Freedom Reaches Agreement with Lenders to Restructure Debt

IRVINE, Calif. -- Sept. 1, 2009 -- Freedom Communications, a national privately owned information and entertainment company of print publications, broadcast television stations and interactive
businesses, announced today that it has reached agreement with its lenders on a restructuring of the Company`s debt.

To implement the restructuring, Freedom and its subsidiaries today filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code, along with a plan-support agreement executed by a steering committee of their lenders. According to the agreement, a majority of the lenders will support a pre-negotiated plan of reorganization that incorporates the terms of the restructuring.

Freedom Communications` daily and weekly newspapers, TV stations and websites will continue normal operations. Readers, viewers and advertisers should see no difference in the day-to-day operations of these businesses.

"This announcement is positive news for the Company and all of our associates, who have been making extraordinary efforts to transform our business, as well as for our customers and the communities that depend on us for critical information," said Freedom CEO Burl Osborne. "Reaching this agreement with our lenders provides us with an orderly process to re-align our balance sheet with the realities of today`s media environment."

Freedom Communications stated that, as of the filing date, it has sufficient cash to fund daily operations, including post-petition payments to vendors and partners and to meet customer and employee obligations through the duration of the restructuring.

"We are grateful for the confidence our lenders have continued to demonstrate in Freedom," Mr. Osborne said. "We will work to implement this restructuring agreement through the Chapter 11 process as expeditiously as possible and emerge with a solid balance sheet to face both challenges and opportunities in the future."

The Company made its filing in the U.S. Bankruptcy Court for the District of Delaware in Wilmington. Additional information regarding the filings can be found at www.loganandco.com or by calling 800-299-1960.

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 approximately 90 daily and weekly publications, including approximately 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.