AOL TW has lock on the top

It's no contest anymore. The proposed merger of Time Warner and America Online creates a media behemoth that dwarfs all others. The combined $34.2 in annual revenue is nearly $11 billion higher than runner-up Disney, according to Broadcasting & Cable's ranking of the Top 25 Media Groups.

The list includes only those companies with significant broadcasting, cable or satellite TV holdings-production and distribution-in the U.S. The companies are ranked by revenue.

Paris-based Vivendi makes its first appearance at No. 3, having struck a deal to acquire Seagram Co. (No. 7) with its Universal Pictures subsidiary. That pushes Viacom, owner of CBS and a host of cable networks, down from No. 3 to No. 4, and Sony from No. 4 to No. 5. (For our purposes, Sony's revenues do not include those from non-entertainment businesses like electronics manufacturing.)

The merger of AMFM and Clear Channel Communications brought the two broadcasters from near the bottom of last year's list to No. 13. Tribune's purchase of Times Mirror resulted in its rise from No. 14 to No. 9.

AT & T Broadband's completion of its acquisition of MediaOne confirms its No. 7 ranking. AT & T's revenues include those for Liberty Media.

Also making the cut this year is satellite-TV provider EchoStar, with revenue of $1.6 billion. Another indicator of the rise of the in-orbit media is DirecTV's rise in the ranking, from No. 19 to No. 16, as its revenue jumped to $3.8 billion.

1. AOL Time Warner

Dulles, Va./ New York


AOL fiscal year ended: June 30, 2000

Time Warner fiscal year ended: Dec. 31, 1999

Stephen M. Case, chairman; Gerald Levin, CEO

*Revenue: $34.2 billion

*Operating cash flow: $6.7 billion

*Operating income: $7.4 billion

Web site:;

TV: Warner Bros. Television, The WB Television Network (75% with Tribune Co.), Warner Bros. Television Animation (Looney Tunes, Hanna-Barbera), Kids'WB!

Cable: Time Warner Cable (serving 12.7 million cable subscribers), plus TWE-Advance/ Newhouse Partnership (65%); Local News Channels; Road Runner (46%); Turner Broadcasting System (which includes Turner Network Television, TBS Superstation, Turner Classic Movies, Turner South, Cartoon Network, Boomerang, TNT Europe, Cartoon Network Europe, TNT Latin America, Cartoon Network Latin America, TNT and Cartoon Network/Asia Pacific and Cartoon Network Japan-a joint venture); CNN News Group (which includes CNN, CNN Headline News, CNN+, CNN International, CNNfn, CNN/Sports Illustrated, CNN en Español, CNN Airport Network, CNNRadio, CNN Radio Noticias, CNN Interactive, CNN Newsource and CNN Turk; Court TV (50%); Home Box Office (which includes HBO, HBO Plus, HBO Signature, HBO Family, HBO Comedy, HBO Zone Cinemax, MoreMAX, ActionMAX, ThrillerMAX and HBO en Español); Comedy Central (50%); HBO Ole and Brasil, HBO Asia, HBO Hungary, HBO Czech, HBO Poland; HBO Romania (joint ventures).

Feature Films: Warner Bros. Pictures; New Line Cinema: New Line Cinema, Fine Line Features, New Line International, New Line Television; Castle Rock Entertainment, Telepictures Productions.

Home video: Warner Home Video, New Line Home Video

Publishing: selected publications-Time; People; Sports Illustrated; Fortune; Life; Money; Entertainment Weekly; Warner Books; Time Life Inc.; Book-of-the-Month Club; Little, Brown and Co.; Oxmoor House; Leisure Arts; Sunset Books; Media Networks Inc.; Time Inc. Custom Publishing; Targeted Media Inc.; Time Inc. Interactive; Time Distribution Services; Warner Publisher Services; DC Comics; Mad magazine

Music: Warner EMI Music (proposed joint venture to combine recorded music and music-publishing businesses); Warner Music Group-The Atlantic Recording Corp., Elektra Entertainment Group, Rhino Entertainment, London-Sire Records, Warner Bros. Records, Warner Music International, Warner/Chappell Music (Warner Bros. Publications), WEA Inc. (WEA Corp., WEA Manufacturing, Ivy Hill Corp.), Warner Special Products, Giant Merchandising; Joint Ventures-Alternative Distribution Alliance, Columbia House-CDNOW, Giant (Revolution) Records, Maverick Recording Co., 143 Records, Ruffnation Records, Tommy Boy Music, Qwest Records

Interactive: Time Warner-Entertaindom; AOL-AOL TV (partnership with DirectTV and parent Hughes Electronics)

Retail: Warner Bros. International Theaters (107 theaters in 2 foreign countries), Warner Bros. Consumer Products, Warner Bros. Studio Stores (146 locations), Warner Bros. Worldwide Licensing

Sports: Atlanta Braves (Major League Baseball), Atlanta Hawks (National Basketball Association), World Championship Wrestling, the Goodwill Games, Atlanta Thrashers (National Hockey League)

Telephony: Time Warner Telecom (48%)

Internet: Time Warner-minority investor in OpenTV Corp, Intervu Inc. and Healtheon/WebMD Corp; AOL has more than 22 million Internet subscribers; AOL Plus-a high-speed Internet service; AOL Instant Messenger; CompuServe has 2.5 million Internet subscribers; Netscape Netcenter, an Internet portal that has more than 25 million users; Internet portal; Netscape Communicator; Netscape Navigator browser; Digital City Inc.; ICQ, a communications portal; MovieFone;; Winamp; SHOUTcast; MapQuest; AOL International Group [AOL Europe (joint venture); AOL Latin America (joint venture) including AOL Mexico, AOL Brasil, AOL Argentina; AOL Australia (joint venture); AOL Hong Kong; AOL Japan; AOL Canada; CompuServe Europe; Netscape Online (United Kingdom)]; AOLnet; Netscape Enterprise Group-Netscape Business Solutions, Netscape CommerceXpert, Sun-Netscape Alliance (e-commerce alliance with Sun Microsystems; iPlanet); Shop@AOL; Digital Marketing Services

*Based on combined financial figures for the two companies, whose proposed merger is still pending.

2. The Walt Disney Co.

Burbank, Calif. (NYSE: DIS)

Fiscal year ended:

Sept. 30, 1999

Michael Eisner,

chairman and CEO

Revenue: $23.4 billion

Operating cash flow: $5.6 billion

Operating income: $3.2 billion

Web site:

TV: 10 stations (24% of national viewing audience), ABC Television Network, Buena Vista Television, Touchstone Television Productions LLC, Walt Disney Television Animation, Walt Disney Television International

Cable: ESPN (owns 80% of ESPN, ESPN2, ESPNEWS, ESPN Classic, ESPN Regional Television, and ESPN International); Disney Channel; Toon Disney; Lifetime Entertainment (50% joint venture with Hearst); A & E (37.5% joint venture with Hearst and NBC); The History Channel (37.5% joint venture with Hearst and NBC); E! Entertainment Television (39.5% joint venture with Comcast)

Radio: 43 stations reaching 14.3 million listeners, Radio Disney, ABC Radio Networks, ESPN Radio

Feature Films: Miramax Films, Buena Vista Filmed Entertainment, Walt Disney Feature Animation, Buena Vista International, Touchstone Films

Theater: Walt Disney Theatrical Productions

Home video: Disney Video Premieres, Buena Vista Home Entertainment

Internet: Buena Vista Internet Group: 43% investment in InfoSeek (Go Network); Disney Store Online; Disney Internet Guide;; ESPN Store Online

Publications: ESPN-The Magazine; Family Fun; The Disney Magazine; Discover

Music: Buena Vista Music Group (encompassing Hollywood Records, Walt Disney Records, Mammoth Records, Lyric Street Records and Walt Disney Music Publishing); Walt Disney Music Publishing

Book publishing: Buena Vista Publishing; Hyperion; Disney's Children's Books

Retail/shopping/restaurant: Disney Regional Entertainment: Club Disney, ESPNZone, DisneyQuest; Disney Consumer Products; Disney Interactive (children's software); The Disney Store; ESPN-The Store

Sports teams: Anaheim Angels (Major League Baseball) and Edison International Field, Mighty Ducks (National Hockey League)

Theme parks and resorts: Walt Disney World (Animal Kingdom, Epcot Center, Magic Kingdom, Disney-MGM Studios); Disneyland; Tokyo Disneyland; Disneyland Paris; Disney Cruise Line; Walt Disney Imagineering

Miscellaneous/investments: Celebration (city in Florida)

3. Vivendi Universal

Paris; Montreal

Vivendi fiscal year ended: June 30, 2000

Jean-Marie Messier, chairman/CEO;

Edgar Bronfman Jr., vice chairman

*Pro forma revenue: $22.6 billion

*Pro forma operating cash flow: $2.0 billion

*Pro forma operating income: $302 million

Web site:

TV: Universal Television & Networks Group: 13th Street (Germany); 13eme Rue (France); Calle 13 (Spain, Latin America); Rua 13 (Brazil); Studio Universal (Italy, Germany, Spain, Latin America and Brazil); Sci-Fi (UK, South Africa, Latin America and Brazil); USA Network Brazil; USA Network Latin America; CANAL+ Expand (TV production); CANAL+ Image (distributor of TV programming)

Cable: USA Networks (43%); Vivendi: CANAL+, French pay-TV operator with roughly 13 million subscribers in France, Italy, Poland and Spain (Vivendi is buying remaining 51% it doesn't already own); minority stake in BSkyB

Film: Universal Pictures, Working Title (50%); Universal Pictures International; United International Pictures (50%); CANAL+ Le Studio CANAL+ (company plans to spin off)

Music: Universal Music Group: Interscope, Geffen, A & M, The Island Def Jam Music Group, Jimmy and Doug's Farm, MCA records, MCA Nashville, Motown Record Company, Polydor, Universal Records, Universal Classics Group (Decca Records, Deutsche Grammophon, Phillips), Verve Music Group; Universal Music International; Universal Music Publishing Group; Universal Music Enterprises; UM3; Universal Manufacturing & Logistics; music/video clubs Britannia (UK) and DIAL (France); GetMusic (joint venture with BMG)

Theme parks/resorts: Universal Studios Hollywood; Universal Studios City Walk Hollywood; Universal Orlando (50%); Wet 'n'Wild-Orlando; Universal Studios Port Aventura (Spain) (37%); Universal Studios Japan; Universal Studios Experience (Beijing, China)

Retail/consumer goods: Spencer Gifts, DAPY, Glow

Sports: CANAL+ Paris Saint-Germain, French soccer club

Home video: Universal Studios Home Video

Internet: Universal Studios New Media Group: Universal Studios Online, Universal Interactive Studios, Universal Studios Digital Arts

Vivendi: stake in AOL France; Vivendi and Vodafone AirTouch announced plans to create Internet portal

Telecom: Vivendi: Cegetel (fixed-line and wireless phone services); Societe Francaise de Radiotelephone (mobile phone services)

Publishing: Vivendi: Havas; Havas Advertising; Havas Interactive

Equipment: CANAL+, Antennes Tonna (cable and satellite equipment)

Other entertainment: Loews Cineplex Entertainment (25.5%); SEGA GameWorks (27%); United Cinemas International (49%)

*Estimates based on Vivendi's June 30, 2000, fiscal year-end numbers.

4. Viacom

New York (NYSE: VIA)

Fiscal year ended: Dec. 31, 1999

Sumner Redstone,

chairman/CEO; Mel Karmazin, president/COO

*Revenue: $20.3 billion

*Operating cash flow: $2.8 billion

*Operating income: $2.8 billion

Web site:

TV: CBS Television Stations Division (33 TVs and 2 LMAs covering 47.59% of national viewing audience); United Paramount Network; Paramount Television (includes Spelling Television, Paramount Network Television, Big Ticket Television, Viacom Productions); The Paramount Channel; CBS Television Network (CBS Entertainment, CBS New Media, CBS News, CBS Sports); CBS Enterprises (includes King World Productions and CBS Broadcast International)

Radio: Infinity Broadcasting (82%) (165 radio stations, deal for additional 18 stations pending); Westwood One (minority investment); TDI Worldwide Inc. (outdoor advertising)

Cable: MTV Networks: MTV, MTV2, VH1, Nickelodeon, Nick at Nite, Noggin, TV Land, The Box, The Nashville Network, Country Music Television, Midwest Sports Channel and Home Teams Sports (which are being acquired by Comcast), Group W Network Services, MTV Europe (with seven separate services), MTV Brasil, MTV Russia, MTV Latin America, Nickelodeon Latin America, VH1 UK, jointly owns MTV Asia (which includes MTV Mandarin, MTV Southeast Asia, MTV India, MTV China, and MTV Korea), Nickelodeon Australia, Nickelodeon UK, VH1 Germany, VH1 Export, MTV Australia; Showtime, The Movie Channel and FLIX, joint venture in Sundance Channel

Feature films: Paramount Pictures, Nickelodeon Movies, MTV Films, United International Pictures (33%)

Music: Famous Music Publishing

Home video: Blockbuster (majority stake), Paramount Home Entertainment

Publishing: Simon & Schuster (38 imprints including Nick Jr. Books, Pocket Books), MTV Books

Internet: CBS Internet Group:, Broadcast news alliance with America Online,,,,,, Medscape,, SportsLine USA, StoreRunner Inc. (50%),,, Women's Consumer Network,, Webvan Group,, Loudeye Technologies (with the exception of, and StoreRunner, CBS has minority interests); MTVi Group, which includes, and, Nickelodeon Online

Theme parks: Paramount Parks

Retail/consumer: Viacom Consumer Products

*Based on combined 1999 year-end numbers from CBS and Viacom, which closed merger deal on May 4, 2000.

5. Sony Corp.

Tokyo (NYSE: SNE)

Fiscal year ended: March 31, 2000

Nobuyuki Idei,

chairman and CEO

*Revenue: $16.9 billion **

*Operating cash flow: $1.9 billion

*Operating income: $1.3 billion

Web site:

TV/filmed features: Sony Pictures Entertainment: Columbia TriStar Motion Picture Group, Columbia TriStar Home Video, Columbia TriStar Television Group, 50% stake in Telemundo network, 24.95% investment in Telemundo TV stations group

Games/interactive: Sony Computer Entertainment

Music: Sony Music Entertainment

*Includes only Sony Computer Entertainment, Sony Music Entertainment and Sony Pictures Entertainment; does not include electronics manufacturing and other businesses.

**Revenue does not include intersegment sales.

6. News Corp.

Sydney, Australia (NYSE: NWS)

Fiscal year ended: June 30, 2000

Rupert Murdoch,


Revenue: $14.3 billion

Operating cash flow: $2 billion

Operating income: $1.7 billion

Web site:

TV: Fox Television Stations (23 stations covering 40.6% of national viewing audience); Fox Broadcasting; Foxtel; Channel [V] Asia

Cable: Fox News, Fox Family Channel, The Health Network, Fox Sports Net (includes Liberty Media stake and 40% stake in Rainbow Sports); FX; Fox Sports Latin America

Feature films: 20th Century Fox, Fox 2000, Fox Studios, Fox Searchlight, Fox Animation Studios

Satellite: SKY PerfecTV!; Star TV (Phoenix-China, ESPN Star Sports-Asia); BskyB; Sky Latin America (NetSat-Brazil, Innova-Mexico)

Music: Fox Music, Mushroom Records, Festival Records

Home video: Fox Home Entertainment

Publishing: HarperCollins, ReganBooks, HarperCollins UK; Zondervan; HarperCollins Australia; pending: Hearst Book Group, including William Morrow & Co. and Avon Books

Newspapers: The Times, The Sun, The Sunday Times, Post-Courier, News of the World, New York Post, The Australian, The Daily Telegraph, Herald Sun, Independent Newspapers

Magazines: SmartSource, Times Literary Supplement, The Weekly Standard, Times Education Supplement, News America Marketing, Times Higher Education Supplement, Maximum Golf

Sports teams: Los Angeles Dodgers, National Rugby League

Internet/interactive: Fox Interactive, ChinaByte, epartners ($300 million investment)

Other: NDS, Kesmai PLD Telecom

7. AT & T Broadband

Englewood, Colo. (NYSE: T; LMG.A; LMG.B)

Fiscal year ended: Dec. 31, 1999

C. Michael Armstrong, chairman; Daniel E. Somers, president/CEO, AT & T Broadband; John Malone, chairman, Liberty Media

*Revenue: $8.6 billion

*Operating cash flow: $1.4 billion

*Operating income: $400 million (estimate)

Web site:

Cable: AT & T Broadband (includes former MediaOne holdings): cable systems with 16.1 million subscribers; 17.4 million cable subscribers through partnerships with TWE: (26%), Cablevision (28%), Texas Cable Partnership (50%), Century (25%), Insight Midwest LP (50%), Parnassus (33%), Charter (32%), Kansas City Cable Partnership (50%), Sioux Falls (50%), US Cable Coastal-TX (37%)

Programming: Time Warner Entertainment (25.5%); New England Cable News (50%); Outdoor Life (15%); Speedvision (13%); Fox Sports New England (50%); National Cable Communications (12.5%); E! Entertainment (10%); Music Choice (8%); Viewers Choice (11%); The Sunshine Network (14.6%); Style (10.4%)

Programming (investments through Liberty Media): Starz Encore Group; Discovery Communications (49%) (Discovery Networks: Analog: Discovery Channel, The Learning Channel, Animal Planet, Discovery People, The Travel Channel; Digital: Discovery Science, Discovery Civilization, Discovery Home & Leisure, Discovery Kids, Discovery Health, Discovery Wings, Discovery en Español); Discovery International; Discovery Retail (46 The Nature Company Stores, 79 Discovery Channel Stores, 2 Discovery Destination stores); News Corp. (8%); Time Warner Inc. (9%); QVC Inc. (43%); USA Networks (21%); BET Holdings (35%); Canales (100%); Corus Entertainment (one of Canada's leading media companies 20%); Court TV (50% investment); Crown Media Holdings (16%); E! Entertainment Television (10%); interest in Fox Kids Worldwide; International Channel (90%); Jupiter Programming Co. (Japan 50%); MacNeil/Lehrer Productions (67%); MultiThematique, S.A. (30%); Pramer S.C.A. (Argentina 100%); TV Guide Inc. (44%); USA Networks (21%); QVC Inc. (43%); Telemundo Network (50% with Sony Pictures Entertainment); Telemundo Station Group (25%); Torneos y Competencias (40%, Argentina); The Premium Movie Partnership (Australia, 20%)

Cable and Telephony (investments through Liberty Media): Cable Management Ireland (100%); Metropolis-Intercom (Chile, 30%); Cablevision SA (Argentina 28%); Digital Latin America (43%); Grupo Portatel (24%); ICG Communications (24%); Jupiter Telecommunications (Japan, 50%); Omnipoint Communications (3%); Princes Holdings (Ireland, 50%); Sprint PCS Group (24%); Liberty Cablevision of Puerto Rico (100%); Telewest Communications (25%); Teligent (34%); UnitedGlobalCom (10%)

Satellite (investments through Liberty Media): Astrolink International (32%); iSky (19%); Sky Latin America (10%); TCI Satellite Entertainment (21%); XM Satellite Radio (3%)

Internet (through Liberty Media): BroadbandNOW (5%); Four Media Co. (100%); Geocast Network Systems (8%); On Command Corp. (57%); OneMedia Place (2%); Liberty Digital (93%) including MTV Online (10%); iVillage (3%); (2%); (2%); ACTV (16%); Quokka Sports (3%); Interactive Pictures (4%); TiVo/Replay; (1%); (1%); iBeam Broadcasting Corp. (8%); Interactive Pictures Corp. (4%); KPCB Java Fund (6%); The Lightspan Partnership (9%); Kalediscope Interactive (50%); Lifescape (15%); (6%); Online Retail Partners (21%); (19%); (29.6%); (12%); (23.5%); Third Age Media (11.8%); (11.2%);

Equipment (through Liberty Media): ANTEC (19%); Motorola (3%); TruePosition (100%)

Other (through Liberty Media): Ascent Network Services (100%); Cendant Corp. (7%); Emmis Communications (12%); Primedia (5%)

*Reflects holdings of AT & T Broadband and Liberty Media.

8. Comcast Corp.

Philadelphia (Nasdaq: CMCSK; CMCSA)

Fiscal year ended: Dec. 31, 1999

Ralph Roberts, chairman; Brian Roberts, president

Revenue: $6.2 billion

Operating cash flow: $1.9 billion

Operating income: $664 million

Web site:

TV: QVC (57%)

Cable: systems serving 8.2 million subscribers based on pending cable transactions

Programming: QVC (57%); Comcast@Home; E! Entertainment Television (has controlling interest); Comcast SportsNet (46%); CN8; The Golf Channel (54.7%); Outdoor Life; Speedvision; Style (40%); Sunshine Network (13%);In Demand (11%); and Comcast Sports Southeast

Sports: Comcast-Spectacor (entity includes Philadelphia 76ers, Philadelphia Flyers, Philadelphia Phantoms (American Hockey League) and two arenas-the First Union Spectrum and the First Union Center)

Internet: Comcast@Home, iQVC, Internet Capital Group, Excite@Home

9. Tribune Co.

Chicago (NYSE: TRB)

Fiscal year ended: Dec. 31, 1999

John W. Madigan, chairman, president/CEO

*Revenue: $6 billion

**Operating cash flow: $1.5 billion

**Operating income: $1 billion

Web site:

TV: 22 stations (38% of national audience); Tribune Entertainment; The WB Television Network (25%)

Cable: WGN, Central Florida News 13 (50%); CLTV News (Chicago)

Radio: 4 stations

Newspapers: 11 daily newspapers including the Los Angeles Times, the Chicago Tribune, Newsday, The Orlando Sentinel, Knight-Ridder/Tribune Information Services (50%)

Publishing: Tribune Media Services, Times Mirror Magazines (18 including Field & Stream and Popular Science), Jeppesen Sanderson (Times Mirror magazines and Jeppesen Sanderson are for sale)

Internet: AOL (5.7 million shares); Exactis (1.1M shares); Excite@Home (3.4M shares); iVillage (0.8M shares); Lightspan Partnership (1.8M shares); Peapod (1.8M shares); Pseudo Programs (10%); BrassRing (23%); (8%); (18%); iExplore (24%); iOwn (9%); SuperMarkets Online (20%); Classified Ventures (17%); (11%)

Sports: Chicago Cubs (Major League Baseball)

*Revenue includes acquisition of Times Mirror on June 12, 2000.

**Projected for 2000, including Times Mirror acquisition.

10. Cox Enterprises Inc.

Atlanta (privately held)

Fiscal year ended: Dec. 31, 1999

James C. Kennedy, chairman/CEO

Revenue: $6 billion

Operating cash flow: NA

Operating income: NA

Web site:

TV: 11 stations serving 9.8% of national viewing audience; Rysher Entertainment-TV production and syndication

Cable: systems serving 5.5 million subscribers, Discovery Communications (24%)

Radio: 81 radio stations (including pending acquisitions in Houston, Richmond, Va., and Miami)

Newspapers: 16 daily newspapers, including flagship Atlanta Journal-Constitution; 15 weeklies and shoppers; Val-Pak Direct Mail Marketing, Cox Target Media, Cox Direct, CustomMedia, Mary Engelbreit's Home Companion (40%), PAGAS Mailing Service, Trader Publishing Co. (50%)

Internet: Cox Interactive Media-network of 70 local sites with 24 city sites in top 50 markets; Look Smart Ltd.-Internet search engine (26% stake)

Other: Manheim Auto Auctions (more than 80 traditional and Internet auto auctions)

11. NBC (owned by General Electric)

New York (NYSE: GE)

Fiscal year ended: Dec. 31, 1999

Jack Welch, chairman/CEO, GE; Bob Wright, president/CEO, NBC

Revenue: $5.8 billion

Operating cash flow: NA

Operating income: $1.6 billion

Web site:

TV: 13 stations serving 28% of country, NBC Television Network, Paxson Communications (32%)

Cable: MSNBC (50%); CNBC (100%); CNBC Asia (Dow Jones 50%); CNBC Europe (Dow Jones 50%); A & E Television Networks (25% with ABC and Hearst); Rainbow Programming (25%); ValueVision (39.9%); National Geographic Asia (NBC 25%, National Geographic 25%, Fox 50%); National Geographic Channel Worldwide (NBC 25%, National Geographic, 25%, Fox 50%); National Geographic Europe (NBC 25%, National Geographic 25%, BSkyB, 50%); NBC Europe (minority percentage; undisclosed partnership with Deutsch Fernsehnachrichten Agentur)

Sports: XFL, professional football league slated to debut in February 2001 (joint venture with World Wrestling Federation Entertainment); NBC also has minority stake in World Wrestling Federation Entertainment

Music: NBC Records

Internet: NBC Internet (40.3%); (50%); (90%; 10% NBCi); (50%); minority equity stakes in more than 50 new-media companies

12. Gannett Co.

Arlington, Va. (NYSE: GCI)

Fiscal year ended:

Dec. 26, 1999

John J. Curley, chairman; Douglas H. McCorkindale, president/CEO

Revenue: $5.3 billion

Operating cash flow: $1.8 billion

Operating income: $1.6 billion

Web site:

TV: 22 stations serving 17.4% of national viewing audience

Newspapers: 74 newspapers, including flagship USA Today; 15 newspapers in the UK

13. Clear Channel Comm. Inc.

San Antonio (NYSE: CCU)

Fiscal year ended:

Dec. 31, 1999

L. Lowry Mays, chairman

*Revenue: $4.6 billion

*Operating cash flow: $1.9 billion

*Operating income: $393 million

Web site:

TV: 19 stations (covering 7% of U.S., including 8 LMAs and satellites)

Radio: 874 stations (proposed number of stations company will have after merger is complete); AMFM Radio Networks; Heftel Broadcasting (26%); Clear Channel Sports; Australian Radio Network (50%); Virginia Radio Networks; Florida Radio Network; Alabama Radio Network; Kentucky News Network; Oklahoma News Network; Penn State Sports Network; Tennessee Radio Network; University of Florida Sports Network; University of Miami Sports Network; Voice of Southwest Agriculture Network; Network, Grupo Acir Communicaciones SA de CV (40%); New Zealand Radio Network (33%); Radio Bonton (50%)

Outdoor: More than 700,000 billboards in U.S.; Adshel Street Furniture (50%); Capital City Posters (30%); Dauphin OTA (50%); Expoplakat AS (40%); Hainan White Horse Advertising Media Investment Co. (50%); Master & More Co. (32%); Plakanda Holdings (82%); Sirocco International (50%)

Advertising/research: Katz Media Group, Chancellor Marketing Group, Broadcast Architecture (radio research firm)

Internet: AMFMI

*Includes holdings of AMFM Inc., pending final acquisition later this year; revenue, income and cash-flow figures based on combined 1999 figures for both companies.

14. The McGraw-Hill Companies

New York (NYSE: MHP)

Fiscal year ended:

Dec. 31, 1999

Harold W. "Terry" McGraw III, chairman, president/CEO

Revenue: $4 billion

Operating cash flow: $708 million

Operating income: $739 million

Web site:

TV: Four stations totaling 4% of national viewing audience

Publishing: Educational Publishing, Higher Education, Professional Publishing

Magazines: Business Week, Aviation Week

Financial services: Standard & Poor's Information Services, S & P's Ratings Services


15. Cablevision Systems Corp.

Woodbury, N.Y. (ASE: CVC)

Fiscal year ended:

Dec. 31, 1999

James Dolan, CEO

Revenue: $3.9 billion

Operating cash flow: $909.6 million (pro forma)

Operating income: ($174 million)

Web site:

Cable: systems serving 3.4 million subscribers

Programming-Rainbow Media Holdings Inc.: American Movie Classics; Bravo; Bravo Latin America; The Independent Film Channel; Romance Classics; News 12 Networks; News 12 New Jersey; MuchMusic; (50%); National Sports Partners-Fox Sports Net (50%); National Advertising Partners (50%); Regional Programming Partners (Rainbow Media 60% and FOX Sports Networks LLC 40%)-FOX Sports Net New York; FOX Sports Net Florida; FOX Sports Net Ohio & Cincinnati; FOX Sports Net New England; FOX Sports Net Chicago; FOX Sports Net Bay Area; MetroChannels; Madison Square Garden Co.; Madison Square Garden arena; Madison Square Garden Network; Radio City Music Hall

Sports: New York Knicks (National Basketball Association); New York Rangers (National Hockey League); New England Seawolves (arena football); New York Liberty (Women's National Basketball Association); Hartford Wolf Pack (hockey)

Telephony: NorthCoast Communications (PCS, 49.9%)

Retail: Clearview Cinema Group (65 theaters); The Wiz (41 stores)

Internet: investor Excite@Home, (9.6%)

16. DirecTV (owned by Hughes Electronics)

El Segundo, Calif. (NYSE: GMH)

Fiscal year ended:

Dec. 31, 1999

Odie Donald, president

Revenue: $3.8 billion

Operating cash flow: $19.9 million

Operating income: ($292.1 million)

Web site:

Satellite: satellite TV service with more than 9.5 million subscribers (total includes DirectTV U.S. operations, Primestar by DirectTV and Galaxy Latin America customers)

17. The Hearst Corp.

New York (privately held)

Fiscal year ended:

Dec. 31, 1999

Frank A. Bennack Jr., president/CEO

Revenue: $3.7 billion

Operating cash flow: NA

Operating income: NA

Web site:

TV: Hearst-Argyle Television (63%); 32 TV stations (17.6% of national viewing audience; nine stations are LMAs or satellite stations); Hearst-Argyle Television Productions; Hearst Entertainment and Syndication; TVA (Brazilian pay-TV company with ABC Inc.); Locomotion (animation with Cisneros Group)

Cable: Lifetime Television (50%); New England Cable News (with MediaOne); ESPN (20%); A & E Television Networks (37.5%, partner with ABC and NBC)

Radio: 7 stations

Newspapers: 12 dailies (San Francisco Examiner, Houston Chronicle) King Features Syndicate

Publications: 16 consumer weeklies (Cosmopolitan, Esquire, Town & Country, Harper's Bazaar), business publications

Internet: Hearst New Media Center; stake in AOL; Networks (53%); Talk City (5%)

Real Estate: Hearst Realties, San Francisco Realties, Sunical Land & Livestock Division

18. USA Networks Inc.


Fiscal year ended:

Dec. 31, 1999

Barry Diller, chairman/CEO

Revenue: $3.2 billion

Operating cash flow: $572.8 million

Operating income: $213 million

TV: USA Broadcasting-13 stations (covering 31% of U.S.); minority stakes in four other TV stations; Studios USA (syndication)

Cable: USA Network, Sci-Fi Channel, TRIO, Newsworld International (NWI)

Feature films: USA Films

Home video: USA Home Entertainment

Internet: USA Networks Interactive:,,,,,,,,,,,; Hotel Reservations Network:

Retail: Home Shopping Network; Home Shopping en Español; Home Order Television (Germany); Shop Channel (Japan); America's Store; Ticketmaster; USA Electronic Commerce and Services, includes Precision Response Corp., Short Shopping, ECS eSolutions and ECS Database Marketing

19. The New York Times Co.

New York (NYSE: NYT)

Fiscal year ended:

Dec. 26, 1999

Arthur Sulzberger Jr., chairman; Russell T. Lewis, president/CEO

Revenue: $3.1 billion

Operating cash flow: $601 million

Operating income: $571 million

Web site:

TV: Eight stations (3.7% of national viewing audience)

Radio: 2 stations

Newspapers: 24 newspapers, including The New York Times and The Boston Globe; International Herald Tribune (50% owned with The Washington Post Co.)

Publications: 3 golf magazines

Internet: New York Times Digital includes,,,,, Abuzz

20. Charter Communications

St. Louis (NYSE: CHTR)

Fiscal year ended: Dec. 31, 1999

Paul Allen, chairman, CEO; Jerry Kent, president

Revenue: $2.9 billion

Operating cash flow: $1.4 billion

Operating income: ($458.8 million)

Web site:

Cable: systems serving 6,138,000 subscribers

Other media: minority stakes in Broadband Partners (24.9%); Worldgate Communciations; High-Speed Access; Wink Communications

21. The Washington Post Co.

Washington (NYSE: WPO)

Fiscal year ended:

Jan. 2, 2000

Donald E. Graham, chairman/CEO

Revenue: $2.2 billion

Operating cash flow: $551 million

Operating income: $388 million

Web site:

TV: Six stations (7.28% of national viewing audience)

Cable: Cable One Inc.-cable operators in 18 states with 740,000 subscribers

Newspapers: The Washington Post; The Herald (Everett, Wash.); Gazette Newspapers; International Herald Tribune (50% with New York Times Co.)

Publications: Newsweek, Newsweek International, Post-Newsweek Business Information

Internet: Washingtonpost.Newsweek Interactive

Other: Kaplan Inc.; BrassRing (42%); Los Angeles Times-Washington Post News Service (50%)

22. Adelphia Communications

Coudersport, Pa. (NYSE: ADLAC)

Fiscal year ended:

Dec. 31, 1999

John Rigas, chairman

Revenue: $2.2 billion

Operating cash flow: $944 million

Operating income: $251 million

Cable: systems serving 4,990,000 subscribers

Other media: Adelphia Business Solutions

23. Bloomberg LP

New York (privately held)

Fiscal year ended:

Dec. 31, 1999

Michael R. Bloomberg, president, CEO and founder

Revenue: $2 billion (estimated)

Operating cash flow: NA

Operating income: NA

Web site:

TV: Bloomberg Television (available in seven languages on 10 worldwide networks); Bloomberg Small Business; Bloomberg Personal Finance-syndicated market reports, technology reports and magazine format shows; Bloomberg Interactive Television

Radio: Bloomberg Radio AM 1130 (flagship 24-hour financial-news station in New York); Bloomberg Radio Reports (syndicated to 200 affiliate stations worldwide); Bloomberg Urban Report; Negocios Bloomberg

Newspapers: Bloomberg News (worldwide news services syndicated to 450 newspapers worldwide)

Publications: Bloomberg Personal Finance (personal finance magazine); Bloomberg Markets; Wealth Manager, Bloomberg Money (UK), Bloomberg Investimenti (Italy)

Publishing: Bloomberg Press

Internet/interactive: Bloomberg Tradebook, Bloomberg Professional Service,

24. E.W. Scripps Co.

Cincinnati (NYSE: SSP)

Fiscal year ended:

Dec. 31, 1999

Ken Lowe, president/CEO

Revenue: $1.6 billion

Operating cash flow: $401 million

Operating income: $297 million

Web site:

TV: 10 stations (9.9% of national viewing audience)

Cable: House & Garden Television, TV Food Network, Fox Sports South (12%), Do It Yourself, Fine Living

Newspapers: 20 daily newspapers (The Denver Rocky Mountain News, Boulder Daily Camera); 5 community newspapers; United Media; Scripps Howard News Service


25. EchoStar Comm. Corp.

Littleton, Colo. (NASDAQ:DISH)

Fiscal year ended:

Dec. 31, 1999

Charles W. Ergen,


Revenue: $1.6 billion

Operating cash flow: ($58.5 million)

Operating income: ($347. 1 million)

Web site:

Satellite: DISH Network: satellite TV service with 3.9 million subscribers

Top 25 Media Groups