Chairman's Letter

Freedom’s financial success during 2004 is a tribute to the skill and dedication of all of our associates.

Our newly formed partnership with The Blackstone Group and Providence Equity Partners has allowed us to refocus on Freedom’s core values, and to reaffirm our commitment to the highest journalistic and entertainment standards as well as the practical everyday task of running a media business.

During this time period, our associates produced the most profitable year in Freedom’s history. On behalf of the stockholders and board of directors, I want to thank you for your dedication and a job well done.

2004 has been a year of transition and growth for our company; nevertheless, one thing has remained constant: our more than 7,000 Freedom associates.

You came to work every day, always there, energized by the notion that ideas mattered, that ideas could make the communities that we serve better places to live.

My great-grandfather R.C. Hoiles strongly believed this as well, and your dynamic commitment to spreading libertarian values carries on his legacy. At times our opinions may not be popular; however, we must adhere to the enduring principles that shape our editorial philosophy: respect for individual freedom, self-responsibility, integrity, community and life-long learning.

In order to uphold these principles, it is essential that our company be on a solid financial foundation, which in turn will enable us to weather any problems (including hurricanes) cast in our path.

Be proud of your efforts and have confidence that Freedom will continue to be a vital presence in our communities for many years to come.

Chairman of the Board