




SPECTRUM HOLDINGS.
Equity Media is the second largest owner of television spectrum in the U.S. through its 121 television stations, licenses and permits. With these assets Equity Media has accumulated one of the largest portfolios of broadcast spectrum in the U.S. positioning the Company for potential growth in digital television broadcasts and other uses.*
In early 2009, the U.S. Federal Communications Commission will mandate the migration to digital broadcast signals and create multiple broadcast opportunities.
Equity Media anticipates that it will supplement its revenues by monetizing its significant spectrum portfolio through joint-ventures, leasing or sub-licensing to telecoms and new media companies.
* Includes 2 New York City Stations that are currently under contract.
In early 2009, the U.S. Federal Communications Commission will mandate the migration to digital broadcast signals and create multiple broadcast opportunities.
Equity Media anticipates that it will supplement its revenues by monetizing its significant spectrum portfolio through joint-ventures, leasing or sub-licensing to telecoms and new media companies.
* Includes 2 New York City Stations that are currently under contract.

