Copyright 2007 © Borrell Associates Inc., All rights reserved What Local Media Web Sites Earn: 2007 Survey Fifth Annual Benchmarking Report Graphics from Report

© 2007 Borrell Associates Inc. Fig. 1: Growth Slowdown Continues For Traditional Media Web Revenue Sources: SEC, company statements, Borrell Associates

© 2007 Borrell Associates Inc. Fig. 2: Projected Percentage of Gross Revenue from Online Sales in 2007 Sources: SEC, company statements; forecast % from Borrell Associates.

© 2007 Borrell Associates Inc. Figure 3: Local Online Advertising Grows to $7.5 Billion in 2007 Source: Borrell Associates

© 2007 Borrell Associates Inc. Fig. 4: How $5.7 Billion in Local Online Advertising was Shared in 2006 * “Other print” includes local magazines and alternative newspapers ** “Pure Play Sites” include sites not affiliated with a traditional local media company

© 2007 Borrell Associates Inc. Fig. 5: Growth of Online Revenues for 13 Newspaper Cos. Since 2001 Sources: SEC filings, public company statements

© 2007 Borrell Associates Inc. Figure 6: Newspaper Sites Remain Dependent on Classified Verticals Source: Borrell Associates

© 2007 Borrell Associates Inc. Fig. 7: Newspaper Site Revenue Per Unit of Print Circ., Source: Borrell Associates Inc., n= 565

© 2007 Borrell Associates Inc. Fig. 8: Average and High/Low Mkt Share for Newspapers, 2006

© 2007 Borrell Associates Inc. Fig. 9: Local Online Advertising Share for Daily Newspapers by DMA, 2006 Source: Borrell Associates, n=556

© 2007 Borrell Associates Inc. Fig. 10: TV Online Revenue per TV HH a Avg. per-Station Revenue, 2006 Source: Borrell Associates, Inc.

© 2007 Borrell Associates Inc. Fig. 11: Avg. and High/Low Share of Local Online Adv. for TV Sites, 2006

© 2007 Borrell Associates Inc. Fig. 12: Local Online Adv. Share for TV Stations by DMA, 2006 Source: Borrell Associates, n=401

© 2007 Borrell Associates Inc. Fig. 13: Growth of Local Online Adv. for Radio Stations,

© 2007 Borrell Associates Inc. Fig. 14: Average Per-Station Revenue For Radio Web Sites, 2006

© 2007 Borrell Associates Inc. Fig. 15: Average Share of Local Online Adv. for Radio Clusters, 2006

© 2007 Borrell Associates Inc. Figure 16: Share of Local Online Adv. for Radio Clusters, 2006 Source: Borrell Associates, n=271 clusters

© 2007 Borrell Associates Inc. Figure 17: Recent Sales of City.com URLs Sources: Domain Name Journal, Borrell Associates.

© 2007 Borrell Associates Inc. Thank You ! Borrell Associates Inc. For more information on this data, contact Borrell Associates at or call