditional media organizations when it comes to competing for people’s attention with AV content online. Podcasts, like personal video recorders (PVRs), are part of a

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shift in media consumption patterns, which increasingly sees people watching or listening to content when and where it suits them. This is sometimes known as time-shifting.

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SUGGESTED READING MATERIALS

(Check your library, Amazon.com, and Google search engine for access to the reference materials.) Altschull, Herbert J., Agents of Power, The Media and Public Policy, Longman Publishers, USA, 1995 [Second Edition] 461 pp. Bozell III, L. Brent, Weapons of Mass Distortion, The Coming Meltdown of the Liberal Media, Crown Forum, New York, USA, 2004 Farrar, Ronald T., Mass Communication, An introduction to the Field, West Publishing Company, St. Paul, MN USA, 1988. [A text book, comprehensive and covers the entire field of study.] Graber, Doris A., [Ed.], Media Power in Politics, CQ Press, Washington D.C., USA, Fifth Edition, 2007. Holt, Jennifer and Alisa Perren, [Ed.] Media Industries, History, Theory, and Method, Wiley-Blackwell Publishing Ltd., Singapore, 2009. Kick, Russ [Ed.], You are Being Lied To, The Disinformation Guide to Media Distortion, Historical Whitewashes and Cultural Myths, The Disinformation Company Ltd., New York, USA. 2001 Preiss, Raymond W., et al., Mass Media Effects Research, Advances Through Meta Analysis, Lawrence Erlbaum Associates, Inc., New Jersey, USA 2007 [Recommended reading for advanced learners, researchers.] Reich, Brian and Dan Solomon, Media Rules, Mastering Today’s Technology to connect with and Keep Your Audience, John Wiley & Sons, New Jersey, 2008 Siochru, Sean o, and Bruce Girard with Amy Mahan, Global Media Governance, A Beginner’s Guide, Rowmann and Littlefield Publishers, Inc., Maryland, USA, by the United Nations Research Institute for Social Development, 2002 [An excellent source material about global organizations, conventions, and treaties, such as The International Telecommunications Union, The World Trade Organization and Trade in Media Products, and The World Intellectual Property Organization and Intellectual Property Rights.] Sparks, Colin, Globalization, Development and the Mass Media,Sage Publications Ltd. New Delhi, India, 2007. Willis, Jim, The Media Effect, How the News Influences Politics and Government, Praeger Publishers, Westport, CT, USA, 2007

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Contemporary World Media

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