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Business Wire

Paxson Communications Corporation (AMEX:PAX) (the "Company"), the owner and operator of the nation's largest broadcast television station group and the PAX TV network, reaching 87% of U.S. households (approximately 95 million homes), today announced that it has filed a Form 12b-25 with the Securities and Exchange Commission ("SEC") in order to further analyze two adjustments to its financial statements. The Company expects to file its Annual Report on Form 10-K for 2004 with the SEC reflecting these two adjustments upon the finalization of its financial statements.

First, from approximately 1999 through 2002, the Company entered into various long-term operating leases that provided for escalating lease payments. Historically, the Company had recognized the expense associated with these operating leases based on the annual cash outflows required. Under generally accepted accounting principles, however, the Company is required to recognize the annual amount of lease expense using the straight-line method over the term of the lease.

Second, the Company has determined that the state income tax rate used to determine its income tax provision and establish the related deferred tax liability in previous financial statements is incorrect and is currently evaluating the effect of the application of the incorrect rate.

These two adjustments will result in the recognition of additional expense and related deferred liabilities. The Company is in the process of analyzing both of these issues and, at this time, is unable to determine whether it will be necessary to restate its financial results for any prior periods.

Forward-Looking Statements:

This press release contains forward-looking statements that involve risks and uncertainties, many of which are beyond the control of the Company. All statements herein that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements.

Actual results or events may differ materially from those predicted in these statements. Factors which could cause actual results or events to differ from current expectations include the risks and uncertainties contained in the Company's periodic reports filed with the SEC. All forward-looking statements made in this release are qualified by these cautionary statements and there can be no assurance that the results, events or developments referred to in this release will occur or be realized.

About Paxson Communications Corporation:

Paxson Communications Corporation owns and operates the nation's largest broadcast television distribution system and the PAX TV network. PAX TV reaches 87% of U.S. television households via nationwide broadcast television, cable and satellite distribution systems. For more information, visit PAX TV's website at http://www.pax.tv.

Note: PAX TV distribution data provided by Nielsen Media Research