Stock Price, Dividend and Related Information

Chris-Craft Industries, Inc. and Subsidiaries

    Chris-Craft common stock is traded on the New York Stock Exchange
and the Pacific Exchange.  The high and low sales prices reported in
the consolidated transaction reporting system are shown below for the
periods indicated.  Since Chris-Craft Class B common stock is
ordinarily nontransferable, there is no trading market for such class.

                              1999                  1998
                        High       Low        High       Low
---------------------------------------------------------------
First Quarter           48 7/16    41 5/16    59 3/8     49 1/8
Second Quarter          49 3/4     43 7/8     60 3/8     51 1/4
Third Quarter           59 1/2     46         56 15/16   41 1/4
Fourth Quarter          78 1/4     55 7/8     49         39 7/8

    Chris-Craft paid 3% stock dividends on its common stock in April
1999 and April 1998.  The Board of Directors plans to continue to
consider, on an annual basis, the payment of dividends in common
stock.  As of February 29, 2000, there were 2,464 holders of record of
common stock and 1,528 holders of record of Class B common stock.

Report of Independent Accountants
---------------------------------

1301 Avenue of the Americas
New York, New York 10019


To the Board of Directors and
Shareholders of Chris-Craft Industries, Inc.

In our opinion, the accompanying consolidated balance sheets and the
related consolidated statements of income, shareholders' investment
and cash flows present fairly, in all material respects, the financial
position of Chris-Craft Industries, Inc. and its subsidiaries at
December 31, 1999 and 1998, and the results of their operations and
their cash flows for each of the three years in the period ended
December 31, 1999, in conformity with accounting principles generally
accepted in the United States. These financial statements are the
responsibility of the Company's management; our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits of these statements in accordance with
auditing standards generally accepted in the United States which
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis
for the opinion expressed above.

/s/  PricewaterhouseCoopers

February 14, 2000, except as to Note 11 which is as of March 20, 2000

Consolidated Statements of Cash Flows
Chris-Craft Industries, Inc. and Subsidiaries

                                            Year ended December 31,
                                         -----------------------------
(In Thousands of Dollars)                1999        1998        1997
----------------------------------------------------------------------
Cash Flows from Operating
 Activities:
  Net income                       $   42,433  $   29,470  $   93,501
  Adjustments to reconcile net
   income to net cash provided from
   operating activities:
    Film contract amortization         99,735      88,507      95,244
    Film contract payments           (100,834)   (100,824)    (99,513)
    Prepaid broadcast rights            -           -          21,114
    Depreciation and other
     amortization                      24,378      22,088      19,568
    Equity in United Paramount
     Network loss                      97,344      88,597      87,430
    Gain on disposition of
     marketable securities            (33,123)     (5,316)     (1,079)
    Gain on change of ownership
     in United Paramount Network        -           -        (153,933)
    Minority interest                  28,303      24,440      49,483
    Other                              (3,482)      2,486       6,044
    Changes in assets and liabilities:
     Accounts receivable              (12,613)      1,090       1,463
     Other assets                      (5,499)      7,271      (7,816)
     Accounts payable and other
      liabilities                      23,479       1,198      14,921
     Income taxes                      (4,056)      8,900      21,004
----------------------------------------------------------------------
       Net cash provided from
        operating activities          156,065     167,907     147,431
----------------------------------------------------------------------
Cash Flows from Investing Activities:
Disposition of marketable
 securities                           463,317     414,133   1,002,103
Purchase of marketable securities    (484,480)   (391,963)   (948,862)
Station acquisitions (includes
 $58,903 and $77,646 of intangible
 assets)                              (61,269)    (80,214)      -
Distribution from United
 Paramount Network                      -           -         116,261
Investment in United
 Paramount Network                   (106,550)    (88,100)    (48,185)
Other investments                     (21,247)    (22,153)     (4,631)
Capital expenditures, net             (20,616)    (12,260)     (7,788)
Other                                  (3,118)     (1,852)     (4,042)
----------------------------------------------------------------------
       Net cash (used in) provided
         from investing activities   (233,963)   (182,409)    104,856
----------------------------------------------------------------------
Cash Flows from Financing Activities:
Capital transactions of
 subsidiaries                          (2,445)    (56,408)   (101,756)
Purchase of treasury stock            (11,145)    (20,171)    (22,449)
Proceeds from exercise of employee
 stock options                          7,020       5,783      14,664
Dividends on preferred stock             (402)       (414)       (420)
----------------------------------------------------------------------
       Net cash used in
        financing activities           (6,972)    (71,210)   (109,961)
----------------------------------------------------------------------
Net (Decrease) Increase in Cash and
 Cash Equivalents                     (84,870)    (85,712)    142,326
----------------------------------------------------------------------
Cash and Cash Equivalents at
 Beginning of Year                    204,297     290,009     147,683
----------------------------------------------------------------------
Cash and Cash Equivalents at
 End of Year                        $ 119,427   $ 204,297   $ 290,009
======================================================================
The accompanying notes to consolidated financial statements are an
integral part of these statements.


Consolidated Statements of Income
Chris-Craft Industries, Inc. and Subsidiaries

(In thousands except                  Year ended December 31,
 per share data)                   1999        1998        1997

Operating Revenues:
Television revenues              $ 469,347   $ 445,850   $ 443,499
Sales of manufactured products      22,200      21,243      21,147
----------------------------------------------------------------------
                                   491,547     467,093     464,646
----------------------------------------------------------------------
Operating Expenses:
Television expenses                219,936     210,947     212,183
Cost of manufactured
 products sold                      13,833      13,754      14,336
Selling, general and
 administrative                    163,581     147,722     142,602
----------------------------------------------------------------------
                                   397,350     372,423     369,121
----------------------------------------------------------------------
  Operating income                  94,197      94,670      95,525
----------------------------------------------------------------------
Other Income (Expense):
Interest and other income, net     106,183      80,337      80,556
Equity in United Paramount
 Network loss                      (97,344)    (88,597)    (87,430)
Gain on change of ownership
 in United Paramount Network         -           -         153,933
----------------------------------------------------------------------
                                     8,839      (8,260)    147,059
----------------------------------------------------------------------
  Income before provision for
   income taxes and minority
   interest                        103,036      86,410     242,584

Provision for Income Taxes          32,300      32,500      99,600
----------------------------------------------------------------------
  Income before minority
   interest                         70,736      53,910     142,984

Minority Interest                   28,303      24,440      49,483
----------------------------------------------------------------------
  Net income                     $  42,433   $  29,470   $  93,501
======================================================================
Weighted Average Common
 Shares Outstanding                 34,599      34,545      34,432
======================================================================
Earnings per Share:
  Basic                          $    1.21   $     .84   $    2.70
======================================================================
  Diluted                        $     .97   $     .67   $    2.13
======================================================================
The accompanying notes to consolidated financial statements are an
integral part of these statements.

Consolidated Balance Sheets

December 31,
(In thousands of dollars)     1999 1998

Assets
------
Current Assets:
  Cash and cash equivalents                 $   119,427   $   204,297
  Marketable securities (substantially
   all U.S. Government securities)            1,240,241     1,211,246
  Accounts receivable, less allowance
   for doubtful accounts of $4,676
   and $4,956                                   102,292        88,382
  Film contract rights                          111,819        99,883
  Prepaid expenses and other current assets      71,316        52,933
---------------------------------------------------------------------
     Total current assets                     1,645,095     1,656,741
---------------------------------------------------------------------

Investments                                     104,176        69,881
---------------------------------------------------------------------

Film Contract Rights, including deposits,
  less estimated portion to be used
  within one year                                39,550        23,619
---------------------------------------------------------------------
Property and Equipment, at cost:
  Land, buildings and improvements               49,559        44,305
  Machinery and equipment                       132,665       115,314
---------------------------------------------------------------------
                                                182,224       159,619
  Less - Accumulated depreciation               117,185       108,040
---------------------------------------------------------------------
                                                 65,039        51,579
---------------------------------------------------------------------

Intangible Assets                               474,846       428,254
---------------------------------------------------------------------

Other Assets                                     17,279        15,349
---------------------------------------------------------------------
                                             $2,345,985    $2,245,423
=====================================================================

                                                   December 31,
                                                 1999        1998
---------------------------------------------------------------------
Liabilities and Shareholders' Investment
----------------------------------------

Current Liabilities:
  Film contracts payable within one year     $  102,737    $   96,595
  Accounts payable and accrued expenses         153,509       130,515
  Income taxes payable                           34,907        41,653
---------------------------------------------------------------------
       Total current liabilities                291,153       268,763
---------------------------------------------------------------------
Film Contracts Payable after One Year            84,372        62,050
---------------------------------------------------------------------

Other Long-Term Liabilities                      25,210        26,321
---------------------------------------------------------------------
Minority Interest                               503,447       479,820
---------------------------------------------------------------------
Commitments and Contingencies (Note 9)

Shareholders' Investment:
  Cumulative preferred stock -
    Prior preferred stock - $1.00 dividend;
     stated at liquidating value of $21.50
     per share; currently authorized 73,399
     shares; outstanding 73,399 shares           1,578          1,578
    Convertible preferred stock - $1.40
     dividend; stated at $17.50 per
     share; currently authorized 234,374
     shares; outstanding 234,374 and
     235,935 shares (liquidating value
     $23.00 per share, aggregating $5,391)       4,102          4,129
    Class B common stock - par value $.50
     per share; currently authorized
     50,000,000 shares; outstanding
     7,997,292 and 8,127,937 shares              3,999          4,064
    Common stock - par value $.50 per share;
     currently authorized 100,000,000
     shares; outstanding 25,781,763
     and 24,556,196 shares                      13,682         13,069
    Capital surplus                            420,390        376,375
    Retained earnings                          991,398        993,184
    Accumulated other comprehensive
     income                                      6,654         16,070
---------------------------------------------------------------------
                                             1,441,803      1,408,469
---------------------------------------------------------------------
                                            $2,345,985     $2,245,423

The accompanying notes to consolidated financial statements are an
integral part of these statements.



<TABLE>
Consolidated Statements of Shareholders' Investment
<CAPTION>
                                                                                     Dollar
                                                                          Treasury   Amount
                                                 Outstanding Shares        Shares  (In thousands)

                                           Class B     $1.00     $1.40               Common
                                Common     Common    Preferred  Preferred  Common    Stocks
<S>                            <C>         <C>          <C>      <C>       <C>       <C>
Balance at
 December 31, 1996             22,472,409  7,870,807    73,399   253,195     -       $15,962
Comprehensive income:
  Net income                        -          -         -         -         -         -
  Other comprehensive income:
  Unrealized net gain on
    securities (net of tax
    of $4,668)                      -          -         -         -         -         -
  Reclassification adjustment
   (net of tax of $397)             -          -         -         -         -         -
  Other comprehensive income,
    net of tax                      -          -         -         -         -         -
Total comprehensive income          -          -         -         -         -         -
Capital transactions
  of subsidiaries                   -          -         -         -         -         -
Dividends on preferred stock        -          -         -         -         -         -
Common stock dividend - 3%        676,458    238,283     -         -         -         457
Conversion of preferred stock     103,482    108,335     -       (6,594)     -         106
Conversion of Class B
 common stock                     287,041   (287,041)    -         -         -         -
Stock options, including
 related tax benefits             599,125      -         -         -         -         300
Acquisition of
 treasury stock                    -           -         -         -    (486,500)      -
Retirement of treasury stock    (486,500)      -         -         -     486,500      (243)
-------------------------------------------------------------------------------------------
Balance at
  December 31, 1997           23,652,015  7,930,384   73,399   246,601       -      16,582
Comprehensive income:
   Net income                      -           -         -         -         -         -
   Other comprehensive income:
    Unrealized net gain on
      securities (net of tax
      of $8,954)                   -           -         -         -         -         -
    Reclassification
     adjustment (net of
     tax of $1,887)                -           -         -         -         -         -
    Other comprehensive
     income, net of tax            -           -         -         -         -         -

Total comprehensive income         -           -         -         -         -         -
Capital transactions of
 subsidiaries                      -           -         -         -         -         -
Dividends on preferred stock       -           -         -         -         -         -
Common stock dividend - 3%       708,435    237,302      -         -         -        473
Conversion of preferred stock    151,109    209,566      -      (10,666)     -        180
Conversion of Class B common
 stock                           249,315   (249,315)     -         -         -         -
Stock options, including
 related tax benefits            190,722       -         -         -         -        96
Acquisition of treasury stock       -          -         -         -     (395,400)     -
Retirement of treasury stock    (395,400)      -         -         -      395,400    (198)
-------------------------------------------------------------------------------------------
Balance at
  December 31, 1998           24,556,196  8,127,937   73,399    235,935      -     17,133
Comprehensive income:
  Net income                        -          -         -         -         -       -
  Other comprehensive income:
   Unrealized net gain on
    securities (net of tax
    of $4,810)                      -          -         -         -         -       -
   Reclassification
    adjustment (net of tax
    of $11,020)                     -          -         -         -         -       -
   Other comprehensive
    income, net of tax              -          -         -         -         -       -
Total comprehensive income          -          -         -         -         -       -
Capital transactions of
 subsidiaries                       -          -         -         -         -       -
Dividends on preferred stock        -          -         -         -         -       -
Common stock dividend - 3%      733,553     242,313      -         -         -      488
Conversion of preferred stock    54,232          46      -      (1,561)      -       27
Conversion of Class B
 common stock                   373,004    (373,004)     -         -         -       -
Stock options, including
 related tax benefits           310,278        -         -         -         -      155
Acquisition of treasury stock      -           -         -         -     (245,500)   -
Retirement of treasury stock   (245,500)       -         -         -      245,500  (122)
-------------------------------------------------------------------------------------------
Balance at
 December 31, 1999           25,781,763   7,997,292   73,399    234,374      -    $17,681
</TABLE>



<TABLE>
<CAPTION>
                                                 Dollar Amount (In thousands)

                                                                       Accumulated
                                                                         Other
                             Preferred  Capital  Retained  Treasury   Comprehensive Comprehensive
                              Stocks    Surplus  Earnings    Stock       Income         Income
<S>                            <C>     <C>       <C>          <C>         <C>         <C>
Balance at
 December 31, 1996             $6,009  $311,623  $954,048     $  -        $1,276
Comprehensive income:
  Net income                      -         -      93,501        -            -       $93,501
  Other comprehensive income:                                                         -------
  Unrealized net gain on
    securities (net of tax
    of $4,668)                    -         -         -          -            -         5,537
  Reclassification adjustment
   (net of tax of $397)           -         -         -          -            -          (448)
  Other comprehensive income,                                                         -------
    net of tax                    -         -         -          -         5,089        5,089
                                                                                      -------
Total comprehensive income        -         -         -          -            -       $98,590
                                                                                      =======
Capital transactions
  of subsidiaries                 -        714        -          -            -
Dividends on preferred stock      -         -        (420)       -            -
Common stock dividend - 3%        -     36,288    (36,745)       -            -
Conversion of preferred stock     (116)      8        -          -            -
Conversion of Class B
 common stock                     -         -         -          -            -
Stock options, including
 related tax benefits             -     17,976        -          -            -
Acquisition of
 treasury stock                   -         -         -       (22,896)        -
Retirement of treasury stock      -    (22,653)       -        22,896         -
-----------------------------------------------------------------------------------
Balance at
  December 31, 1997             5,893    343,956  1,010,384      -         6,365
Comprehensive income:
   Net income                    -          -        29,470      -          -       $29,470
   Other comprehensive income:                                                      -------
    Unrealized net gain on
      securities (net of tax
      of $8,954)                 -          -          -         -          -        12,199
    Reclassification
     adjustment (net of
     tax of $1,887)              -          -          -         -          -        (2,494)
    Other comprehensive                                                             -------
     income, net of tax          -          -          -         -         9,705      9,705
                                                                                    -------
Total comprehensive income       -          -          -         -          -       $39,175
                                                                                    =======
Capital transactions of
 subsidiaries                    -         (924)       -         -          -
Dividends on preferred stock     -          -         (414)      -          -
Common stock dividend - 3%       -       45,783    (46,256)      -          -
Conversion of preferred stock   (186)         6        -         -          -
Conversion of Class B common
 stock                           -          -          -         -          -
Stock options, including
 related tax benefits            -        6,877        -         -          -
Acquisition of treasury stock    -          -          -      (19,521)      -
Retirement of treasury stock     -      (19,323)       -       19,521       -
Balance at
  December 31, 1998           5,707     376,375     993,184       -       16,070
Comprehensive income:
  Net income                     -         -         42,433       -         -        $42,433
  Other comprehensive income:                                                        -------
   Unrealized net gain on
    securities (net of tax
    of $4,810)                   -         -          -           -         -          7,187
   Reclassification
    adjustment (net of tax
    of $11,020)                  -         -          -           -         -        (16,603)
   Other comprehensive                                                               -------
    income, net of tax           -         -          -           -       (9,416)     (9,416)
                                                                                     -------
Total comprehensive income       -         -          -           -         -        $33,017
                                                                                     =======
Capital transactions of
 subsidiaries                    -        1,474       -           -         -
Dividends on preferred stock     -         -         (402)        -         -
Common stock dividend - 3%       -       43,328   (43,817)        -         -
Conversion of preferred stock    (27)      -          -           -         -
Conversion of Class B
 common stock                    -         -          -           -         -
Stock options, including
 related tax benefits            -       10,236       -           -         -
Acquisition of treasury stock    -         -          -        (11,145)     -
Retirement of treasury stock     -      (11,023)      -         11,145      -
------------------------------------------------------------------------------------
Balance at
 December 31, 1999            $5,680   $420,390   $991,398    $   -       $6,654
====================================================================================
The accompanying notes to consolidated financial statements are an integral part of these
statements.
</TABLE>

Notes to Consolidated Financial Statements
Chris-Craft Industries, Inc. and Subsidiaries
---------------------------------------------

NOTE 1
--------------------------------------------------------------------
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

(A)   BUSINESS AND BASIS OF PRESENTATION

     Chris-Craft's primary business is television broadcasting,
conducted through its majority owned (80.0% at December 31, 1999 and
79.96% at December 31, 1998) television broadcasting subsidiary, BHC
Communications, Inc. BHC wholly owned subsidiaries operate three
television stations, and BHC's majority owned (58.1% at December 31,
1999 and 58.5% at December 31, 1998) subsidiary, United Television,
Inc. (UTV), operates seven television stations, one of which was
acquired in July 1999.

     BHC accounts for its interest in the partnership that operates
the United Paramount Network (UPN), a broadcast television network
which premiered in January 1995, under the equity method. BHC recorded
100% of UPN's start-up losses from the network's 1994 inception
through January 15, 1997, when Viacom Inc. completed its acquisition
of a 50% interest in the partnership. Thereafter, BHC has recorded 50%
of UPN's start-up losses. On March 20, 2000, BHC elected to sell its
50% interest in UPN to Viacom, and expects to close the transaction by
March 31, 2000.  As a result of the sale, BHC will have no further
ownership interest in the network or obligation to fund UPN's
operations.  See Note 11.

     The accompanying consolidated financial statements include the
accounts of Chris-Craft and its subsidiaries, after elimination of all
significant intercompany accounts and transactions. The pro rata
interests of BHC and UTV minority shareholders in the net income and
net assets of BHC and UTV are set forth as Minority Interest in the
Consolidated Statements of Income and Consolidated Balance Sheets,
respectively. Chris-Craft has elected to present Comprehensive Income
in the Consolidated Statements of Shareholders' Investment. Such
amounts have been presented net of income taxes and minority
interests. Preparation of financial statements in accordance with
generally accepted accounting principles requires the use of
management estimates and assumptions. Actual results could differ.
Certain prior year amounts have been restated to conform with the 1999
presentation.
(B)   FINANCIAL INSTRUMENTS

     Cash equivalents are securities having maturities at time of
purchase not exceeding three months. The fair value of cash
equivalents approximates carrying value, reflecting their short
maturities.

     All of Chris-Craft's marketable securities have been categorized
as available for sale and are carried at fair market value. Since
marketable securities are available for current operations, all are
included in current assets, as follows:

                                   Gross Unrealized
                                 ------------------
(In thousands)           Cost      Gains     Losses    Fair Value
-----------------------------------------------------------------
December 31, 1999:
  U.S. Government
     securities      $1,149,089    $    35  $ 2,520    $1,146,604
  Other                  75,342     21,090    2,795        93,637
-----------------------------------------------------------------
                     $1,224,431    $21,125  $ 5,315    $1,240,241
=================================================================

                                   Gross Unrealized
                                  -----------------
(In thousands)           Cost      Gains     Losses    Fair Value
-----------------------------------------------------------------
December 31, 1998:
  U.S. Government
     securities      $1,093,744   $  1,656   $   27    $1,095,373
  Other                  83,881     33,034    1,042       115,873
-----------------------------------------------------------------
                     $1,177,625   $ 34,690   $1,069    $1,211,246
=================================================================

     Of the U.S. Government securities held at December 31, 1999, 98%
mature within one year and all within 16 months.

     Certain additional information related to Chris-Craft's
marketable securities as of and for the years ended December 31, 1999,
1998 and 1997 is as follows:

(In thousands)                  1999          1998         1997
------------------------------------------------------------------
Sales proceeds             $   463,317   $   414,133   $ 1,002,103
Realized gains                  33,153         6,018         1,256
Realized losses                     30           702           177
Net unrealized gain             15,810        33,621        13,780
Adjustment for unrealized
 gain, net of deferred
 income taxes and minority
 interests                  $    6,654   $    16,070   $     6,365
==================================================================


     For purposes of computing realized gains and losses, cost was
determined using the specific identification method.

(C)   FILM CONTRACTS

     Chris-Craft's television stations own film contract rights which
allow generally for limited showings of films and syndicated programs.
Film contract rights and related liabilities are recorded when the
programming becomes available for telecasting.

     Contracts are amortized over the estimated number of showings,
using primarily accelerated methods as films are used, based on
management's estimates of the flow of revenue and the ultimate total
cost for each contract. In the opinion of management, future revenue
derived from airing programming will be sufficient to cover related
unamortized rights balances at December 31, 1999. The estimated costs
of recorded film contract rights to be charged to income within one
year are included in current assets; payments on such contracts due
within one year are included in current liabilities. The approximate
future maturities of film contracts payable after one year at December
31, 1999 are $45,997,000, $26,548,000, $11,331,000 and $496,000 in
2001, 2002, 2003 and thereafter, respectively. The net present value
at December 31, 1999 of such payments, based on an 8.5% discount rate,
was approximately $68,400,000. See Note 9.

(D)   DEPRECIATION AND AMORTIZATION

     Depreciation of property and equipment is generally provided on
the straight-line method over the estimated useful lives of the
assets, ranging from three to 40 years, except that leasehold
improvements are amortized over the lives of the respective leases, if
shorter.

(E)   INTANGIBLE ASSETS

     Intangible assets reflect the excess of the purchase prices of
businesses acquired over net tangible assets at dates of acquisition.
The carrying values of such intangibles as of December 31, 1999 and
1998 are as follows:

(In thousands)                          1999             1998
-------------------------------------------------------------------
Television Division                   $474,072         $427,480
Industrial Division                        774              774
-------------------------------------------------------------------
                                      $474,846         $428,254
===================================================================

     Television Division amounts primarily relate to television
station WWOR, which was acquired in 1992, and television stations WRBW
and WUTB, the assets of which were acquired in 1999 and 1998,
respectively, and are being amortized on a straight-line basis over
40-year periods. Accumulated amortization of intangible assets
totalled $90,650,000 at December 31, 1999 and $77,342,000 at December
31, 1998. Intangible assets at December 31, 1999 include goodwill
totalling $56,652,000 resulting from purchases by BHC of its own
shares at prices greater than net book value.

(F)   REVENUE RECOGNITION AND BARTER TRANSACTIONS

     Revenue is recognized upon broadcast of television advertising
and upon shipment of manufactured products. The estimated fair value
of goods or services received by Chris-Craft's television stations in
barter (nonmonetary) transactions, most of which relate to the
acquisition of programming, is recognized as revenue when the air time
is used by the advertiser. Barter revenue totalled $44,222,000 in
1999, $47,654,000 in 1998 and $43,944,000 in 1997. Barter expense in
each year approximated barter revenue.

(G)   EARNINGS PER SHARE

     Earnings per share amounts have been computed as follows:

                                            Year ended December 31,
(In thousands except per share data)       1999      1998      1997
---------------------------------------------------------------------
Basic -
Net income                                $42,433   $29,470   $93,501
Less: Preferred stock dividends              (402)     (410)     (420)
---------------------------------------------------------------------
  Income available to common shareholders $42,031   $29,060   $93,081
=====================================================================
Weighted average common shares
 outstanding                               34,599    34,545    34,432
=====================================================================
  Basic per share amount                  $  1.21   $   .84   $  2.70
=====================================================================

                                            Year ended December 31,
(In thousands except per share data)       1999      1998      1997
---------------------------------------------------------------------
Diluted -
Income available to common
  shareholders                            $42,031   $29,060   $93,081
Effect of dilutive securities -
  Convertible preferred stock dividend        329       337       347
  Dilution of UTV net income from UTV
    stock options                             (76)      (82)     (138)
---------------------------------------------------------------------
    Income available assuming dilution    $42,284   $29,315   $93,290
=====================================================================
Weighted average common shares
 outstanding                               34,599    34,545   34,432

Effect of dilutive securities -
  Convertible preferred stock               8,442     8,707    8,900
  Stock options                               483       312      365
---------------------------------------------------------------------
Weighted average shares
   outstanding assuming dilution           43,524    43,564    43,697
=====================================================================
    Diluted per share amount              $   .97   $   .67   $  2.13
=====================================================================

     Amounts give retroactive effect to all stock dividends declared
through March 16, 2000. See Note 11. All securities which could dilute
per share amounts are included in the computation of diluted earnings
per share.

(H)   STOCK-BASED COMPENSATION

     Chris-Craft has chosen to continue to account for stock-based
compensation using the intrinsic value method prescribed in Accounting
Principles Board Opinion No. 25, "Accounting for Stock Issued to
Employees." See Note 6.

(I)   SUPPLEMENTAL CASH FLOW INFORMATION AND DISCLOSURE OF NONCASH
INVESTING ACTIVITIES

     Cash paid for income taxes totalled $36,100,000 in 1999,
$30,600,000 in 1998 and $79,400,000 in 1997.

     The 1997 distribution from UPN to BHC was net of approximately
$38,800,000, representing additional BHC capital contributions.

NOTE 2
---------------------------------------------------------------------
UNITED PARAMOUNT NETWORK:

     In July 1994, BHC, along with Viacom Inc.'s Paramount Television
Group, formed the United Paramount Network, a broadcast television
network which premiered in January 1995. BHC owned 100% of UPN from
its inception through January 15, 1997, when Viacom completed the
exercise of its option to acquire a 50% interest in UPN. The option
price included approximately one-half of BHC's aggregate cash
contributions to UPN through the exercise date, plus interest, and
additional cash available for ongoing UPN expenditures. UPN
distributed $116,261,000 to BHC pursuant to the option exercise, and
BHC realized a 1997 pretax gain on the exercise of $153,933,000. On
March 20, 2000, BHC elected to sell its 50% interest in UPN to Viacom,
and expects to close the transaction by March 31, 2000.  As a result
of the sale, BHC will have no further ownership interest in the
network or obligation to fund UPN's operations.  See Note 11.

     UPN has been organized as a partnership, and BHC's partnership
interest is accounted for under the equity method. The carrying value
of such interest, which reflects BHC funding of $106,550,000 in 1999
and $88,100,000 in 1998, and BHC's pro rata share of UPN losses in
those years, totalled $9,821,000 at December 31, 1999 and $615,000 at
December 31, 1998, and is included in Investments on the accompanying
Consolidated Balance Sheets. Condensed consolidated financial
statements of UPN are as follows:

BALANCE SHEETS
                                                 December 31,
(In thousands)                              1999           1998
---------------------------------------------------------------------
Current assets                           $   85,531     $   92,934
Other assets                                 30,826         27,305
---------------------------------------------------------------------
                                         $  116,357     $  120,239
=====================================================================
Current liabilities                      $   96,715     $  119,008
Partners' capital                            19,642          1,231
---------------------------------------------------------------------
                                         $  116,357     $  120,239
=====================================================================

STATEMENTS OF OPERATIONS

                                        Year ended December 31,
(In thousands)                      1999        1998        1997
---------------------------------------------------------------------
Operating revenues*               $ 134,127   $  96,401   $  89,997
Operating expenses*                 325,845     275,165     261,962
---------------------------------------------------------------------
   Operating loss                  (191,718)   (178,764)   (171,965)
Other income (expense), net          (2,970)      1,571       1,768
---------------------------------------------------------------------
   Net loss                       $(194,688)  $(177,193)  $(170,197)
=====================================================================
* With respect to certain of its programming, through August 31, 1997
  UPN derived no revenue and incurred no programming expense.

     The following information as it relates to UPN is provided in
accordance with Statement of Financial Accounting Standards (SFAS)
131. See Note 11.

                                        Year ended December 31,
(In thousands)                       1999        1998        1997
---------------------------------------------------------------------
Depreciation and amortization      $   751     $ 2,069     $ 1,794
Capital expenditures               $   454     $ 1,565     $   467

NOTE 3
---------------------------------------------------------------------
ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

     Accounts payable and accrued expenses consist of the
following:
                                               December 31,
(In thousands)                              1999          1998
---------------------------------------------------------------------
Accounts payable                         $   9,830     $   7,757
Accrued expenses -
  Payroll and compensation                  76,189        63,011
  Deferred barter revenue                   39,754        38,824
  Other                                     27,736        20,923
---------------------------------------------------------------------
                                         $ 153,509     $ 130,515
=====================================================================

NOTE 4
---------------------------------------------------------------------
SHAREHOLDERS' INVESTMENT:

     Each share of $1.00 prior preferred stock is redeemable by Chris-
Craft at $25.00. Each share of $1.40 convertible preferred stock is
redeemable by Chris-Craft at $40.00 and is convertible into common
stock as set forth below. Chris-Craft has authorized 10,000,000 shares
of preferred stock, $1.00 par value, that may be issued without
further shareholder approval, in one or more series, the terms and
provisions of which shall be set by the Board of Directors.

     Each share of Class B common stock entitles the holder to ten
votes (common stock entitles the holder to one vote per share), is
convertible at all times into common stock on a share-for-share basis,
is not transferable except to specified persons ("Permitted
Transferees") and, in general, carries the same per share dividend and
liquidation rights as a share of common stock, except that the Board
of Directors may in its discretion declare greater cash dividends per
share on the common stock than on the Class B common stock. No
additional Class B shares may be issued without further shareholder
approval, except upon the conversion of $1.40 convertible preferred
shares by holders of record on November 10, 1986 (the record date for
the initial distribution of Class B common stock) or Permitted
Transferees, or in payment of stock dividends or stock splits on
outstanding shares of Class B common stock.

     So long as any Class B common stock is outstanding, each share of
$1.40 convertible preferred stock will entitle the holder on November
10, 1986, or Permitted Transferees, to convert such share of $1.40
convertible preferred stock into 11.62760 shares of common stock and
23.25520 shares of Class B common stock, and to 243.6 votes (11.97643,
23.95286 and 252.0, respectively, as adjusted for the 2000 stock
dividend. See Note 11). The foregoing special conversion and voting
rights will be available to holders of $1.40 convertible preferred
stock transferred after November 10, 1986 only under the same
circumstances as those in which the Class B common stock is
transferable. Each share of $1.40 convertible preferred stock
transferred after November 10, 1986 entitles its holder (other than a
Permitted Transferee) to convert such share into 34.88280 shares of
common stock and 34.9 votes (35.92929 and 35.9, respectively, as
adjusted for the 2000 stock dividend. See Note 11).

     Chris-Craft, from time to time, has purchased shares of its
capital stock, including 1999 purchases of 245,500 shares of common
stock. At December 31, 1999, 586,602 shares of common stock and 12,899
shares of $1.00 prior preferred stock remained authorized for
purchase.

     As of December 31, 1999, shares of Chris-Craft's authorized but
unissued common stock were reserved for issuance as follows:

                                                         Shares
---------------------------------------------------------------------
Conversion of Class B common stock                      7,997,292
Conversion of $1.40 convertible preferred stock*        8,175,621
Stock options (including options outstanding
  for 3,657,942 shares)                                 5,027,596
---------------------------------------------------------------------
                                                       21,200,509
=====================================================================
  * Including Class B common shares.

NOTE 5
---------------------------------------------------------------------
CAPITAL TRANSACTIONS OF SUBSIDIARIES:

     BHC had outstanding, at December 31, 1999, 4,511,605 shares of
Class A common stock and 18,000,000 shares of Class B common stock.
Chris-Craft owns all outstanding Class B common shares and 10,000
Class A common shares, which represented 80% of BHC's then outstanding
equity and 97.6% of BHC's voting power. From January 1990, when BHC
became a public company and was 60% owned by Chris-Craft, through
December 31, 1998, BHC purchased 6,895,590 shares of its Class A
common stock, including 226,503 from UTV in 1998, at an aggregate cost
of $516,503,000. BHC treasury stock expenditures totalled $46,305,000
in 1998 and $95,408,000 in 1997. No additional shares were acquired by
BHC during 1999. At December 31, 1999, 185,497 Class A common shares
remained authorized for purchase.

     UTV has also acquired its own shares, expending $828,000 in 1999,
$7,010,000 in 1998 and $2,755,000 in 1997, and received proceeds of
$4,849,000 in 1999, $3,579,000 in 1998 and $3,939,000 in 1997 from the
exercise of stock options.

     Such transactions, together with BHC special dividends of $1.00
per share in 1999, 1998 and 1997, and UTV dividends of $.50 per share
in 1999, 1998 and 1997, are reflected in the accompanying Consolidated
Statements of Cash Flows and Consolidated Statements of Shareholders'
Investment under the caption Capital transactions of subsidiaries, net
of intercompany eliminations and minority interests.

NOTE 6
---------------------------------------------------------------------
STOCK OPTIONS:

     Under the 1999 Management Incentive Plan, adopted by Chris-Craft
shareholders in May 1999, options (including Incentive Stock Options)
to purchase shares of common stock may be granted from time to time to
employees of Chris-Craft and its subsidiaries, at prices not less than
the fair market value at date of grant. The 1999 Plan replaced a
similar plan, the 1994 Plan, which was terminated with respect to the
grant of additional options when the 1999 Plan became effective.
Options under the 1999 Plan are exercisable in 50% installments
commencing four years from date of grant. Options under the 1994 Plan
are exercisable in cumulative annual installments of 33 1/3%
commencing one year from date of grant. Options expire over a period
determined by the Plan Committees, which may not exceed ten years from
date of grant. Options currently outstanding expire either five or ten
years from date of grant.

     Both the 1999 Plan and the 1994 Plan permit the Plan Committees
to award stock appreciation rights to holders of options granted under
the Plans. Such rights entitle the holders, in lieu of exercising
their options, to receive payment from Chris-Craft in cash, stock or a
combination thereof, equal to the greater of the appreciation in
market value or book value of the shares covered by exercisable
options. No stock appreciation rights have been awarded under either
Plan.

     Transactions under the two Plans during the three years ended
December 31, 1999 were as follows:

(In thousands of dollars     Shares under  Weighted Average
 except per share data)         Option      Exercise Price     Total
---------------------------------------------------------------------
Outstanding,
  December 31, 1996            1,644,337       $30.83      $  50,693
Increase to reflect
  3% stock dividend               47,694          -             -
Exercised                       (639,900)      $27.06        (17,317)
Cancelled                         (1,620)      $33.95            (55)
---------------------------------------------------------------------
Outstanding,
  December 31, 1997            1,050,511       $31.72         33,321
Increase to reflect
  3% stock dividend               30,333          -             -
Granted                          122,500       $51.31          6,285
Exercised   (174,571)   $31.21   (5,449)
---------------------------------------------------------------------
Outstanding,
  December 31, 1998           1,028,773        $33.20         34,157
Increase to reflect
  3% stock dividend              76,300           -             -
Granted                       2,716,800        $51.14        138,947
Exercised                      (364,618)       $30.78        (11,222)
Cancelled                        (7,897)       $49.89           (394)
---------------------------------------------------------------------
Outstanding,
  December 31, 1999           3,449,358        $46.82       $161,488
=====================================================================

     Of the 3,449,358 shares under option under the above Plans at
December 31, 1999, 608,246 are currently exercisable at $29.65 to
$49.82 per share and expire from June 14, 2003 through April 27, 2004.
The remaining 2,841,112 at $42.11 to $57.50 per share expire from June
14, 2003 to September 27, 2009. At December 31, 1999, options for
1,300,000 shares were available for grant under the 1999 Plan.

     Chris-Craft received 83,310 common shares in 1999, 7,396 common
shares in 1998 and 74,867 common shares in 1997 as partial payment of
exercised options.

     Under the 1994 Director Stock Option Plan, a fixed number of
immediately exercisable options to purchase shares of common stock are
granted annually to each nonemployee director of Chris-Craft, at
prices equal to fair market value at date of grant. The 1994 Director
Stock Option Plan replaced a similar plan which has been terminated
with respect to the grant of additional options. Transactions under
the two Plans during the three years ended December 31, 1999, were as
follows:

(In thousands of dollars   Shares under  Weighted Average
 except per share data)      Option       Exercise Price     Total
---------------------------------------------------------------------
Outstanding,
  December 31, 1996           145,630         $34.36       $ 5,004
Increase to reflect
   3% stock dividend            4,358            -            -
Granted                        43,704         $42.88         1,873
Exercised                     (34,092)        $29.10          (992)
---------------------------------------------------------------------
Outstanding,
  December 31, 1997           159,600         $36.87         5,885
Increase to reflect
   3% stock dividend            4,597            -            -
Granted                        45,008          $56.50        2,542
Exercised                     (23,547)         $31.46         (741)
---------------------------------------------------------------------
Outstanding,
  December 31, 1998           185,658          $41.40        7,686
Increase to reflect
   3% stock dividend            5,544             -           -
Granted                        46,352          $47.00        2,178
Exercised                     (28,970)         $29.66         (859)
---------------------------------------------------------------------
Outstanding,
  December 31, 1999           208,584          $43.17       $9,005
=====================================================================

     Of the 208,584 shares under option under the 1994 Director Stock
Option Plan at December 31, 1999, 115,880 are currently exercisable at
$29.99 to $40.41 per share and expire from April 26, 2000 through May
5, 2002. The remaining 92,704 are currently exercisable at $47.00 to
$54.85 per share and expire from May 2, 2003 to May 3, 2004. At
December 31, 1999, options for 69,654 shares were available for grant
under this Plan.

     UTV also maintains stock option plans, and has chosen, like
Chris-Craft, to continue to account for stock-based compensation using
the intrinsic value method. If Chris-Craft and UTV had elected to
recognize compensation expense based upon the fair value at the grant
date for awards under their plans using the methodology prescribed by
SFAS 123, Chris-Craft net income and earnings per share would have
been the pro forma amounts as follows:
(In thousands except per                Year ended December 31,
share amounts)                        1999       1998       1997
---------------------------------------------------------------------
Net income:
  As reported                       $42,433     $29,470     $93,501
  Pro forma                         $37,608     $28,975     $92,855
Earnings per share:
  Basic -
    As reported                     $  1.21     $   .84     $  2.70
    Pro forma                       $  1.08     $   .83     $  2.68
  Diluted -
    As reported                     $   .97     $   .67     $  2.13
    Pro forma                       $   .86     $   .66     $  2.12
======================================================================

     These pro forma amounts may not be representative of the pro
forma effect on net income in future years, since the estimated fair
value of stock options is amortized over the vesting period, pro forma
compensation expense related to grants made prior to 1995 is not
considered and additional options may be granted in future years.

     The weighted average fair values of Chris-Craft options granted
during 1999, 1998 and 1997 were $11.10, $12.24 and $13.16 per share,
respectively, at dates of grant. The fair values of options were
estimated using the Black-Scholes option pricing model with the
following weighted average assumptions for the years ended December
31, 1999, 1998 and 1997, respectively: dividend yields of zero for all
periods; expected volatility of 17.6%, 15.6% and 16.3%; risk free
interest rates of 5.1%, 5.4% and 6.4%; and expected option life of
3.5, 3.9 and 5 years for 1999, 1998 and for 1997.

NOTE 7
---------------------------------------------------------------------
RETIREMENT PLANS:

     Chris-Craft and UTV maintain noncontributory defined benefit
pension plans covering substantially all their employees. Benefits
accrue annually based on compensation paid to participants each year.
The funding policy is to contribute annually to the plans amounts
sufficient to fund current service costs and to amortize any unfunded
accrued liability over periods not to exceed 30 years.

     The estimated funded status of the Chris-Craft and UTV plans,
including amounts accrued in the nonqualified plans, was as follows:



      December 31,
(In thousands)                                  1999        1998
---------------------------------------------------------------------
Change in benefit obligation:
Benefit obligation at beginning of year      $ 59,181     $49,681
  Service cost                                  4,065       4,187
  Interest cost                                 3,931       3,574
  Actuarial (gain)/loss                        (7,825)      2,156
  Amendments                                     -            471
  Benefits paid                                (2,430)       (888)
---------------------------------------------------------------------
Benefit obligation at end of year              56,922      59,181
---------------------------------------------------------------------
Change in plan assets:
Fair value of plan assets at beginning
 of year                                       37,219      32,633
  Actual return on plan assets                  3,082       3,649
  Employer contributions                        4,139       1,825
  Benefits paid                                (2,430)       (888)
---------------------------------------------------------------------
Fair value of plan assets at end of year       42,010      37,219
Plan assets less than projected
  benefit obligation                          (14,912)    (21,962)
Unrecognized initial net asset                    (34)        (84)
Unrecognized prior service cost                   699         746
Unrecognized net actuarial gain                (9,308)     (1,313)
---------------------------------------------------------------------
Pension liability                            $(23,555)   $(22,613)
=====================================================================

     Pension expense, including amounts accrued in Chris-Craft and UTV
nonqualified plans for retirement benefits in excess of statutory
limitations, was as follows:

                                          Year ended December 31,
(In thousands)                          1999      1998        1997
---------------------------------------------------------------------
Service cost                          $ 4,065    $ 4,187    $ 3,837
Interest cost                           3,931      3,574      3,122
Expected return on plan assets         (2,912)    (2,533)    (2,264)
Amortization:
  Initial unrecognized net asset          (50)       (50)       (50)
  Prior service cost                       48         47         12
  Actuarial loss/(gain)                    -          (9)        22
---------------------------------------------------------------------
Net periodic pension cost             $ 5,082    $ 5,216    $ 4,679
=====================================================================

     Assumptions used in accounting for pension plans for each year
are as follows:

                                              1999    1998    1997
---------------------------------------------------------------------
Discount rate at end of year                  7.50%   6.75%   7.25%
Rate of increase in future compensation
 levels                                       4.00%   4.00%   4.50%
Expected long-term rate of return on assets   7.75%   7.75%   7.75%

     The accumulated benefit obligation, projected benefit obligation
and fair value of plan assets for the above plans that had an
accumulated benefit obligation in excess of the fair value of plan
assets were $10,456,000, $13,972,000 and $0, respectively, at December
31, 1999, and $27,464,000, $35,883,000 and $14,973,000, respectively,
at December 31, 1998.

     Chris-Craft and certain of its subsidiaries maintain other
retirement plans, primarily stock purchase and profit sharing plans.
The aggregate costs of such plans, including related amounts accrued
in the nonqualified plans referred to above, were $18,263,000 in 1999,
$8,931,000 in 1998 and $16,936,000 in 1997.

NOTE 8
INCOME TAXES:
---------------------------------------------------------------------

     Income taxes are provided in the accompanying Consolidated
Statements of Income as follows:
                                         Year ended December 31,
(In thousands)                          1999      1998      1997
---------------------------------------------------------------------
Current:
    Federal                            $29,300   $24,300   $63,000
    State                               10,000     8,500    18,600
---------------------------------------------------------------------
                                        39,300    32,800    81,600
---------------------------------------------------------------------
Deferred:
    Federal                             (7,200)     (800)   17,900
    State                                  200       500       100
---------------------------------------------------------------------
                                        (7,000)     (300)   18,000
---------------------------------------------------------------------
                                       $32,300   $32,500   $99,600
=====================================================================

     Differences between income taxes at the federal statutory income
tax rate and total income taxes provided are as follows:

                                         Year ended December 31,
(In thousands)                           1999     1998      1997
---------------------------------------------------------------------
Taxes at federal statutory rate        $36,063   $30,244   $84,904
State income taxes, net                  6,630     5,850    12,155
Amortization of intangible assets        3,626     3,250     3,127
Dividend from BHC                        1,260     1,260     1,260
Reversal of valuation allowance         (8,973)     -         -
Realization of tax benefit              (6,500)   (8,500)     -
Other                                      194       396    (1,846)
---------------------------------------------------------------------
                                       $32,300   $32,500   $99,600
=====================================================================

    Deferred tax assets and deferred tax liabilities reflect the tax
effect of the following differences between financial statement
carrying amounts and tax bases of assets and liabilities:

                            December 31,
(In thousands)         1999   1998
---------------------------------------------------------------------
Accrued liabilities not deductible until paid   $36,759   $32,816
Film contract rights                              8,254     8,325
Tax credit and loss carryforwards                 2,947     9,314
Other                                               205       168
---------------------------------------------------------------------
                                                 48,165    50,623
Valuation allowance                                -       (8,973)
---------------------------------------------------------------------
    Deferred tax assets, net                     48,165    41,650
---------------------------------------------------------------------
Investments                                     (12,402)  (14,179)
Other intangibles                                (3,324)   (1,589)
Property and equipment                           (2,259)   (2,422)
SFAS 115 adjustment                              (5,809)  (12,019)
---------------------------------------------------------------------
    Deferred tax liabilities                    (23,794)  (30,209)
---------------------------------------------------------------------
      Net deferred tax assets                   $24,371   $11,441
=====================================================================

     The valuation allowance reflected the uncertainty with respect to
the realization of future tax benefits relating to certain tax
carryforwards and future dispositions of certain investments having
tax bases greater than related financial statement carrying amounts.
This valuation allowance was reversed in 1999 as the uncertainty was
removed when BHC became a member of the Chris-Craft affiliated group.

     Tax benefits of $3,371,000, $1,189,000 and $3,612,000 arising
from the exercise of employee stock options were credited to capital
surplus in 1999, 1998 and 1997, respectively.

NOTE 9
COMMITMENTS AND CONTINGENCIES:
---------------------------------------------------------------------
     The aggregate amount payable by Chris-Craft's television stations
under contracts for programming not currently available for
telecasting and, accordingly, not included in film contracts payable
and the related contract rights in the accompanying Consolidated
Balance Sheets totalled $278,000,000 at December 31, 1999 (including
$78,300,000 applicable to UTV).

     At December 31, 1999, UTV remains obligated for possible future
consideration relating to the purchase of WRBW of up to $25,000,000.

     In April 1999, a jury awarded damages totalling $7.3 million
(approximately $8.4 million including legal fees and interest through
March 2000) to a former WWOR employee who filed suit alleging
discrimination by the station. The station and its counsel believe the
award to be unjustified and have filed an appeal which is expected to
be heard in late 2000. It is not possible to reasonably estimate the
amount, if any, which ultimately will be paid. Accordingly, no amount
has been reserved in Chris-Craft's financial statements relating to
this matter.

     Montrose Chemical Corporation of California, whose stock is 50%
owned by Chris-Craft and 50% by a subsidiary of AstraZeneca Inc.,
discontinued its manufacturing operations in 1983 and has since been
defending claims for costs and damages relating to environmental
matters. Chris-Craft is a defendant in one of these actions. After
insurance reimbursements totalling $1,174,000 in 1999, $3,611,000 in
1998 and $558,000 in 1997, Montrose-related net expenses of $1,632,000
in 1999, $1,279,000 in 1998 and $3,383,000 in 1997, are included in
the accompanying Consolidated Statements of Income under the caption
Interest and other income, net.

     Montrose is one of numerous defendants in a suit relating to
alleged environmental impairment at the Stringfellow Hazardous Waste
Disposal Site in California, brought in 1983 by the Federal Government
and the State of California, which claim Montrose generated
approximately 19% of the waste placed at the site. In 1990, the U.S.
Environmental Protection Agency issued a Record of Decision for the
site, which selected some of the interim remedial measures preferred
by the EPA and the State, the present value of which was estimated by
them to be $169 million, although the estimate is subject to potential
variations of up to 50%. A ruling issued in 1995 allocated at least
65% of the liability (under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended ["CERCLA"]) at the
site to the State of California and approximately 25% of the liability
to the generator defendants (including Montrose). A separate ruling
under California law allocated 100% of the liability to the State. The
State's appeal of the allocation rulings is pending. In December 1998,
the State and the defendants, including Montrose, preliminarily agreed
to a structure that, if certain conditions are satisfied, would
resolve the Stringfellow suit. Chris-Craft is not a defendant.

     In May 1998, a group of approximately 750 current or former
residents of the vicinity of the Stringfellow Site filed suit against
Montrose, Chris-Craft and approximately 160 other defendants alleging
personal injury and property damage from exposure to the site. The
defendants have moved to dismiss the complaint as to the adult
plaintiffs on statute of limitations grounds. A similar action filed
in 1984 by approximately 3,000 plaintiffs was resolved by means of a
settlement to which Montrose, but not Chris-Craft, contributed
monetarily.

     In June 1990, the Federal Government and the State of California
commenced an action against Montrose, Chris-Craft, and other
defendants, alleging that Montrose and others released hazardous
substances into Los Angeles Harbor and adjacent waters, and seeking to
recover damages resulting from alleged injury to natural resources. In
1997, the Federal and State Governments stated they estimate the
alleged damages at approximately $482 million. The action also seeks
recovery for costs related to alleged hazardous substance
contamination of the Montrose plant site in Torrance, California. A
trial is scheduled for October 2000.

     Chris-Craft intends vigorously to defend itself in this action.
Chris-Craft contends that it is not liable and that it neither owned
nor operated the facilities involved, nor did it arrange for the
disposal of hazardous substances. Chris-Craft and its predecessors
were shareholders of Montrose and provided certain management services
to Montrose, as it conducted its operations. Based on the available
information, the status of the proceeding, and the applicable legal
and accounting standards, Chris-Craft, in reliance among other things
on the advice of counsel, believes that it should have no liability
(under CERCLA or otherwise) for the operations of Montrose and does
not presently consider liability to be "probable." Accordingly, under
Statement of Financial Accounting Standards No. 5, "Accounting for
Contingencies," no amount has been reserved for this action in Chris-
Craft's financial statements.

     In September 1994, the EPA designated Chris-Craft as a
"potentially responsible party" under CERCLA (a "PRP") in connection
with the Diamond Alkali Superfund Site on the Passaic River in Newark,
New Jersey. The EPA alleges that hazardous substances were released
into the river from a facility operated by a Chris-Craft predecessor
company. The facility was located near the Diamond Alkali property,
but not on the river front, and was sold by Chris-Craft in 1972.
Chris-Craft disputes that it is a responsible party. The former owner
of the Diamond Alkali property is currently performing a study
estimated to cost approximately $10 million to determine the extent of
contamination in the area and to evaluate possible corrective actions.
The Diamond Alkali Superfund Site matter does not involve Montrose,
and based on the review to date by Chris-Craft and its counsel, they
believe Chris-Craft has been erroneously identified as a PRP at the
site; Chris-Craft is unable to determine at this stage if it could
have any liability at the site.

     If a court ultimately rejected Chris-Craft's defenses in one
or more of the foregoing matters, under CERCLA, Chris-Craft could be
held jointly and severally liable, without regard to fault, for
response costs and natural resource damages. A party's ultimate
liability at a site generally depends on its involvement at the site,
the nature and extent of contamination, the remedy selected, the role
of other parties in creating the alleged contamination and the
availability of contribution from those parties, as well as any
insurance or indemnification agreements which may apply. In most
cases, both the resolution of the complex issues involved and any
necessary remediation expenditures occur over a number of years.
Future legal and technical developments in each of the foregoing
matters will be periodically reviewed to determine if an accrual of
reserves for possible liability would be appropriate.

     Chris-Craft is a party to various other pending legal proceedings
arising in the ordinary course of business. In the opinion of
management, after taking into account the opinion of counsel with
respect thereto, the ultimate resolution of these other matters will
not have a material effect on Chris-Craft's consolidated financial
position or results of operations.

NOTE 10
INDUSTRY SEGMENT INFORMATION:

     In 1998, Chris-Craft adopted SFAS 131, "Disclosures about
Segments of an Enterprise and Related Information." This table
presents Chris-Craft's two reportable segments, the Television
Division and the Industrial Division. UPN, which is accounted for on
the equity method, is also considered a reportable segment under SFAS
131. However, all required segment information is included in Note 2.
The accounting policies of the segments are the same as those
described in the "Summary of Significant Accounting Policies." See
Note 1.

<TABLE>
<CAPTION>
                                                                                                    Deferred
                                               Depreciation                                           Tax
                    Operating     Operating         and        Capital     Segment   Investment     Assets
(In thousands)       Revenues   Income (Loss)  Amortization  Expenditures   Assets     in UPN    (Liabilities)
---------------------------------------------------------------------------------------------------------------
<S>                  <C>          <C>             <C>         <C>        <C>            <C>       <C>
Year Ended
 December 31, 1999
Television
 Division            $469,347     $114,726        $23,824     $19,636    $2,281,100(b)  $9,821    $   (334)
Industrial
 Division              22,200        4,204            520         945        10,943       -            211
Reconciling
 items (a)               -         (24,733)            34          45        53,942       -         24,494
---------------------------------------------------------------------------------------------------------------
                     $491,547     $ 94,197        $24,378     $20,626    $2,345,985     $9,821    $ 24,371
===============================================================================================================
Year Ended
 December 31, 1998
Television
 Division            $445,850    $109,299        $21,278     $11,347    $2,199,687(b)  $  615    $ (8,305)
Industrial
 Division              21,243       3,642            424       1,119         8,738       -            234
Reconciling
 items (a)               -        (18,271)           386          67        36,998       -         19,512
---------------------------------------------------------------------------------------------------------------
                      $467,093    $ 94,670        $22,088     $12,533    $2,245,423     $  615    $ 11,441
===============================================================================================================
Year Ended
 December 31, 1997
Television
 Division             $443,499    $113,908        $19,187     $ 7,040    $2,177,679(b)  $1,112    $ (4,330)
Industrial
 Division               21,147       2,889            359         747         9,174       -            377
Reconciling
 items (a)                -        (21,272)            22           1        39,576       -         19,306
---------------------------------------------------------------------------------------------------------------
                      $464,646    $ 95,525        $19,568     $ 7,788    $2,226,429     $1,112     $15,353
===============================================================================================================

(a)    Consists of Corporate Office and subsidiaries not included in Television Division or Industrial Division.
Related operating loss consists solely of general and administrative expenses and, accordingly, excludes
nonoperating income. Related assets consist primarily of cash and marketable securities.

(b)    Includes marketable securities having an aggregate carrying value of $1,219,144, at December 31, 1999,
$1,202,070 at December 31, 1998 and $1,204,776 at December 31, 1997.
</TABLE>



NOTE 11
SUBSEQUENT EVENTS:

     On March 16, 2000, the Board of Directors declared a 3% common
stock dividend, payable in April 2000, which will increase by 3%
Chris-Craft's common and Class B common shares outstanding and will
also increase by 3% the number of common shares issuable upon
conversion of Chris-Craft's $1.40 convertible preferred stock and upon
exercise of stock options. Applicable conversion rates and exercise
prices will be adjusted.

     On March 20, 2000, BHC elected to sell its 50% interest in UPN to
Viacom for a $5,000,000 cash payment, under the "buy-sell" provisions
of the UPN Joint Venture Agreement, which Viacom had triggered. On
March 16, 2000, a New York State Supreme Court upheld Viacom's
exercise of the buy-sell in a lawsuit brought by BHC that sought to
enjoin the Viacom-CBS merger as a violation of the non-compete
provision of the Joint Venture Agreement. The sale is expected to
close by March 31, 2000.

     As a result of the sale, BHC will have no further ownership
interest in the network or obligation to fund UPN's operations.  BHC's
eight television stations that are currently affiliated with UPN will
remain affiliates after the sale. BHC expects to record a loss of
approximately $10,000,000 in connection with the sale, to be reflected
in results of operations for the three months ended March 31, 2000.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

CHRIS-CRAFT INDUSTRIES, INC. AND SUBSIDIARIES

LIQUIDITY AND CAPITAL RESOURCES

     Chris-Craft's financial position continues to be strong and
highly liquid. Cash and marketable securities totaled $1.36 billion at
December 31, 1999, and Chris-Craft has no debt outstanding. Chris-
Craft's 80.0% owned television broadcasting subsidiary, BHC
Communications, Inc., has expended significant funds developing United
Paramount Network since UPN's inception in 1994, but cash flow
provided from BHC's operating activities has exceeded such BHC funding
of UPN.

     Chris-Craft's operating cash flow is generated primarily by its
Television Division's core television station group. Broadcast cash
flow reflects station operating income plus depreciation and film
contract amortization less film contract payments. The relationship
between film contract payments and related amortization may vary
greatly between periods (payments exceeded amortization by $1.1
million in 1999 and by $12.3 million in 1998), and is dependent upon
the mix of programs aired and payment terms of the stations'
contracts. Reflecting such amounts, broadcast cash flow in 1999
increased 17%, while station earnings increased 7%, as explained
below. Although broadcast cash flow is often used in the broadcast
television industry as an ancillary measure, it is not synonymous with
operating cash flow computed in accordance with generally accepted
accounting principles, and should not be considered alone or as a
substitute for measures of performance computed in accordance with
generally accepted accounting principles.

     Chris-Craft's cash flow additionally reflects earnings associated
with its cash and marketable securities, most of which are held by
BHC. Such balances declined slightly, to $1.36 billion at December 31,
1999, from $1.42 billion at December 31, 1998. Such $55.9 million
decline was incurred despite 1999 operating cash flow of $156.1
million, primarily due to the $61.3 million cash acquisition of
television station WRBW, UPN funding totalling $106.6 million, capital
expenditures totalling $20.6 million and Chris-Craft treasury stock
purchases totalling $11.1 million.

     BHC generates most of Chris-Craft's consolidated cash flow.
Parent company obligations consist solely of corporate office
expenditures, current and accrued. Most parent company cash flow in
recent years has been provided from the receipt by Chris-Craft of its
share of special dividends paid by BHC. BHC paid a special cash
dividend of $2.00 per share in February 2000, aggregating $45.0
million, of which Chris-Craft received $36.0 million. BHC also paid
special $1.00 per share cash dividends in February 1999, aggregating
$22.5 million, February 1998, aggregating $22.7 million, and February
1997, aggregating $23.6 million, with Chris-Craft receiving $18
million of each such amount. BHC plans to consider annually the
payment of a special dividend.

     Chris-Craft, from time to time, has purchased shares of its own
capital stock, including 245,500 common shares purchased during 1999
at an aggregate cost of $11,145,000. At December 31, 1999, 586,602
common shares remained authorized for purchase.

     During the period from April 1990 through December 31, 1998, BHC
expended $516.5 million to purchase 6,895,590 of its Class A common
shares, including 226,503 shares in 1998 from United Television, Inc.,
BHC's 58% owned subsidiary. No additional shares have been purchased
by BHC in 1999, and 185,497 Class A shares remained authorized for
purchase at December 31, 1999. During the four year period ended
December 31, 1999, UTV expended $43.4 million acquiring its own common
shares, of which $0.8 million was expended in 1999, and, at December
31, 1999, 721,249 UTV shares remained authorized for purchase.

     In January 1998, UTV purchased the assets of UHF television
station WHSW, Channel 24, in Baltimore, Maryland for $80.2 million in
cash. The station's call letters were changed to WUTB, and the station
became a UPN affiliate. In July 1999, UTV purchased the assets of UHF
television station WRBW, Channel 65, a UPN affiliate in Orlando,
Florida, for $61.3 million in cash and possible future consideration.
Chris-Craft intends to further expand its operations in the media,
entertainment and communications industries and to explore business
opportunities in other industries. Chris-Craft believes it is capable
of raising significant additional capital to augment its already
substantial financial resources, if desired, to fund such additional
expansion.

     In July 1994, BHC, along with Viacom Inc.'s Paramount Television
Group, formed UPN, a broadcast television network which premiered in
January 1995. BHC owned 100% of UPN from its inception through January
15, 1997, when Viacom completed the exercise of its option to acquire
a 50% interest in UPN. Since then, BHC and Viacom have shared equally
UPN's losses and funding requirements. On March 20, 2000, BHC elected
to sell its 50% interest in UPN to Viacom, and expects to close the
transaction by March 31, 2000. As a result of the sale, BHC will have
no further ownership interest in the network or obligation to fund
UPN's operations. See Note 11. UPN incurred start-up losses of $194.7
million in 1999, $177.2 million in 1998, $170.2 million in 1997,
$146.3 million in 1996 and $129.3 million in 1995. BHC funding of UPN
totalled $106.6 million in 1999, $88.1 million in 1998
and $48.2 million in 1997.

     Chris-Craft's television stations make commitments for
programming that will not be available for telecasting until future
dates. At December 31, 1999, commitments for such programming totalled
approximately $278.0 million, including $78.3 million applicable to
UTV. Chris-Craft's capital expenditures generally have not been
material in relation to its financial position, and the related
capital expenditure commitments at December 31, 1999 (including any
related to UPN) were not material. During 1999, Chris-Craft stations
continued the process of converting to digital television (DTV). This
conversion requires the purchase of digital transmitting equipment to
telecast over newly assigned frequencies. KCOP in Los Angeles, KBHK in
San Francisco and KTVX in Salt Lake City made the initial conversion
to DTV signal transmission during 1999. This conversion rollout is
expected to take a number of years and will be subject to competitive
market conditions.

     Chris-Craft expects that its expenditures for future film
contract commitments and capital requirements for its present
business, including the cost to convert to DTV, will be satisfied
primarily from operations, marketable securities or cash balances.  As
set forth in Note 9, Chris-Craft has been named as a defendant (or a
"potentially responsible party") in certain actions seeking recovery
for environmental damage allegedly related to (i) the activities
(discontinued since 1983) of 50% owned Montrose Chemical Corporation
of California ("Montrose California") and (ii) the activities of
Montrose Chemical Co., a predecessor company to Chris-Craft. As
further set forth in Note 9, Chris-Craft does not presently consider
liability to be "probable" in any of the Montrose California related
matters and believes it has been erroneously identified as a
potentially responsible party and is unable to determine at this stage
if it could have any liability regarding Montrose Chemical Co.
Accordingly, no amount has been reserved in Chris-Craft's financial
statements relating to these matters.

     Year 2000 issues had no material effect on Chris-Craft business,
results of operations, or financial condition, and the compliance cost
was immaterial.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Chris-Craft is subject to certain market risk relating to its
marketable securities holdings, which are all held for other than
trading purposes. The table below provides information as of December
31, 1999 about the U.S. Government securities which are subject to
interest rate sensitivity and the equity securities which are subject
to equity market sensitivity.

(In thousands)                  Cost          Fair Value
----------------------------------------------------------
U.S. Government securities   $1,149,089       $1,146,604
Equity securities            $   75,342       $   93,637

     All of Chris-Craft's marketable securities have been categorized
as available for sale, and are comprised substantially of U.S.
Government securities, 98% of which mature in one year and all of
which mature in 16 months.

RESULTS OF OPERATIONS - 1999 VERSUS 1998

     Chris-Craft net income in 1999 rose to $42,433,000, or $1.21 per
share ($.97 per share diluted), from net income in 1998 of
$29,470,000, or $.84 per share ($.67 per share diluted). The 44%
increase in net income is mostly attributable to marketable securities
gains.

     Television station earnings in 1999 increased 7%, to $131,808,000
from $123,123,000, and rose 10% excluding expense associated with
stock price based retirement plans. The increase in station earnings
primarily reflects growth in station operating revenues, which more
than offset modest increases in station operating expenses. Station
operating revenues rose 5%, to $459,938,000 from $436,664,000, and
same station operating revenues rose 4%. Station operating revenues
were positively affected by generally strong demand for television
advertising time, as well as the generally positive impact of UPN's
improved competitive position on the prime time results of BHC's eight
UPN affiliates. Nonetheless, several BHC stations recorded lower
operating revenues in 1999. Station operating revenues in 1998 include
retroactive network compensation recorded by our NBC affiliate upon
finalization of a long-term affiliation agreement. Such compensation
was offset by certain copyright royalty revenues recorded in 1999.
The increase in station earnings was partially offset by a decline, to
$8,777,000 from $10,202,000, in earnings at BHC's television
production subsidiaries, and a $1.1 million increase in the corporate
office expenses of BHC and UTV. Television Division operating income
in 1999 accordingly rose 5%, to $114,726,000 from $109,299,000.
Excluding stock price based retirement plan expense, Television
Division operating income increased 9% in 1999.

     Industrial Division operating income rose 15% in 1999, to a
record $4,204,000 from $3,642,000 in 1998. The Division's operating
revenues increased 5%, to $22,200,000 from $21,243,000 in 1998, and
its profit margin was enhanced by improved product mix and
manufacturing efficiencies.

     Consolidated operating income declined slightly, to $94,197,000
from $94,670,000, primarily due to an increase of approximately $3.2
million in corporate office stock price based retirement plan expense.
Excluding all such expense, which in 1999 reflects the 54% increase
during the year in the market price of Chris-Craft common stock,
consolidated operating income increased 7% in 1999.

     UPN's loss in 1999 widened to $194,688,000 from $177,193,000,
reflecting the expansion of the network's prime time schedule to five
weekday evenings from three during most of 1998, as well as ratings
shortfalls and expenses related to cancelled programs earlier in 1999.
BHC's 50% share of UPN's loss accordingly rose to $97,344,000 from
$88,597,000 in 1998. On March 20, 2000, BHC elected to sell its 50%
interest in UPN to Viacom, and expects to close the transaction by
March 31, 2000. As a result of the sale, BHC will have no further
ownership interest in the network or obligation to fund UPN's
operations. See Note 11.

     Interest and other income, which consists mostly of amounts
earned on Chris-Craft's consolidated cash and marketable securities
holdings, rose significantly in 1999, to $106,183,000 from
$80,337,000. The increase reflects a $27.8 million increase, to
approximately $33.1 million from approximately $5.3 million, in
marketable securities gains. Interest income declined slightly in
1999, due to a modest decline in the average amount of funds invested.

     Chris-Craft's effective income tax rate reflects in both years
the realization of certain income tax benefits and, in 1999, the
reversal of the valuation allowance recorded in previous years, since
the uncertainty of realization of those benefits has been removed.

     Minority interest reflects the interest of shareholders other
than Chris-Craft in the net income of BHC, 80.0% owned by Chris-Craft
at December 31, 1999, 79.96% owned by Chris-Craft at December 31, 1998
and 78.6% owned by Chris-Craft at December 31, 1997, and the interest
of shareholders other than BHC in the net income of UTV, 58.1% owned
by BHC at December 31, 1999, and 58.5% owned by BHC at December 31,
1998 and December 31, 1997.

RESULTS OF OPERATIONS - 1998 VERSUS 1997

     Chris-Craft net income in 1998 declined to $29,470,000, or $.84
per share ($.67 per share diluted), from net income in 1997 of
$93,501,000, or $2.70 per share ($2.13 per share diluted). The decline
in net income primarily reflects BHC's pretax gain of $153,933,000
recorded on the transaction through which BHC reduced its UPN
ownership interest to 50% from 100%. See Note 11.

     Consolidated operating income declined just slightly, to
$94,670,000 from $95,525,000, as a decline in Television Division
operating income was nearly offset by a reduction in Chris-Craft
corporate office expense and an increase in Industrial Division
operating income.

     Television station earnings, after a small loss at station WUTB,
were $123,123,000, down 2% from 1997 earnings of $125,966,000. Station
group earnings in 1998 reflect increased current year and retroactive
revenue resulting from a new long-term affiliation agreement at our
NBC affiliate. In addition, 1998 station earnings reflect a reduction
of approximately $3,300,000 in expense associated with stock price
based retirement plans. Total station operating revenues rose
slightly, to $436,664,000 from $434,729,000, while same station
revenues, reflecting disappointing ratings in several key markets,
declined less than 2%, after adjusting for the prior years' network
affiliation fees. The decline in station earnings was fully offset by
an increase, to $10,202,000 from $7,098,000, in earnings at BHC's
television production subsidiaries. However, after WUTB goodwill
amortization and a non-recurring severance expense, Television
Division operating income in 1998 declined 4%, to $109,299,000 from
$113,908,000 in 1997.

     Industrial Division operating income rose 26%, to $3,642,000 from
$2,889,000 in 1997. The earnings growth is primarily attributable to
significant improvements in profit margins, as operating revenues rose
just very slightly, to $21,243,000 from $21,147,000 in 1997. Margins
were positively impacted by improvements in manufacturing
efficiencies, product quality and mix, and offshore sourcing.

     Chris-Craft corporate office expense declined to $18,271,000 from
$21,272,000 in 1997, primarily reflecting a reduction of approximately
$4,400,000 in corporate office stock price based retirement plan
expense.

     UPN incurred a loss of $177,193,000 in 1998, compared to a loss
of $170,197,000 in 1997. The network's costs increased due to the
expansion of its prime time schedule to five nights a week from three.
BHC's 50% share of the loss totalled $88,597,000, compared to its 1997
share of $87,430,000.

     Interest and other income, which consists mostly of amounts
earned on Chris-Craft's consolidated cash and marketable securities
holdings, totalled $80,337,000 in 1998, about the same as the
$80,556,000 recorded in 1997. The impact of lower interest rates was
offset by an increase of approximately $4,200,000 in gains on
dispositions of marketable securities, and a decline, to $1,279,000
from $3,383,000 in expense associated with Montrose matters.

     Chris-Craft's effective income tax rate declined to 37.6% in 1998
from 41.1% in 1997, primarily reflecting the realization in 1998 of
certain income tax benefits.