PAX Prospect Acquisition Corp.

Paxson Communications Corporation (AMEX:PAX) is a television broadcasting company which owns and operates the largest broadcast television station group in the U.S., as measured by the number of television households in the markets our stations serve. We currently own and operate 60 broadcast television stations (including three stations we operate under time brokerage agreements), which reach all of the top 20 U.S. markets and 40 of the top 50 U.S. markets. We operate a network that provides programming seven days per week, 24 hours per day, and reaches approximately 91 million homes, or 84% of primetime television households in the U.S. through our broadcast television station group, and pursuant to distribution arrangements with cable and satellite distribution systems. -0- *T Company: Paxson Communications Corporation Headquarters Address: 601 Clearwater Park Road West Palm Beach, FL 33401 Main Telephone: 561-659-4122 Website: http://www.paxson.com Ticker: PAX(AMEX) Type of Organization: Public Industry: Entertainment: TV and Radio Key Executives: COO: Dean Goodman CFO: Richard Garcia Public Relations Contact: Leslie Monreal Phone: 561-682-4134 Email: lesliemonreal@paxson.com *T