Pappas Telecasting Expands Board of Directors.

Pappas Telecasting Companies announced that it has elected four new members to its Board of Directors. The new directors are Peter Chrisanthopoulos, recently-named President and Chief Operating Officer of the company; Howard H. Shrier, Senior Executive Vice President & Chief Operating Officer of the TV Stations Division; Peter C. Pappas, Executive Vice President/Government and Regulatory Affairs; and Richard L. Elmendorf, Chief Financial Officer. The new Members of the Board have already assumed their seats.

In making the announcement, Harry J. Pappas, Chairman and Chief Executive Officer, said, “The scope, scale and diversity of Pappas Telecasting’s activities has increased significantly over the past several years. Less than a decade ago, we had only two television stations; the company now owns 20 full-power broadcast TV stations, operates a large number of network affiliated Class A television stations, holds numerous construction permits for new full-power radio and TV stations, is developing a Spanish-language television station group, and is in the process of moving a 50,000 watt AM radio station into the San Francisco-Oakland-San Jose market as well as constructing a new radio station in Modesto, California. As the company’s activities have expanded, we’ve been fortunate to add extraordinarily talented executives to our management group so that Pappas Telecasting can execute our vision for the future growth of our company’s business and service interests.”

“Each of our new board members brings a particular competency and expertise to the table,” Mr. Pappas continued. “Peter Chrisanthopoulos’ leadership abilities, successful track record and thorough knowledge of both the advertising and broadcast industries constitute an incredible, energetic standard-bearer to lead Pappas Telecasting in the years ahead. Howard Shrier’s skills and solid, steady hand at the helm of our TV stations has been a key leadership element in our formula for success. Rich Elmendorf’s significant financial expertise and deep knowledge of the capital markets will undoubtedly improve our ready access to capital. And Peter Pappas’ experience in the White House, State Department and the FCC has already had an enormously positive impact on our ability to navigate the ever-changing regulatory environment and improve our stations’ ability to serve the public.”

“Although we’re privately-held, many of the corporate governance principles that are vital to public companies simply make sense for our company,” Mr. Pappas continued. “A business is only as good as the integrity of the people running it. By expanding our Board of Directors, we have focused on establishing a solid foundation upon which the future growth of the company can flourish, with a senior management team that I’m confident will continue setting the highest standards and achieve improved performance for the good of the public we serve and for all employees who count on a solid, inspired leadership. After my nearly 40 years in the broadcast industry, the time has come to ensure that a management succession plan exists so that Pappas Telecasting can continue to grow and thrive for future generations.”

“Our industry is undergoing enormous changes. I believe that the future is very attractive for those companies that have assembled the brightest minds to take advantage of the opportunities that arise whenever change occurs. We see a number of very attractive opportunities for growth in broadcast TV, radio, the distribution of news and entertainment content, and related businesses. I believe that over-the-air TV’s best years are ahead of it, not behind it. However, we must become fully informed of key developments which are critical to understanding future value creation based upon broadcast TV’s traditional advantages of mass appeal content coupled with exclusive local content delivered over a ubiquitous wireless, portable, mobile, robust transmission system to inexpensive receivers. The talent we’ve assembled will make us more effective in clarifying the company’s strategy with regard to identification of trends and changes, determining how best to use those trends and changes to our advantage, and monitoring and evaluating the company’s performance,” Mr. Pappas concluded.