INTRODUCTION

OVERVIEW

1. MERGERS AND ACQUISITIONS

• Value of Mergers and Acquisitions
  
• Summary Data
  
• Number of Mergers and Acquisitions
  
• Aggregate Value of Mergers and Acquisitions
  
• Average Value of Mergers and Acquisitions
  
• Average Revenue Multiples
  
• Average Operating Cash Flow Multiples
  
• Communications Industry Operating Cash Flow Multiples by Size of Transaction
  
• Operating Cash Flow Multiples and Average Transaction Size
  
• Mergers and Acquisitions Valued at $1 Billion or More
  
• Revenue Multiples by Operating Cash Flow Margin
  
• Distribution of Top 20 Transactions
  
• Distribution of $1 Billion Transactions
  
• Transaction Multiples
  
• Average 1997 Revenue Multiples
  
• Value of Television Broadcasting Mergers and Acquisitions
  
• Television Broadcasting Transaction Multiples
  
• 1997 Television Broadcasting Mergers and Acquisitions
  
• 1996 Television Broadcasting Mergers and Acquisitions
  
• 1995 Television Broadcasting Mergers and Acquisitions
  
• 1994 Television Broadcasting Mergers and Acquisitions
  
• 1993 Television Broadcasting Mergers and Acquisitions
  
• Value of Radio Broadcasting Mergers and Acquisitions
  
• Radio Broadcasting Transaction Multiples
  
• 1997 Radio Broadcasting Mergers and Acquisitions
  
• 1996 Radio Broadcasting Mergers and Acquisitions
  
• 1995 Radio Broadcasting Mergers and Acquisitions
  
• 1994 Radio Broadcasting Mergers and Acquisitions
  
• 1993 Radio Broadcasting Mergers and Acquisitions
  
• Value of Cable System Operator Mergers and Acquisitions
  
• Cable System Operator Transaction Multiples
  
• 1997 Cable System Operator Mergers and Acquisitions
  
• 1996 Cable System Operator Mergers and Acquisitions
  
• 1995 Cable System Operator Mergers and Acquisitions
  
• 1994 Cable System Operator Mergers and Acquisitions
  
• 1993 Cable System Operator Mergers and Acquisitions
  
• 1997 Direct Broadcast Satellite Mergers and Acquisitions
  
• 1996 Direct Broadcast Satellite Mergers and Acquisitions
  
• 1994 Direct Broadcast Satellite Mergers and Acquisitions
  
• 1997 Wireless Cable Mergers and Acquisitions
  
• 1996 Wireless Cable Mergers and Acquisitions
  
• 1995 Wireless Cable Mergers and Acquisitions
  
• 1994 Wireless Cable Mergers and Acquisitions
  
• 1993 Wireless Cable Mergers and Acquisitions
  
• Value of Cable Network Mergers and Acquisitions
  
• Cable Network Transaction Multiples
  
• 1997 Cable Network Mergers and Acquisitions
  
• 1996 Cable Network Mergers and Acquisitions
  
• 1995 Cable Network Mergers and Acquisitions
  
• 1994 Cable Network Mergers and Acquisitions
  
• 1993 Cable Network Mergers and Acquisitions
  
• 1996 Pay-Per-View Network Mergers and Acquisitions
  
• 1995 Pay-Per-View Network Mergers and Acquisitions
  
• 1994 Pay-Per-View Network Mergers and Acquisitions
  
• 1993 Pay-Per-View Network Mergers and Acquisitions
  
• Value of Entertainment Mergers and Acquisitions
  
• 1997 Filmed Entertainment Mergers and Acquisitions
  
• 1996 Filmed Entertainment Mergers and Acquisitions
  
• 1995 Filmed Entertainment Mergers and Acquisitions
  
• 1994 Filmed Entertainment Mergers and Acquisitions
  
• 1993 Filmed Entertainment Mergers and Acquisitions
  
• 1997 Recorded Music Mergers and Acquisitions
  
• 1996 Recorded Music Mergers and Acquisitions
  
• 1995 Recorded Music Mergers and Acquisitions
  
• 1994 Recorded Music Mergers and Acquisitions
  
• 1993 Recorded Music Mergers and Acquisitions
  
• 1997 Interactive Entertainment Mergers and Acquisitions
  
• 1996 Interactive Entertainment Mergers and Acquisitions
  
• 1995 Interactive Entertainment Mergers and Acquisitions
  
• 1994 Interactive Entertainment Mergers and Acquisitions
  
• 1993 Interactive Entertainment Mergers and Acquisitions
  
• Value of Newspaper Publishing Mergers and Acquisitions
  
• Newspaper Publishing Transaction Multiples
  
• 1997 Newspaper Publishing Mergers and Acquisitions
  
• 1996 Newspaper Publishing Mergers and Acquisitions
  
• 1995 Newspaper Publishing Mergers and Acquisitions
  
• 1994 Newspaper Publishing Mergers and Acquisitions
  
• 1993 Newspaper Publishing Mergers and Acquisitions
  
• Value of Consumer Book Publishing Mergers and Acquisitions
  
• 1997 Consumer Book Publishing Mergers and Acquisitions
  
• 1996 Consumer Book Publishing Mergers and Acquisitions
  1995 Consumer Book Publishing Mergers and Acquisitions
  1994 Consumer Book Publishing Mergers and Acquisitions
  
• 1993 Consumer Book Publishing Mergers and Acquisitions
  
• Value of Consumer Magazine Mergers and Acquisitions
  
• 1997 Consumer Magazine Mergers and Acquisitions
  
• 1996 Consumer Magazine Mergers and Acquisitions
  
• 1995 Consumer Magazine Mergers and Acquisitions
  
• 1994 Consumer Magazine Mergers and Acquisitions
  1993 Consumer Magazine Mergers and Acquisitions
  Value of Business-to-Business Communications Mergers and Acquisitions
  
• Business-to-Business Communications Transaction Multiples
  
• 1997 Business Magazine Mergers and Acquisitions
  
• 1996 Business Magazine Mergers and Acquisitions
  
• 1995 Business Magazine Mergers and Acquisitions
  
• 1994 Business Magazine Mergers and Acquisitions
  
• 1993 Business Magazine Mergers and Acquisitions
  
• 1997 Trade Show and Exhibition Mergers and Acquisitions
  
• 1996 Trade Show and Exhibition Mergers and Acquisitions
  
• 1995 Trade Show and Exhibition Mergers and Acquisitions
  
• 1994 Trade Show and Exhibition Mergers and Acquisitions
  
• 1993 Trade Show and Exhibition Mergers and Acquisitions
  
• Value of Business Information Services Mergers and Acquisitions
  
• Business Information Services Transaction Multiples
  
• 1997 Business Information Services Mergers and Acquisitions
  
• 1996 Business Information Services Mergers and Acquisitions
  
• 1995 Business Information Services Mergers and Acquisitions
  
• 1994 Business Information Services Mergers and Acquisitions
  
• 1993 Business Information Services Mergers and Acquisitions
  
• Value of Professional and Educational Information Mergers and Acquisitions
  
• Professional and Educational Information Transaction Multiples
  
• 1997 Professional and Educational Publishing Mergers and Acquisitions
  
• 1996 Professional and Educational Publishing Mergers and Acquisitions
  
• 1995 Professional and Educational Publishing Mergers and Acquisitions
  
• 1994 Professional and Educational Publishing Mergers and Acquisitions
  
• 1993 Professional and Educational Publishing Mergers and Acquisitions
  
• 1997 Training Mergers and Acquisitions
  
• 1996 Training Mergers and Acquisitions
  
• 1995 Training Mergers and Acquisitions
  
• 1994 Training Mergers and Acquisitions
  
• 1993 Training Mergers and Acquisitions
  Value of Advertising Agency Mergers and Acquisitions
  
• 1997 Advertising Agency Mergers and Acquisitions
  
• 1996 Advertising Agency Mergers and Acquisitions
  
• 1995 Advertising Agency Mergers and Acquisitions
  
• 1994 Advertising Agency Mergers and Acquisitions
  
• 1993 Advertising Agency Mergers and Acquisitions
  
• Value of Consumer Internet Mergers and Acquisitions
  
• 1997 Consumer Internet Mergers and Acquisitions
  
• 1996 Consumer Internet Mergers and Acquisitions
  
• 1995 Consumer Internet Mergers and Acquisitions
  
• 1994 Consumer Internet Mergers and Acquisitions
  
• 1993 Consumer Internet Mergers and Acquisitions
  
• Value of Specialty Marketing and Media Mergers and Acquisitions
  
• Specialty Marketing and Media Transaction Multiples
  
• 1997 Direct Marketing and Promotional Services Mergers and Acquisitions
  
• 1996 Direct Marketing and Promotional Services Mergers and Acquisitions
  
• 1995 Direct Marketing and Promotional Services Mergers and Acquisitions
  
• 1994 Direct Marketing and Promotional Services Mergers and Acquisitions
  
• 1993 Direct Marketing and Promotional Services Mergers and Acquisitions
  
• 1997 Telephone Directory Publishing Mergers and Acquisitions
  
• 1996 Telephone Directory Publishing Mergers and Acquisitions
  
• 1995 Telephone Directory Publishing Mergers and Acquisitions
  
• 1994 Telephone Directory Publishing Mergers and Acquisitions
  
• 1993 Telephone Directory Publishing Mergers and Acquisitions
  
• 1997 Out-of-Home Media Mergers and Acquisitions
  
• 1996 Out-of-Home Media Mergers and Acquisitions
  
• 1995 Out-of-Home Media Mergers and Acquisitions
  
• 1994 Out-of-Home Media Mergers and Acquisitions
  
• 1996 Specialty Publishing Mergers and Acquisitions
  
• 1995 Specialty Publishing Mergers and Acquisitions
  
• 1994 Specialty Publishing Mergers and Acquisitions
  
• 1993 Specialty Publishing Mergers and Acquisitions

• Value of Financing Transactions
  
• Number of Financing Transactions
  
• Aggregate Value of Financing Transactions
  
• Average Value of Financing Transactions
  
• Number of Financing Transactions
  
• Aggregate Value of Financing Transactions
  
• Average Value of Financing Transactions
  
• Distribution of Financing, 1993-1997
  
• Number of Initial Public Equity Offerings
  
• Aggregate Value of Initial Public Equity Offerings
  
• Average Value of Initial Public Equity Offerings
  
• Value of Initial Public Equity Offerings
  
• IPO Transaction Multiples
  
• Average Revenue Multiple
  
• Average Operating Cash Flow Multiple
  
• Performance of Initial Public Equity Offerings
  
• Value of Secondary Public Equity Offerings
  
• Number of Secondary Public Equity Transactions
  
• Aggregate Value of Secondary Public Equity Transactions
  
• Average Value of Secondary Public Equity Transactions
  
• Value of Public Debt Issues
  
• Number of Public Debt Transactions
  
• Aggregate Value of Public Debt Transactions
  
• Average Value of Public Debt Transactions
  
• Share of Transactions by Companies with $1 Billion or More in Revenues
  
• Number of Television Broadcasting Financing Transactions
  
• Aggregate Value of Television Broadcasting Financing Transactions
  
• Average Value of Television Broadcasting Financing Transactions
  
• Television Broadcasting Initial Public Equity Offerings
  
• Television Broadcasting Secondary Public Equity Offerings
  
• Television Broadcasting Public Debt
  
• Television Broadcasting
• Number of Radio Broadcasting Financing Transactions
  
• Aggregate Value of Radio Broadcasting Financing Transactions
  
• Average Value of Radio Broadcasting Financing Transactions
  
• Radio Broadcasting Initial Public Equity Offerings
  
• Radio Broadcasting Secondary Public Equity Offerings
  
• Radio Broadcasting Public Debt
  
• Number of Subscription Video Services Financing Transactions
  
• Aggregate Value of Subscription Video Services Financing Transactions
  
• Average Value of Subscription Video Services Financing Transactions
  
• Cable System Operator Initial Public Equity Offerings
  
• DBS Initial Public Equity Offerings
  
• Wireless Cable Initial Public Equity Offerings
  
• Cable Network Initial Public Equity Offerings
  
• Pay-Per-View Network Initial Public Equity Offerings
  
• Cable System Operator Secondary Public Equity Offerings
  
• DBS Secondary Public Equity Offerings
  
• Wireless Cable Secondary Public Equity Offerings
  
• Cable Network Secondary Public Equity Offerings
  
• Pay-Per-View Network Secondary Public Equity Offerings
  
• Cable System Operator Public Debt
  
• DBS Public Debt
  
• Wireless Cable Public Debt
  
• Cable Network Public Debt
  
• Number of Entertainment Financing Transactions
  
• Aggregate Value of Entertainment Financing Transactions
  
• Average Value of Entertainment Financing Transactions
  
• Filmed Entertainment Initial Public Equity Offerings
  
• 1994 Recorded Music Initial Public Equity Offerings
  
• Interactive Entertainment Initial Public Equity Offerings
  
• Filmed Entertainment Secondary Public Equity Offerings
  
• 1993 Recorded Music Secondary Public Equity Offerings
  
• Interactive Entertainment Secondary Public Equity Offerings
  
• Filmed Entertainment Public Debt
  
• Interactive Entertainment Public Debt
  
• Number of Newspaper Publishing Financing Transactions
  
• Aggregate Value of Newspaper Publishing Financing Transactions
  
• Average Value of Newspaper Publishing Financing Transactions
  
• Newspaper Publishing Initial Public Equity Offerings
  
• Newspaper Publishing Secondary Public Equity Offerings
  
• Newspaper Public Debt
  
• Number of Consumer Book Publishing Financing Transactions
  
• Aggregate Value of Consumer Book Publishing Financing Transactions
  
• Average Value of Consumer Book Publishing Financing Transactions
  
• Consumer Book Publishing Initial Public Equity Offerings
  
• Consumer Book Publishing Secondary Public Equity Offerings
  
• Consumer Book Publishing Public Debt
  
• Consumer Book Publishing
• Number of Consumer Magazine Financing Transactions
  
• Aggregate Value of Consumer Magazine Financing Transactions
  
• Average Value of Consumer Magazine Financing Transactions
  
• Consumer Magazine Initial Public Equity Offerings
  
• Consumer Magazine Publishing Secondary Public Equity Offerings
  
• Consumer Magazine Public Debt
  
• Consumer Magazine
• Number of Business-to-Business Communications Financing Transactions
  
• Aggregate Value of Business-to-Business Communications Financing Transactions
  
• Average Value of Business-to-Business Communications Financing Transactions
  
• Business Magazine Initial Public Equity Offerings
  
• Business Magazine Secondary Public Equity Offerings
  
• Business-to-Business Communications Public Debt
  
• Number of Business Information Services Financing Transactions
  
• Aggregate Value of Business Information Services Financing Transactions
  
• Average Value of Business Information Services Financing Transactions
  
• Business Information Services Initial Public Equity Offerings
  
• Business Information Services Secondary Public Equity Offerings
  
• Business Information Services Public Debt
  
• Number of Professional and Educational Information Financing Transactions
  
• Aggregate Value of Professional and Educational Information Financing Transactions
  
• Average Value of Professional and Educational Information Financing Transactions
  
• Professional and Educational Publishing Initial Public Equity Offerings
  
• Training Initial Public Equity Offerings
  
• Professional and Educational Publishing Secondary Public Equity Offerings
  
• Training Secondary Public Equity Offerings
  
• Professional and Educational Publishing Public Debt
  
• Training
• Number of Advertising Agency Financing Transactions
  
• Aggregate Value of Advertising Agency Financing Transactions
  
• Average Value of Advertising Agency Financing Transactions
  
• Advertising Agency Initial Public Equity Offerings
  
• Advertising Agency Secondary Public Equity Offerings
  
• Advertising Agency Public Debt
  
• Number of Consumer Internet Financing transactions
  
• Aggregate Value of Consumer Internet Financing Transactions
  
• Average Value of Consumer Internet Financing Transactions
  
• Consumer Internet Initial Public Equity Offerings
  
• Consumer Internet Secondary Public Equity Offerings
  
• Number of Specialty Marketing and Media Financing Transactions
  
• Aggregate Value of Specialty Marketing and Media Financing Transactions
  
• Average Value of Specialty Marketing and Media Financing Transactions
  
• Direct Marketing and Promotional Services Initial Public Equity Offerings
  
• Out-of-Home Media Initial Public Equity Offerings
  
• Specialty Publishing Initial Public Equity Offerings
  
• Direct Marketing and Promotional Services Secondary Public Equity Offerings
  
• Out-of-Home Media Secondary Public Equity Offerings
  
• Specialty Publishing Secondary Public Equity Offerings
  
• Direct Marketing and Promotional Services Public Debt
  
• Out-of-Home Media Public Debt
  
• Direct Marketing and Promotional Services

• Value of Redemptions
  
• Number of Redemptions
  
• Aggregate Value of Redemptions
  
• Average Value of Redemptions
  
• Distribution of Redemptions
  
• Television Broadcasting Redemptions
  
• Radio Broadcasting Redemptions
  
• Cable System Operator Redemptions
  
• Cable Network Redemptions
  
• Pay-Per-View Redemptions
  
• Filmed Entertainment Redemptions
  
• Recorded Music Redemptions
  
• Interactive Entertainment Redemptions
  
• Newspaper Publishing Redemptions
  
• Consumer Book Publishing Redemptions
  
• Consumer Magazine Publishing Redemptions
  
• Business Magazine Redemptions
  
• Business Information Services Redemptions
  
• Professional and Educational Publishing Redemptions
  
• Training Redemptions
  
• Advertising Agency Redemptions
  
• Direct Marketing and Promotional Services Redemptions
  
• Directory Publishing Redemptions
  
• Out-of-Home Media Redemptions
  
• Specialty Publishing Redemptions

• Number of Joint Ventures
  
• Television Broadcasting Joint Ventures
  
• Radio Broadcasting Joint Ventures
  
• Cable System Operator Joint Ventures
  
• DBS Joint Ventures
  
• Wireless Cable Joint Ventures
  
• Cable Network Joint Ventures
  
• Pay-Per-View Joint Ventures
  
• Filmed Entertainment Joint Ventures
  
• Recorded Music Joint Ventures
  
• Interactive Entertainment Joint Ventures
  
• Consumer Book Publishing Joint Ventures
  
• Business Magazine Joint Ventures
  
• Business Information Services Joint Ventures
  
• Professional and Educational Publishing Joint Ventures
  
• Advertising Agency Joint Ventures
  
• Consumer Internet Joint Ventures
  
• Direct Marketing and Promotional Services Joint Ventures
  
• Directory Publishing Joint Ventures

APPENDIX B: MERGERS AND ACQUISITIONS BY SELLER

APPENDIX C: OTHER TRANSACTIONS

APPENDIX D: COMPANY NOTES