Freedom Communications Announces Agreement With Lenders of its Senior Credit Facility

IRVINE, Calif., -- April 29, 2009 – Freedom Communications, Inc. announced today that it has reached agreement with lenders of its senior credit facility to waive the requirements of certain formula-based financial covenants through December 31, 2009. The Company previously had not been in compliance with such covenants.

“This is positive news for the Company because it gives us the time needed to reach consensus on a more comprehensive restructuring of our debt,” said Scott Flanders, President and CEO. “In addition to the significant changes we have already undertaken to make our business more competitive during these challenging times, deleveraging our balance sheet to better reflect current revenue streams will be another important step in our Company’s transformation.”

As part of the waiver, the Company prepaid some principal payments due in 2009, as well as an amendment fee. Even following such payments, the Company stated that it continues to have and generate more than sufficient cash to meet its working capital requirements.

“As we continue to work to transform Freedom Communications and achieve a rational capital structure, all of our associates remain focused on our customers and providing them with the same level of excellence in the local content and advertising they value,” Mr. Flanders said.

About Freedom Communications
Freedom Communications, headquartered in Irvine, Calif., is a national privately owned information and entertainment company of print publications, broadcast television stations and interactive businesses. The company’s print portfolio includes more than 100 daily and weekly publications, including just over 30 daily newspapers, plus ancillary magazines and other specialty publications. The broadcast company’s stations – five CBS, two ABC network affiliates and one CW affiliate – reach more than 3 million households across the country. The Company’s news, information and entertainment websites complement its print and broadcast properties.