contracts, which together with the acquisition of the Texas stations, is
projected to increase materially broadcast division operating income. The full
effect of the increases began in the third quarter of 1994 and will continue to
impact revenues in subsequent periods.
During the first nine months of 1994 the company repurchased 226,200
shares of its Class B common stock at a cost of approximately $52.7 million.
The company has experienced no other significant changes in its
financial condition since the end of 1993.