----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |
|                                                       | Page |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    | 1 |  |
| CONSOLIDATED FINANCIAL STATEMENTS                          |   |
| Consolidated Balance Sheets                                | 2 |  |
| Consolidated Statements of Income and Comprehensive Income | 3 |  |
| Consolidated Statements of Cash Flows                      | 4 |  |
| Consolidated Statements of Partners' Equity                | 5 |  |
| Notes to Consolidated Financial Statements                 | 6-15 |  |

----

----

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |
|                                                                     | As of December 31, |
|                                                                     | 2014 |   | 2013 |
| ASSETS                                                                   |   |   |   |
| CURRENT ASSETS:                                                          |   |   |   |
| Cash and cash equivalents                                                | $ | — |  |   | $ | 10 |  |
| Accounts receivable (less allowances — 2014, $1,143; 2013, $2,429) | 253,545 |  |   | 260,574 |  |
| Receivable due from related party                                        | 303,257 |  |   | 384,305 |  |
| Programs and program licenses                                            | 151,006 |  |   | 142,570 |  |
| Other current assets                                                     | 1,180 |  |   | 1,687 |  |
| Total current assets                                                     | 708,988 |  |   | 789,146 |  |
| INVESTMENTS                                                              | 16,611 |  |   | 19,328 |  |
| GOODWILL AND OTHER INTANGIBLE ASSETS:                                    |   |   |   |
| Goodwill                                                                 | 10,235 |  |   | 10,235 |  |
| Other intangible assets, net                                             | 1,186 |  |   | 1,253 |  |
| Total goodwill and other intangible assets, net                          | 11,421 |  |   | 11,488 |  |
| OTHER ASSETS:                                                            |   |   |   |
| Programs and program licenses (less current portion)                     | 117,205 |  |   | 115,483 |  |
| Other non-current assets                                                 | 11,343 |  |   | 16,501 |  |
| Total other assets                                                       | 128,548 |  |   | 131,984 |  |
| TOTAL ASSETS                                                             | $ | 865,568 |  |   | $ | 951,946 |  |
| LIABILITIES AND PARTNERS’ EQUITY                                   |   |   |   |
| CURRENT LIABILITIES:                                                     |   |   |   |
| Accounts and program rights payables                                     | $ | 21,789 |  |   | $ | 17,266 |  |
| Unearned revenue                                                         | 16,366 |  |   | 44,771 |  |
| Other accrued liabilities                                                | 25,102 |  |   | 30,139 |  |
| Total current liabilities                                                | 63,257 |  |   | 92,176 |  |
| DEFERRED INCOME TAXES                                                    | 619 |  |   | 704 |  |
| TOTAL LIABILITIES                                                        | 63,876 |  |   | 92,880 |  |
| COMMITMENTS AND CONTINGENCIES (Note 6)                                   |   |   |   |
| PARTNERS’ EQUITY:                                                  |   |   |   |
| Partners’ capital                                                  | 802,427 |  |   | 858,242 |  |
| Foreign currency translation adjustment                                  | (735 | ) |   | 824 |  |
| Total partners’ equity                                             | 801,692 |  |   | 859,066 |  |
| TOTAL LIABILITIES AND PARTNERS’ EQUITY                             | $ | 865,568 |  |   | $ | 951,946 |  |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
|                                        | For the years ended December 31, |
|                                        | 2014 |   | 2013 |   | 2012 |
| Operating revenues                          | $ | 1,070,671 |  |   | $ | 1,031,320 |  |   | $ | 982,009 |  |
| COSTS AND EXPENSES:                         |   |   |   |   |   |
| Costs of services                           | 273,377 |  |   | 245,963 |  |   | 215,569 |  |
| Selling, general and administrative         | 262,750 |  |   | 264,100 |  |   | 244,463 |  |
| Amortization of intangible assets           | 67 |  |   | 315 |  |   | 101 |  |
| Total costs and expenses                    | 536,194 |  |   | 510,378 |  |   | 460,133 |  |
| OPERATING INCOME                            | 534,477 |  |   | 520,942 |  |   | 521,876 |  |
| OTHER CREDITS (CHARGES):                    |   |   |   |   |   |
| Equity in earnings of affiliates            | 17,345 |  |   | 21,797 |  |   | 17,418 |  |
| Miscellaneous, net                          | 645 |  |   | (202 | ) |   | 67 |  |
| Net other credits (charges)                 | 17,990 |  |   | 21,595 |  |   | 17,485 |  |
| Income before unincorporated business taxes | 552,467 |  |   | 542,537 |  |   | 539,361 |  |
| Unincorporated business taxes               | 3,409 |  |   | 31,302 |  |   | 574 |  |
| NET INCOME                                  | 549,058 |  |   | 511,235 |  |   | 538,787 |  |
| OTHER COMPREHENSIVE INCOME (LOSS)           |   |   |   |   |   |
| Foreign currency translation adjustment     | (1,559 | ) |   | (1,360 | ) |   | 322 |  |
| COMPREHENSIVE INCOME                        | $ | 547,499 |  |   | $ | 509,875 |  |   | $ | 539,109 |  |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                             | For the years ended December 31, |
|                                                                             | 2014 |   | 2013 |   | 2012 |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                            |   |   |   |   |   |
| Net income                                                                       | $ | 549,058 |  |   | $ | 511,235 |  |   | $ | 538,787 |  |
| Adjustments to reconcile net income to net cash flows from operating activities: |   |   |   |   |   |
| Program amortization                                                             | 243,772 |  |   | 218,302 |  |   | 189,291 |  |
| Amortization of intangible assets                                                | 67 |  |   | 315 |  |   | 101 |  |
| Equity in earnings of affiliates                                                 | (17,345 | ) |   | (21,797 | ) |   | (17,418 | ) |
| Amortization of network distribution costs                                       | 4,396 |  |   | 6,425 |  |   | 19,373 |  |
| Program payments                                                                 | (249,276 | ) |   | (219,059 | ) |   | (209,969 | ) |
| Dividends received from joint ventures, net of withholding tax paid              | 17,996 |  |   | 17,983 |  |   | 14,265 |  |
| Changes in assets and liabilities:                                               |   |   |   |   |   |
| Accounts receivable                                                              | 7,029 |  |   | (3,800 | ) |   | (20,644 | ) |
| Accounts payable                                                                 | (131 | ) |   | 487 |  |   | (104 | ) |
| Other assets and liabilities                                                     | (32,259 | ) |   | 22,853 |  |   | 11,942 |  |
| Cash provided by (used in) operating activities                                  | 523,307 |  |   | 532,944 |  |   | 525,624 |  |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                            |   |   |   |   |   |
| Decrease (increase) in receivable due from related party                         | 81,048 |  |   | (56,835 | ) |   | 3,067 |  |
| Other, net                                                                       | 508 |  |   | (613 | ) |   | (339 | ) |
| Cash provided by (used in) investing activities                                  | 81,556 |  |   | (57,448 | ) |   | 2,728 |  |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                            |   |   |   |   |   |
| Capital contributions                                                            | — |  |   | 16,990 |  |   | — |  |
| Capital distributions                                                            | (604,873 | ) |   | (492,476 | ) |   | (528,352 | ) |
| Cash provided by (used in) financing activities                                  | (604,873 | ) |   | (475,486 | ) |   | (528,352 | ) |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                 | (10 | ) |   | 10 |  |   | — |  |
| CASH AND CASH EQUIVALENTS:                                                       |   |   |   |   |   |
| Beginning of period                                                              | 10 |  |   | — |  |   | — |  |
| End of period                                                                    | $ | — |  |   | $ | 10 |  |   | $ | — |  |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | ManagingPartner |   | Class APartners |   | Class BPartners |   | ForeignCurrencyTranslationAdjustment |   | TotalPartners’Equity |
| Partners’ equity at December 31, 2011 | $ | 83,168 |  |   | $ | 479,428 |  |   | $ | 249,462 |  |   | $ | 1,862 |  |   | $ | 813,920 |  |
| Net income                                       | 53,879 |  |   | 323,272 |  |   | 161,636 |  |   | — |  |   | 538,787 |  |
| Foreign currency translation adjustment          | — |  |   | — |  |   | — |  |   | 322 |  |   | 322 |  |
| Capital distributions                            | (24,518 | ) |   | (430,281 | ) |   | (73,553 | ) |   | — |  |   | (528,352 | ) |
| Partners’ equity at December 31, 2012 | 112,529 |  |   | 372,419 |  |   | 337,545 |  |   | 2,184 |  |   | 824,677 |  |
| Net income                                       | 51,124 |  |   | 306,741 |  |   | 153,370 |  |   | — |  |   | 511,235 |  |
| Foreign currency translation adjustment          | — |  |   | — |  |   | — |  |   | (1,360 | ) |   | (1,360 | ) |
| Capital contributions                            | — |  |   | 16,990 |  |   | — |  |   | — |  |   | 16,990 |  |
| Capital distributions                            | (49,248 | ) |   | (295,485 | ) |   | (147,743 | ) |   | — |  |   | (492,476 | ) |
| Partners’ equity at December 31, 2013 | 114,405 |  |   | 400,665 |  |   | 343,172 |  |   | 824 |  |   | 859,066 |  |
| Net income                                       | 54,906 |  |   | 329,435 |  |   | 164,717 |  |   | — |  |   | 549,058 |  |
| Foreign currency translation adjustment          | — |  |   | — |  |   | — |  |   | (1,559 | ) |   | (1,559 | ) |
| Capital distributions                            | (60,487 | ) |   | (362,924 | ) |   | (181,462 | ) |   | — |  |   | (604,873 | ) |
| Partners’ equity at December 31, 2014 | $ | 108,824 |  |   | $ | 367,176 |  |   | $ | 326,427 |  |   | $ | (735 | ) |   | $ | 801,692 |  |

----

----

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands)                              | BalanceBeginningof Period |   | Additions forBad DebtExpense |   | Deductionsfor AmountsCharged Off |   | BalanceEnd ofPeriod |
| Allowances for Doubtful Accounts Receivable |   |   |   |   |   |   |   |
| Year Ended December 31:                     |   |   |   |   |   |   |   |
| 2014                                        | $ | 2,429 |  |   | $ | 1,054 |  |   | $ | 2,340 |  |   | $ | 1,143 |  |
| 2013                                        | 1,950 |  |   | 780 |  |   | 301 |  |   | 2,429 |  |
| 2012                                        | 1,805 |  |   | 276 |  |   | 131 |  |   | 1,950 |  |

----

----

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |
| (in thousands)            |   | As of December 31, |
|                      |   | 2014 |   | 2013 |
| Equity method investments |   | $ | 16,611 |  |   | $ | 19,328 |  |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |
| (in thousands)                                                | As of December 31, |
|                                                          | 2014 |   | 2013 |
| Cost of programs available for broadcast                      | $ | 849,055 |  |   | $ | 754,260 |  |
| Accumulated amortization                                      | 614,095 |  |   | 544,763 |  |
| Total                                                         | 234,960 |  |   | 209,497 |  |
| Progress payments on programs not yet available for broadcast | 33,251 |  |   | 48,556 |  |
| Total programs and program licenses                           | $ | 268,211 |  |   | $ | 258,053 |  |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands) | ProgramsAvailable forBroadcast |   | Programs NotYet Availablefor Broadcast |   | Total |
| 2015           | $ | 135,582 |  |   | $ | 44,880 |  |   | $ | 180,462 |  |
| 2016           | 64,206 |  |   | 28,355 |  |   | 92,561 |  |
| 2017           | 27,357 |  |   | 14,054 |  |   | 41,411 |  |
| 2018           | 7,815 |  |   | 8,629 |  |   | 16,444 |  |
| 2019           | — |  |   | 1,891 |  |   | 1,891 |  |
| Total          | $ | 234,960 |  |   | $ | 97,809 |  |   | $ | 332,769 |  |

----

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |
| (in thousands)                     | As of December 31, |
|                               | 2014 |   | 2013 |
| Acquired rights                    | $ | 1,669 |  |   | $ | 1,669 |  |
| Accumulated amortization           | (483 | ) |   | (416 | ) |
| Total other intangible assets, net | $ | 1,186 |  |   | $ | 1,253 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands)                 | For the years ended December 31, |
|                           | 2014 |   | 2013 |   | 2012 |
| Current tax expense            | $ | 3,354 |  |   | $ | 31,063 |  |   | $ | 585 |  |
| Deferred tax (benefit) expense | 55 |  |   | 239 |  |   | (11 | ) |
| Total UBT expense              | $ | 3,409 |  |   | $ | 31,302 |  |   | $ | 574 |  |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |
| (in thousands)                | As of December 31, |
|                          | 2014 |   | 2013 |
| Deferred tax assets:          |   |   |   |
| Unearned revenue              | $ | (66 | ) |   | $ | (209 | ) |
| Other temporary differences   | (158 | ) |   | (155 | ) |
|                          | (224 | ) |   | (364 | ) |
| Deferred tax liabilities:     |   |   |   |
| Programs and program licenses | 582 |  |   | 686 |  |
| Other temporary differences   | 37 |  |   | 18 |  |
|                          | 619 |  |   | 704 |  |
| Net deferred tax liability    | $ | 395 |  |   | $ | 340 |  |

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |
| (in thousands) | RentCommitments |   | TalentContractCommitments |
| 2015           | $ | 5,354 |  |   | $ | 12,437 |  |
| 2016           | 10,351 |  |   | 1,250 |  |
| 2017           | 10,682 |  |   | — |  |
| 2018           | 10,896 |  |   | — |  |
| 2019           | 11,114 |  |   | — |  |
| Later years    | 21,438 |  |   | — |  |
| Total          | $ | 69,835 |  |   | $ | 13,687 |  |

----

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands)            | For the years ended December 31, |
|                           | 2014 |   | 2013 |   | 2012 |
| Music rights fees              | $ | 2,262 |  |   | $ | 2,250 |  |   | $ | 1,349 |  |
| Stock-based compensation costs | 3,176 |  |   | 4,178 |  |   | 2,636 |  |
| Health and life insurance      | 2,046 |  |   | 1,920 |  |   | 1,750 |  |
| Defined benefit pension costs  | 451 |  |   | 745 |  |   | 480 |  |
| Defined contribution costs     | 2,768 |  |   | 2,500 |  |   | 2,316 |  |
| Other                          | 6,259 |  |   | 5,526 |  |   | 5,241 |  |