December 10, 2004

Contact: J. Patrick Michaels, Jr.
(813) 226-8844


Equity Broadcasting Corporation
Acquires KWBM-TV

Tampa, Florida Communications Equity Associates (“CEA”) announced today that it represented Equity Broadcasting Corporation (“EBC”) in the acquisition of the television station KWBM-TV, Channel 31, Harrison, Arkansas. KWBM-TV is an affiliate of the Warner Brothers (“WB”) network and serves Branson and the rapidly growing Springfield, Missouri DMA.

EBC, based in Little Rock, Arkansas, is America’s 9th largest broadcast company (according to BIA Financial Network, Inc.). EBC owns and operates 42 television stations in 22 states throughout the U.S. Markets include Little Rock, Salt Lake City, St. Louis, Oklahoma City, Portland and Las Vegas. Also under the EBC umbrella are more than 60 LPTV stations, a radio station and the Arkansas Twisters Arena Football team.

Founded in 1973, CEA is a leading provider of investment banking services and private equity to the global media and entertainment, communications and information technology industries. With a team of highly experienced personnel worldwide, CEA has an unequaled depth and breadth of industry knowledge, expertise and long-standing industry relationships. CEA has completed over 900 transactions totaling $40 billion in 60 countries. CEA’s international reach is extended to key markets, in particular Munich, London, Madrid, Paris and Prague through its European partnership goetzpartners. CEA’s affiliates also manage, co-manage or participate in a worldwide family of private equity funds with committed capital of approximately $1.15 billion for private equity investments in the industries CEA serves. Included in this amount is an ownership interest in the general partner of a €367 million European-based private equity fund. CEA’s reputation and track record of success are built on delivering innovative, value-added solutions and services to clients worldwide. CEA Media Group, LLC is a member of the NASD and SIPC.