Paxson Communications Appoints Brandon Burgess Chief Executive Officer; Lowell W. Paxson Becomes Chairman Emeritus
07 November 2005 - 2:52PM
Business Wire
Paxson Communications Corporation (AMEX: PAX) (the "Company") today
announced that its Board of Directors has appointed R. Brandon
Burgess Chief Executive Officer and a director of the Company. Mr.
Burgess most recently served as Executive Vice President, Business
Development & International Channels for NBC Universal, and
will assume the responsibilities of Chief Executive Officer of the
Company on November 10, 2005. He succeeds Lowell W. Paxson, who
resigned as Chairman and Chief Executive Officer and was named
Chairman Emeritus. The Board of Directors also appointed W.
Lawrence Patrick, a director since March 2005, as Chairman of the
Board. "This is a unique opportunity, and I am very energized by
the prospects of working with the Paxson team," said Mr. Burgess.
"Paxson is the only broadcaster that reaches over 60% of U.S. homes
through its own station group and over 83% with additional
distribution through its cable and satellite platforms. Content
producers and distributors are increasingly interested in
capitalizing on our daily reach of over 91 million U.S. households
for new and innovative programming ideas and realizing the distinct
value we offer in localizing content in 40 of the top 50 markets
where we own stations." "We are fortunate and pleased to have
someone of Brandon's caliber to help take the Company to the next
level and drive further value for all our stakeholders," said Mr.
Patrick. "On behalf of my fellow directors and the Company's
employees, I also want to express our gratitude to Bud Paxson for
all he has done for our company. Bud has blazed new trails in media
and entertainment, and his stewardship and vision have enabled the
Company to develop solid underlying value, talented human capital
and exciting potential." Mr. Burgess brings to the Company an
expansive strategic and operational understanding of the television
media landscape, as well as an accomplished track record. He most
recently served as Executive Vice President, Business Development
& International Channels for NBC Universal, where he was
credited with a series of strategic moves that developed the NBC
broadcast network into the integrated global multimedia portfolio
NBC Universal is today. Burgess was instrumental to the recent
merger of NBC and Universal Entertainment and to the restructuring
of Rainbow Media, giving NBC its first entertainment cable channel,
Bravo. Burgess' credentials also include extensive work in
broadcasting, having played a central role in expanding NBC's
owned-and-operated stations group from 13 to 30 stations. He also
planned and co-led the launch of the first U.S. nationwide digital
multicast broadcast network in a joint venture he arranged between
NBC and its broadcast affiliates. Prior to joining NBC, Mr. Burgess
worked in corporate strategic planning at PepsiCo in New York and
investment banking at Goldman Sachs in Europe. He holds an MBA from
the Wharton School in Philadelphia and an undergraduate degree in
international business from the European Business School. Lowell
"Bud" Paxson is an award-winning media industry pioneer whose
broadcast career spans more than 48 years. In 1991, Mr. Paxson
founded Paxson Communications Corporation, which under his
leadership, has grown to become the owner and operator of the
nation's largest broadcast television station group. Among his many
honors, Mr. Paxson was inducted into the Broadcasting & Cable
Hall of Fame in 2002 and was the recipient of the "Sonny" award by
the Broadcasters' Foundation and the Touchdown Club of America. Mr.
Paxson is also the creator, co-founder and President Emeritus of
the Home Shopping Network as well as the creator and co-founder of
Christian Network, Inc. The Company also announced today that it
has retained an executive search firm to help it recruit up to four
additional qualified independent director candidates with the
objective of increasing the size of the Board from five to up to
nine members. The Company also announced that it has entered into a
new three-year employment agreement with Dean M. Goodman, who
remains the Company's President and Chief Operating Officer.
Responsible for overseeing the Company's operations as well as
legislative and government relations, Mr. Goodman was instrumental
in the development and execution of the Company's plan to maximize
its penetration in the television broadcast universe through the
acquisition of full-power television stations across the country.
Prior to joining the Company in 1993, he served as Executive Vice
President for Gilmore Broadcasting's Radio and Television Group and
as Executive Vice President of Southwest Broadcasting Group, Inc.
He is currently a member of the board for the National Association
of Broadcasters (NAB), for which he has also previously served on
the executive committee. About Paxson Communications Corporation
Paxson Communications Corporation owns and operates the nation's
largest broadcast television station group. Paxson reaches 83% of
U.S. television households via nationwide broadcast television,
cable and satellite distribution systems. For more information,
visit Paxson's website at www.paxson.com Note: Paxson distribution
data provided by Nielsen Media Research. Forward-Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties. All statements herein that address
activities, events or developments that Paxson Communications
Corporation expects or anticipates will or may occur in the future,
including its estimates of financial performance and such.
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