PAX Prospect Acquisition Corp.

Paxson Communications Corporation (AMEX:PAX) (the "Company") today announced its participation in the Bear Sterns 19th Annual Media Conference to be held February 26 - March 1, 2006 at The Breakers Hotel in Palm Beach, Florida. The Company's Chief Executive Officer, Brandon Burgess, is scheduled to present from 8:00 a.m. - 8:45 a.m. ET on Wednesday, March 1, 2006. At the start of the session, the Company will post its formal slide presentation under "Events and Presentations" at http://www.paxson.com/investors. About Paxson Communications Corporation Paxson Communications Corporation owns and operates the nation's largest broadcast television station group. The Company reaches approximately 91 million U.S. television households via nationwide broadcast television, cable and satellite distribution systems. For more information, visit the Company's website at http://www.paxson.com. Note: Paxson distribution data provided by Nielsen Media Research.