Convertible Senior Notes due 2027 (the 3.0% Notes) remain obligations and securities of SBG and are not obligations or securities of STG. SBG is a guarantor under the Bank Credit Agreement, the 9.25% Notes and the 8.375% Notes. 

## EXECUTIVE OVERVIEW 

## 2010 Events 

$_{•}$ In January, we entered into a one-year retransmission consent agreement with Mediacom for continued carriage of the signals of 22 stations owned and/or operated by us in 15 markets; In December, we entered into a further renewal of our retransmission consent agreement with Mediacom for a term expiring January 1, 2013; 

$_{•}$ In February, we entered into an agreement for carriage of TheCoolTV, a music video provider on certain of our stations’ secondary digital signal; 

$_{•}$ In February, we entered into a network affiliation agreement effective September 1, 2010 with The CW for KMYS-TV in San Antonio, Texas, expiring August 31, 2011. KMYS-TV switched from MyNetworkTV to The CW on the effective date; 

$_{•}$ In February, we purchased at par approximately $12.3 million and $14.3 million of the 3.0% and 4.875% Notes, respectively, pursuant to tender offers; 

$_{•}$ In March, we entered into a renewal of nine ABC network affiliation agreements which represents all of our ABC affiliates, effective January 1, 2010 and expiring August 31, 2015; 

$_{•}$ In April, we prepaid $25.0 million of the Bank Credit Agreement’s Term Loan B; 

$_{•}$ In May, the put right period for the 3.0% Notes expired and holders representing $10.0 million of the notes exercised their put rights. Holders of the remaining $5.4 million of 3.0% Notes can exercise put rights again in May 2017; 

$_{•}$ In August, we entered into an agreement with The Country Network, a country music video network, to air on 34 of our stations’ second or third digital signal; 

$_{•}$ In August, we entered into an amendment of our Bank Credit Agreement. Under the amendment we paid down $35.0 million of the outstanding $305.0 million balance of our Term Loan B and repriced the remaining outstanding amount of $270.0 million; 

$_{•}$ In September, we repurchased, in the open market, $17.0 million of the 4.875% Notes; 

$_{•}$ In October, we issued $250.0 million of 8.375% Notes; 

$_{•}$ In October, we received $8.4 million in federal tax refunds; 

$_{•}$ In October, we purchased approximately $58.0 million and $175.7 million of 6.0% and 8.0% Notes, respectively, pursuant to tender offers; 

$_{•}$ In November, our Board of Directors declared a $0.43 per share common stock dividend paid in December 2010; 

$_{•}$ In November, we redeemed all of the remaining $49.0 million of 8.0% Notes; 

$_{•}$ In December, we renewed our FOX affiliation agreements, which were due to expire on March 2012, until December 31, 2012. We also entered into a programming licensing agreement with the FOX network which allows the Company to enter into retransmission consent agreements with distributors for the remainder of the affiliation agreement; 

$_{•}$ Excluding political, local revenues have increased 13.0% and national revenues have increased 8.9% during 2010 versus 2009 as advertising levels and retransmission revenues have gained momentum. Production, selling and general and administrative expenses combined have increased 6.0% over the same period primarily due to higher revenues and commissions; and 

$_{•}$ Political revenues increased 2.2% compared to 2008 and 34.9% compared to 2006. 

## 2011 Events 

$_{•}$ In January, the put right period for the 4.875% Notes expired and no holders of the remaining $5.7 million outstanding exercised put rights. There are no further put rights through final maturity on July 15, 2018; 

$_{•}$ In January, we extended our program service arrangement with MyNetworkTV until Fall 2014; 

$_{•}$ In January, we entered into a multi-year retransmission consent agreement with Bright House Networks, LLC for the carriage of six of the stations owned and/or operated by us in four markets; 

$_{•}$ In February, our Board of Directors reinstated a quarterly common stock dividend of $0.12 per share; 

$_{•}$ In February, we entered into a multi-year retransmission consent agreement with Time Warner Cable for continued carriage of 28 of the stations owned and /or operated by us in 17 markets; 

$_{•}$ In February, revenue related to the Super Bowl, which aired on our 20 FOX affiliates was $6.2 million, a 26.5% increase from revenue generated in 2008, the last time FOX aired the Super Bowl; 

