Emmis Communications Reports 2nd Quarter Results and CBS Corporation Updates 2008 Guidance

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City of Industry, CA --(www.USEquityNews.com)-- 10/13/2008 - Entertainment industry alert provided by U.S. Equity News. Emmis Communications Corporation (Nasdaq: EMMS) recently announced results for its second fiscal quarter ended August 31, 2008. "Our team at Emmis continues to deliver during these challenging times for the U.S. economy," Emmis Chairman and CEO Jeff Smulyan said. "We delivered 2 percent growth in operating income during the first six months of the fiscal year based in no small part on the explosive growth in our International operations. During the second quarter, net revenue at our radio operations in Slovakia, Hungary, Bulgaria and Belgium grew an amazing 38 percent. This type of performance, coupled with responsible actions to manage our expenses and balance sheet, position Emmis well to benefit from the U.S. economy's inevitable recovery." For the second fiscal quarter, net revenue was $94.2 million, compared to $95.7 million for the same quarter of the prior year. Diluted net income per common share from continuing operations was $0.02, compared to $0.04 for the same quarter of the prior year.


Radio One, Inc. (NASDAQ:ROIAK) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the third fiscal quarter of 2008. The conference call is scheduled for Thursday, November 6, 2008 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-553-0273; international callers may dial direct (+1) 651-291-0618 . A replay of the conference call will be available from 12:30 p.m. EDT November 6, 2008 until 11:59 p.m. November 7, 2008. Callers may access the replay by calling 1-800-475-6701; international callers may dial direct (+1) 320-365-3844. The replay Access Code is 965195. Access to live audio and a replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be made available on the website for seven days after the call. Radio One, Inc. (www.radio-one.com) is one of the nation's largest radio broadcasting companies and the largest radio broadcasting company that primarily targets African-American and urban listeners. Radio One, Inc. owns and/or operates 52 radio stations located in 16 urban markets in the United States. Additionally, Radio One owns Interactive One, LLC interests in TV One, LLC (www.tvoneonline.com), a cable/satellite network programming primarily to African-Americans, Reach Media, Inc. (www.blackamericaweb.com), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner, and Community Connect Inc., an online social-networking company, which operates a number of branded websites, including BlackPlanet, MiGente and AsianAvenue.

CBS Corporation (NYSE: CBS.A) recently revised its business outlook for the full year 2008. The continued economic slowdown in the United States has adversely affected advertising revenues across the Company's businesses, primarily at the local level, and the effects of the current financial crisis are likely to cause further declines in advertising spending. As a result of these market conditions, the Company is revising its 2008 full year business outlook for both adjusted operating income before depreciation and amortization ("OIBDA") and adjusted operating income to a decline of mid-teens versus 2007. The Company said that, based on preliminary information, its third quarter performance is expected to reflect revenue growth of approximately 3% over the comparable period last year, led by higher syndication revenue and recent acquisitions. Further, the Company now expects to report adjusted diluted earnings per share of approximately $.42 to $.44 for the third quarter of 2008, compared to $.51 for the third quarter of 2007. In addition, as a result of these recent adverse market conditions, the Company is currently performing an interim impairment test on its existing goodwill, other indefinite lived intangible asset balances and investments. Based on preliminary results, the Company expects to incur a non-cash impairment charge of approximately $14 Billion, in the third quarter of 2008 to reduce the carrying value of goodwill, intangible assets related to FCC licenses and investments.

Archer Entertainment Media Communications, Inc. (Other OTC:AEMC.PK) (www.archeremc.com) (ISIN US039490107) revealed recently that it has officially started up its motion picture division by researching film locations and logistics for the forthcoming filming of their debut epic movie, "Kings of the Sea," in Thailand. Michael Selsman, Archer CEO, said that Archer will work closely with government officials and the Thailand Government Film Office in negotiations for sites, film crews and local casting. "This is the first of what is planned to be a 10-picture production schedule we will be producing over the next six years in various locations utilizing international tax treaty financing," Selsman noted. David Wardlow, Archer President of Production, will oversee all aspects of the venture. "Visually one of the most exciting places on the planet, the islands in the Andaman Sea in Western Thailand offer dramatic scenery and calm waters as well as a low-cost friendly filming environment," he observed.

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