This report includes or incorporates forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about us, including, among other things, the following risks:

General risks

†

† the impact of changes in national and regional economies including the possibility of an extended recession and freezing of the credit markets;

† the activities of our competitors;

† terrorist acts of violence or war and other geopolitical events;

Industry risks

†

† the business conditions of our advertisers particularly in the automotive industry;

† competition with other broadcast television stations, radio stations, multi-channel video programming distributors (MVPDs) and internet and broadband content providers serving in the same markets;

†          labor disputes and legislation and other union activity;

†          availability and cost of programming;

†          the effects of governmental regulation of broadcasting or changes in

† the continued viability of networks and syndicators that provide us with programming content;

† the June 12, 2009 mandatory transition from analog to digital over-the-air broadcasting including the impact the transition will have on television ratings;

† the broadcasting community's ability to develop a viable mobile digital television strategy and platform and the consumers appetite for mobile television;

† competition related to the potential implementation of regulations requiring MVPDs to carry low power television stations' programming;

† the operation of low power devices in the broadcast spectrum could cause harmful interference to our broadcast signals;

† our ability to negotiate and maintain music license agreements with favorable terms;

Risks specific to us

†

† our ability to service and refinance our outstanding debt including our ability to address put option exercises in May 2010 and January 2011 related to our 3.0% Notes and 4.875% Notes, respectively;

†          the effectiveness of our management;

†          our ability to attract and maintain local and national advertising;

†          our ability to successfully renegotiate retransmission consent
agreements;

†          our ability to renew our FCC licenses;

†          our ability to maintain our affiliation agreements with our networks

† the popularity of syndicated programming we purchase and network programming that we air;

† the strength of ratings for our local news broadcasts including our news sharing arrangements;

† changes in the makeup of the population in the areas where our stations are located;

† the success of our multi-channel broadcasting initiatives strategy execution including mobile digital television;

† the results of prior year tax audits by taxing authorities; and

† our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on our investments.

Other matters set forth in this report and our other reports filed with the SEC, including the Risk Factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2008 may also cause actual results in the future to differ materially from those described in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this report might not occur.

The following table sets forth certain operating data for the three months ended March 31, 2009 and 2008: