2011 Q1 ReviewBoard or Directors

April 27 2011Presented By: Fred Bennett

Preliminary Q1 EBITDA forecast for 2011 unfavorable to budget by $104K budget (-$504K vs. -$400K)

Implemented reduced cash buy strategy effective April 4, 2011• Q2 YOY $578K Vs. $4.4M to support ad revenue of $3.5m compared to

$8M in 2010 (17% spend compared to 55% spend)

Staff restructuring implemented Feb 2011 (-$500K/yr). Clear reporting lines established. Approval process & controls put in place

Ended Q1 at 182 affiliations including key closes in Miami, Orlando, & New Orleans. As of April 25, Metro Television has 187 affiliates.

New process underway with key business partners (CNN, Nielsen, HULA, Katz, Fox, CBS, ITN, etc.)

Focused on continued efficiencies, & harvesting existing opportunities with minimal go forward expenses

Q1 Summary

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Q1 2011 Preliminary Financials

3

Full YearFinancials (4.20.11) Actual Budget Var. Fcst Budget Var. Fcst Budget Var. Budget

RevenueAd Sales $6,187 $6,136 $51 $3,619 $3,450 $169 $9,806 $9,586 $220 $17,616TV 10's $94 $90 $4 $90 $90 ($0) $183 $180 $3 $360Cash Fees $1,725 $1,618 $108 $1,647 $1,676 ($30) $3,372 $3,294 $78 $7,014

Total $8,006 $7,844 $162 $5,356 $5,217 $139 $13,362 $13,060 $301 $24,990

Expenses

Salaries & Ralated(1) $2,058 $1,926 ($132) $1,777 $1,777 $0 $3,835 $3,702 ($132) $7,754P & O $4,935 $4,706 ($229) $2,054 $2,081 $27 $6,989 $6,787 ($202) $10,607Aviation $886 $849 ($37) $890 $849 ($41) $1,776 $1,698 ($78) $3,395Other $631 $763 $131 869 $789 ($80) $1,501 $1,552 $51 $3,180

Total $8,510 $8,243 ($267) $5,589 $5,496 ($94) $14,099 $13,739 ($360) $24,937

EBITDA ($504) ($400) ($105) ($233) ($279) $45 ($738) ($679) ($59) $53

ADU'sOwed to Advertisers $2,980 $3,113 $133 $3,105 $3,238 $133 $3,105 $3,238 $133

Owed to Metro (1) $164 $500

Capital Spend (Detail in appendix) $464 $466 $2 $702 $702 $0 $1,166 $1,167 ($1) $1,197

(1) Includes all employee related costs

YTD March '11 Q2'11 Prelim. Outlook H1'11

Q1 Strategy Pacing

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In pursuit of 80+ upfront agency presentations vs. 35 in ’10/’11

More deal flow for 2011/2012 upfronts

164K vs. 500K year end goalADU Pacing to plan

Mobile Traffic Rep. (Tribune) / appendixLook to launch new services – drive non-traditional revenue

On Schedule – Q2 Tampa (260K)Refurbish four (4) owned choppers (Miami, Boston, Tampa and Pittsburgh)

On Schedule through Q2 – Q3/Q4 openContinue WOPR electronic invoice strategy implementation

Current BOB = $6.7MNeed $320K

Increase cash fee affiliate revenue 25%, from $5.6M to $7.0M

Completed – savings effective 2/14Consolidated Atlanta, Los Angeles, Houston and Dallas Operations

Engaging search firmHire NY based VP Advertising Operations

January 2011 Metro barter at 91%Compliance at 95% by end of 2011

Completed – savings effective 2/8Eliminate LA based Programming department

Have not hired graphics staffWork with Metro Radio division to make Sigalert TV, Online and Mobile offerings more competitive in 2011

TrafficLand Risk ImpressionsAudience gains in Q2/Q3 critical

200+ affiliates by end of 2011, 40 new Sigalert and 40 new TrafficLand affiliates. Total new impressions gained 1.8M / wk

Boston on courseUpgrade camera systems in NY, Boston & Chicago

Completed – 2.3M give backReduce 2010/2011 upfront & scatter commitments to advertisers

On ScheduleDeliver $18M in annual revenue

NotesStatusKey Initiatives:

Ad

Sa

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Aff

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Sale

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Op

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Audience Deficiency Units

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ADU Update:

Entered year at $2.9M liability

Q1’11 remains stable, ending at $2.9M liability vs. $3.1M • January AM ratings 2.8 compared to forecast of 2.5

Forecast for remainder of year ~$2.2M - can fluctuate based on ratings

2010 spot buy recapture at $327k with $164k towards 2011 $500k year end goal (33%)

ADU next steps Continued ratings trend could yield approx $.6M additional reduction

Work on cross division bill-payer efforts for non-news segments (approx. $1M)

Affiliate Distribution

WTEN (Albany)

Key New Affiliates:

Plus 14 others

WWL (New Orleans)

KATV (Portland)

KOMO (Seattle)

WXIX (Cincinnati)

WOFL (Orlando)

ONN (Ohio)

WPMT (Harrisburg)

WSVN (Miami)

Key Renewals:

None

Q1 Losses:

6

4

7

TrafficLand Adds

Sigalert Adds

As of 4/25

TrafficLand Adds

Sigalert Adds

Q1 Net Increases:

4

9

1717164January 1, 2011

2525187April 25, 2011

2123182March 31, 2011

Total Number of TrafficLand Affiliates

Total Number of Sigalert Affiliates

Total Number of AffiliatesDate

KCTV (KC) – as of 4/20/2011WRC (WDC) – as of 6/24/2011

Q2 Losses:

164182 187 185 195 204

17 23 2536

5063

17 21 25 3345

57

0.9

1.5

1.8

0

50

100

150

200

250

12/31/2010 3/31/2011 4/25/2011 6/30/2011 9/30/2011 FY

Quarter

Nu

mb

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0.00.20.40.60.81.01.21.41.61.82.0

Th

ou

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Metro TV Affiliates

Sigalert Affiliates

TrafficLand Affiliates

Audience Growth

Affiliate Distribution

Actual Forecast

Uphill push for impressions

Forecast to exceed Sigalert goals

TrafficLand Risk

7

Weekly process has yielded results

Compliance

On course to achieve 95% compliance by year end• Driving to achieve by Q3

Now adding similar rigor to CNN affiliation process

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Metro TV - Barter Impressions Compliance

82% 84% 83% 82% 81% 80%

85%87% 86%

78%

85%87%

89% 90%

95%

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-1

0

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Jun-11

Dec-11

Metro TV - AM Ratings

2.6 2.6

2.3 2.2 2.1 2.2 2.2

1.8

2.5

2.92.8

2.32.3

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-1

0

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Risks

Achieving ratings commitments to advertisers under new reduced inventory platform

Negative sentiments toward Metro Television in both advertising and affiliate community

TV content competitors active, but inconsistent

Timely GEWI implementation with key partners operating in 45 business days

Paradigm shift could lead to additional staff attrition

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Risks

Closely monitor

Get out and prove ourselves

Continue to gain knowledge. Mow down upstarts

Help radio with process. Frequent updates to contracted affiliates

Engage & Communicate

Plan

Complete goal of twice as many upfront presentations (vs. 2010) and begin 2011/2012 negotiations (May timing goal of 8-10% incr.)

Establish significant Ad & Affiliate Sales deal flow to enable the firm to choose the best opportunities for Metro

Consistent 90% compliance by end of quarter. Add same rigor to CNN and supplemental buys

Work with radio divisions to infiltrate existing client relationships for conceptual TV sales Close key affiliate renewals at WSB (ATL), WDIV (Det), KSWB (SD), etc. Work to drive

affiliate distribution beyond 2011B goals at both station and group level Continue WOPR implementation Streamline inventory management process

Key Hires: VP Ad Operations TV Graphics Developer SVP Ad Sales

Q2 Benchmarks for Success

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Q2 Focus: Establish up front selling guidelines to ensure no surprises Increase deal flow will provide us with the opportunity to pick and choose the

best advertising commitments for the company Hire new head of Ad Sales

PLACEHOLDER

Appendix

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Westwood One Posted spots Records (WOPR):

Advertising Operations

Pending7/11/11Enables data to be imported and exported between EAS and WOPR3.5

Cap Ex PausedTBDAutomates the traffic process and eliminates the NUVAR system5.0

Cap Ex PausedTBDEliminates the Master Inventory Excel sheet and migrates the process to WOPR

4.0

In Beta3/16/11Will greatly shorten AP cycle by eliminating the need for re-entry of invoice data by AP

2.0

In Development7/5/11Import master inventory file and post as-run information against planned3.0

In Operation12/1/10Electronic workflow for all invoices1.5

In Operation8/1/10Enabled us to eliminate the six month back log of advertiser posting1.0

StatusDateDescriptionRelease

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Non-Traditional Revenue

Metro Television Street Reporter

Proprietary concept currently presented

to Tribune Corporate

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