l) On February 1, 2008, we entered into an outsourcing agreement with the unrelated third party owner of KFXA-TV to provide certain non- programming related sales, operational and administrative services to KFXA-TV. During 2008, we entered into an agreement with an unrelated third party for the right to acquire the FCC license of KFXA-TV in Cedar Rapids, Iowa, pending FCC approval. 

m) We timely filed applications for renewal of these licenses with the FCC. Unrelated third parties have filed informal objections against the stations based on alleged violations of either the FCC’s sponsorship identification or indecency rules. 

## FORWARD-LOOKING STATEMENTS 

This report includes or incorporates forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), and the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about us, including, among other things, the following risks: 

## General risks 

$_{•}$ the impact of changes in national and regional economies and credit and capital markets; 

$_{•}$ consumer confidence; 

$_{•}$ the activities of our competitors; 

$_{•}$ terrorist acts of violence or war and other geopolitical events; 

## Industry risks 

$_{•}$ the business conditions of our advertisers particularly in the automotive and service industries; 

$_{•}$ competition with other broadcast television stations, radio stations, multi-channel video programming distributors (MVPDs), internet and broadband content providers and other print and media outlets serving in the same markets; 

$_{•}$ availability and cost of programming and the continued volatility of networks and syndicators that provide us with programming content; 

$_{•}$ the effects of the Federal Communications Commission’s (FCC’s) National Broadband Plan and the potential reclamation of some of our broadcasting spectrum; 

$_{•}$ the effects of governmental regulation of broadcasting or changes in those regulations and court actions interpreting those regulations, including ownership regulations, indecency regulations, retransmission regulations and political or other advertising restrictions; 

$_{•}$ labor disputes and legislation and other union activity; 

$_{•}$ the broadcasting community’s ability to develop a viable mobile digital broadcast television (mobile DTV) strategy and platform and the consumer’s appetite for mobile television; 

$_{•}$ the operation of low power devices in the broadcast spectrum, which could interfere with our broadcast signals; 

$_{•}$ the effects of new ratings system technologies including “people meters” and “set-top boxes”, and the ability of such technologies to be a reliable standard that can be used by advertisers; 

## Risks specific to us 

$_{•}$ the effectiveness of our management; 

$_{•}$ our ability to attract and maintain local and national advertising; 

$_{•}$ our ability to service our substantial debt obligations and operate our business under restrictions contained in our financing agreement; 

$_{•}$ our ability to successfully renegotiate retransmission consent agreements; 

$_{•}$ our ability to renew our FCC licenses; 

$_{•}$ our ability to maintain our affiliation and programming service agreements with our networks and program service providers and at renewal, to successfully negotiate these agreements with favorable terms; 

$_{•}$ the impact of reverse network compensation payments made by us to networks pursuant to our affiliation agreements requiring compensation for network programming and the resulting negative effect on our operating results; 

$_{•}$ the popularity of syndicated programming we purchase and network programming that we air; 

$_{•}$ the strength of ratings for our local news broadcasts including our news sharing arrangements; 

$_{•}$ changes in the makeup of the population in the areas where our stations are located; 

$_{•}$ the successful execution of our multi-channel broadcasting initiatives including mobile DTV; and 

$_{•}$ the results of prior year tax audits by taxing authorities. 

