10 SlidesTV Doesn’t Want YouTo See

-1%

+2%

+5%

+11%

+8%

Spring 2015 Summer 2015 Fall 2015 Winter 2016 Spring 2016

Total radio listening

growth over prior year

Adults 18-49, Mon-Fri 6a-7p

Source: Spring 2015-Spring 2016 Nielsen Audio (% Change YOY from Prior Year), AQH Persons, Persons 18-49, M-F 6a-7p, 45 Portable People Meter Markets

Total AM/FM radio listening grows for five straight quarters

Adults 18-49, Mon-Fri 6a-7p

Total AM/FM listening is growing while TV viewing declines

Source: Radio: Spring 2015-Spring 2016 Nielsen Audio (% Change YOY from Prior Year), AQH Persons, Persons 18-49, M-F 6a-7p, 45 Portable

People Meter Markets. TV: Nielsen, Bernstein Research analysis, weighted average of Live+SD deliveries, Adults 18-49

-1%

+2%

+5%

+11%

+8%

-9%-8%

-6% -6%-4%

Total radio listening

growth over prior year

Total TV audience delivery

vs. prior year

Spring 2015 Fall 2015Summer 2015 Spring 2016Winter 2016

TV audiences experience significant erosion inthe last five years

Source: MoffettNathanson 3rd Annual Media & Communications Summit; The State of the Union, May 18, 2016

Aggregate primetime viewing – Live+7 – 2014/2015 season versus 2009/10 season

-20%

-27%

-20%-17%

-14%-17%

15%

P2-11 P12-24 P18-34 P18-49 P25-54 P2-54

P55+

Source: Nomura U.S. Media, September 2016

-9.2%

-6.6%

-5.7%

-8.7% -8.9%

-5.3%

-7.1%

-5.7%

-4.9%-5.4%

-2.6%

-3.8%

-7.9%

-6.7%

August

2015

September

2015

October

2015

November

2015

December

2015

January

2016

February

2016

March

2016

April

2016

May

2016

June

2016

July

2016

August

2016

September

2016

Year-over-year cable TV viewership worsens in first month following the Olympics

Cable TV total day live year-over-year monthly growth

Residential pay TV penetration is falling

Source: U.S. Census, Company reports, MoffettNathanson 3rd Annual Media & Communications Summit; The State of the Union, May 18, 2016

Residential pay TV penetration of occupied households, 2006 to present

84%

85%

85%

85%

85%

86%

86%

86%86%

87%

87%

87%

88%

88%88%

87% 87%

88%

87%

87%87%

87%87%

86% 86%

87%

86%

86% 86%

86%

86%

85%

84%

85%

84%

83%

82%

82%

79%

80%

81%

82%

83%

84%

85%

86%

87%

88%

89%

Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016

Cable ads are losing reach because pay TVsubscriptions are eroding

Source: BTIG Research, Video Subscriber Losses Continue to Grow #goodluckbundle, 2016

-100,000

-533,000

-926,000

January-September

2014

January-September

2015

January-September

2016

How to read: Pay TV lost 926,000 subscribers over the course of the first 9 months of 2016.

# of pay TV (cable, satellite, telecom) subscription losses

Television commercial loads are growing

Source: Pivotal Research Group 2016

Average minutes of national inventory per hour, total day

Network group Q1 2012 Q1 2016 % change

Viacom 12.1 14.7 +21%

Scripps 12.4 13.3 +7%

AMC 10.8 12.1 +12%

NBC Universal 10.3 11.1 +8%

Discovery 9.2 9.7 +5%

Fox 9.3 9.6 +3%

Time Warner 9.1 8.9 -2%

Disney 9.3 7.7 -17%

CBS 6.1 7.2 +18%

Most TV networks skew older than radio listeners

Source: MoffettNathanson 3rd Annual Media & Communications Summit; The State of the Union, May 18, 2016

Radio: Scarborough USA+ (current 6 months only) 2015 Release 2 Current (Feb 2015-Oct 2015)

Average age of network by parent company

60.057.2 57.0

48.6

54.5 53.4 51.7 51.6 50.1 50.0

35.7

26.6 24.7

CBS ABC NBC FOX Fox Cable Scripps

Networks

A&E NBC

Cable

Discovery AMC Time

Warner

Viacom Disney

Average age of

heavy radio listeners:

45

CableBroadcast network

There’s a radio format for every consumer target

Source: Scarborough USA+ (current 6 months only) 2015 Release 2 Current (Aug 2014-Oct 2015)

Average age of radio listener by format

53.350.1 47.9

44.5 43.6 43.439.8 38.1 35.6

News/talk Classic hits Sports Classic rock Country AC Urban Rock Top 40

AM/FM radio reaches more Americans than network cable

% of Americans reached by media

60%

74%

78%

93%AM/FM radio

Top 20 cable networks

Midsize cable networks

Small cable networks

1 out of 5 American homes are not reached by the top 20 cable networks

Source: Radio - Nielsen Audio Comparable Metrics Report Q2 2016. TV - Nielsen cable network universe estimates September 2016.

Cable networks ranked by average coverage rating. Top 20 cable networks, midsize 21-51, small 52-82

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