Document:

EX-4.2

EXHIBIT 4.2

AMENDED AND RESTATED INVESTMENT AGREEMENT

AMENDED AND RESTATED INVESTMENT AGREEMENT, dated as of November 7, 2005 (this
“Agreement”), by and between PAXSON COMMUNICATIONS CORPORATION, a Delaware corporation (the
“Company”), and NBC UNIVERSAL, INC., a Delaware corporation (“NBCU” and, together
with its permitted transferees, the “Investor”). Capitalized terms not otherwise defined
where used shall have the meanings ascribed thereto in Article I.

WHEREAS, on September 15, 1999, the Investor and certain of its Affiliates invested
$415,000,000 (the “Initial Investment”) in the Company, and, in connection with the Initial
Investment,

	 	1.	 	the Company and the Investor entered into an Investment
Agreement (the “Original Investment Agreement”), pursuant to which the
Investor purchased certain securities from the Company;

	 	2.	 	the Company, the Investor and the Paxson Stockholders entered
into a Stockholder Agreement (the “Original Stockholder Agreement”), to
provide for certain matters with respect to the governance of the Company;

	 	3.	 	the Paxson Stockholders and an Affiliate of the Investor
entered into a Call Agreement (the “Original Call Agreement”), pursuant
to which the Paxson Stockholders granted an Affiliate of the Investor an option
to purchase certain securities of the Company held by them; and

	 	4.	 	the Company and the Investor entered into a Registration Rights
Agreement (the “Original Registration Rights Agreement” and, together
with the Original Investment Agreement, the Original Stockholder Agreement and
the Original Call Agreement, the “Existing Agreements”), pursuant to
which the Company granted the Investor and certain of its Affiliates certain
registration rights with respect to certain shares of Class A Common Stock held
or acquired by the Investor and certain of its Affiliates;

WHEREAS, since the date of the Initial Investment, certain disputes have arisen among the
parties as to their rights and obligations under the Existing Agreements, and the parties have
agreed to resolve those disputes and restructure the Initial Investment, subject to the terms and
conditions of the Transaction Agreements (defined below);

NOW, THEREFORE, in consideration of the mutual agreements and understandings set forth herein,
the parties hereto hereby agree to amend and restate the Original Investment Agreement as follows:

ARTICLE I

DEFINITIONS

Section 1.1 Definitions.

As used in this Agreement, the following terms shall have the meanings set forth below:

“Affiliate” shall mean, with respect to any Person, any other Person that controls, is
controlled by, or is under common control with, such Person, including the executive officers and
directors of such Person. As used in this definition, “control” (including its correlative
meanings, “controlled by” and “under common control with”) shall mean the
possession, directly or indirectly, of power to direct or cause the direction of management or
policies (whether through ownership of securities or partnership or other ownership interests, by
contract or otherwise).

“Agreement” shall have the meaning set forth in the preamble hereto.

“Ancillary Documents” shall mean the Certificate of Designation, the Master Agreement,
the Call Agreement, the Stockholder Agreement, the Registration Rights Agreement and the Settlement
Agreement.

“Asset Sale” shall mean the sale, transfer or other disposition (other than to the
Company or any of its Company Subsidiaries) in any single transaction or series of related
transactions involving assets with a fair market value in excess of $2,000,000 of (a) any capital
stock of or other equity interest in any Company Subsidiary, (b) all or substantially all of the
assets of the Company or of any Company Subsidiary, (c) real property, (d) all or substantially all
of the assets of any media property, or part thereof, owned by the Company or any Company
Subsidiary, or a division, line of business or comparable business segment of the Company or any
Company Subsidiary or (e) any transaction involving the transfer of an FCC license for a Company
Station; provided that Asset Sales shall not include sales, leases, conveyances, transfers
or other dispositions to the Company or to a wholly owned Company Subsidiary or to any other Person
if after giving effect to such sale, lease, conveyance, transfer or other disposition such other
Person becomes a wholly owned Company Subsidiary.

“Bankruptcy Law” shall mean Title 11, U.S. Code or any similar Federal or state law
for the relief of debtors.

“Board of Directors” shall mean the Board of Directors of the Company as from time to
time constituted.

“Budget” shall mean for any fiscal year the annual operating budget for the Company,
including the Network (but specifically excluding all Company Station operations and programming,
except for Same Market Stations), which shall include Network programming items (including capital
expenditures, general corporate overhead expenses and other operating expenses), prepared by the
Company, provided that if the Company and the Investor fail to agree on an annual operating
budget for any fiscal year, the Budget shall be the Budget for the previous year.

“Call Agreement” shall mean the Call Agreement, dated as of the date hereof, among the
Investor, NBC Palm Beach Investment II, Inc. and the Paxson Stockholders, as from time to time
amended, modified or supplemented.

“Certificate of Designation” shall mean the Amended and Restated Certificate of
Designation of the Series B Preferred Stock, to be executed and filed with the Secretary of State
of the State of Delaware on or prior to the date hereof, which shall be substantially in the form
of Exhibit A hereto, as from time to time amended, modified or supplemented.

“Class A Common Stock” shall mean the shares of Class A Common Stock, par value $0.001
per share, of the Company.

“Class B Common Stock” shall mean the shares of Class B Common Stock, par value $0.001
per share, of the Company.

“Class C Common Stock” shall mean the shares of Class C Non-Voting Common Stock, par
value $0.001 per share, of the Company.

“Code” shall mean the Internal Revenue Code of 1986, as amended.

“Common Stock” shall mean the Class A Common Stock, Class B Common Stock and Class C
Common Stock, and any other class of common stock of the Company hereafter created and any
securities of the Company into which such Common Stock may be reclassified, exchanged or converted.

“Communications Act” shall mean the Communications Act of 1934, as amended (including,
without limitation, the Cable Communications Policy Act of 1984 and the Cable Television Consumer
Protection and Competition Act of 1992), and all rules and regulations of the FCC, in each case as
from time to time in effect.

“Company” shall have the meaning set forth in the preamble hereto.

“Company CEO” shall mean the chief executive officer of the Company appointed on the
date hereof in connection with the execution of the Transaction Agreements and any successor unless
the initial Company CEO was terminated by the Company without Cause or the initial Company CEO
resigned for Good Reason (in each case, as such terms are defined in the Burgess Employment
Agreement (as defined in the Master Agreement)).

“Company Plan” shall mean each “employee benefit plan” (within the meaning of Section
3(3) of ERISA), including, without limitation, multiemployer plans (within the meaning of ERISA
Section 3(37)), stock purchase, stock option, severance, employment, change-in-control, fringe
benefit, collective bargaining, bonus, incentive, deferred compensation and all other employee
benefit plans, agreements, programs, policies or other arrangements, whether or not subject to
ERISA (including any funding mechanism therefor now in effect or required in the future as a result
of the transaction contemplated by this Agreement or otherwise), whether formal or informal, oral
or written, under which any employee or former employee of the Company or its Subsidiaries has any
present or future right to benefits and under which the Company or its Subsidiaries has any present
or future liability.

“Company Sale” shall have the meaning set forth in Section 9.5.

“Company Stations” shall mean, collectively, each full service television station, low
power television station and television translator owned and operated by the Company or any Company
Subsidiary.

“Company Subsidiary” shall mean any Subsidiary of the Company.

“Conflicting Provision” shall have the meaning set forth in Section 10.12.

“Conversion Shares” shall mean the shares of Common Stock into which the Shares are
convertible, as such shares may be subject to adjustment from time to time and any securities into
which such shares may be reclassified, exchanged or converted.

“Custodian” shall mean any receiver, trustee, assignee, liquidator or similar official
under any Bankruptcy Law.

“Default Redemption Period” shall have the meaning set forth in Section 9.2(b).

“Default Redemption Price” shall mean the greater of (i) the Par Value Price and (ii)
an amount per Conversion Share equal to the average of the closing prices of the Common Stock on
the American Stock Exchange (or other applicable exchange) for the 45 consecutive trading days
ending on the trading date immediately preceding the date of delivery of the Notice of Default
Redemption, provided that if the applicable Notice of Default Redemption is based upon an
Event of Default under clause (2)(C) of the definition of Event of Default, the Default Redemption
Price shall be the Par Value Price.

“DMA” shall mean a Designated Market Area as determined by Nielsen Media Research or
such successor designation of television markets that may in the future be recognized by the FCC
for determining television markets.

“Environmental Laws” shall mean all applicable federal, state, local and foreign laws,
statutes, ordinances, codes, rules, standards and regulations, now or hereafter in effect, and in
each case as amended or supplemented from time to time, and any applicable judicial or
administrative interpretation thereof, including any applicable judicial or administrative order,
consent decree, order or judgment, imposing liability or standards of conduct for or relating to
the regulation and protection of human health, safety, the environment and natural resources
(including ambient air, surface water, groundwater, wetlands, land surface or subsurface strata,
wildlife, aquatic species and vegetation). Environmental Laws include the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. §§ 9601 et seq.)
(“CERCLA”); the Hazardous Materials Transportation Authorization Act of 1994 (49 U.S.C. §§
5101 et seq.); the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. §§ 136 et seq.);
the Solid Waste Disposal Act (42 U.S.C. §§ 6901 et seq.); the Toxic Substance Control Act (15
U.S.C. §§ 2601 et seq.); the Clean Air Act (42 U.S.C. §§ 7401 et seq.); the Federal Water Pollution
Control Act (33 U.S.C. §§ 1251 et seq.); the Occupational Safety and Health Act (29 U.S.C. §§ 651
et seq.); and the Safe Drinking Water Act (42 U.S.C. §§ 300(f) et seq.), each as from time to time
amended, and any and all regulations promulgated thereunder, and all analogous state, local and
foreign counterparts or equivalents and any transfer of ownership notification or approval
statutes.

“Environmental Liabilities” shall mean, with respect to any Person, all liabilities,
obligations, responsibilities, response, remedial and removal costs, investigation and feasibility
study costs, capital costs, operation and maintenance costs, losses, damages, punitive damages,
property damages, natural resource damages, consequential damages, treble damages, costs and
expenses (including all fees, disbursements and expenses of counsel, experts and consultants),
fines, penalties, sanctions and interest incurred as a result of or related to any claim, suit,
action, investigation, proceeding or demand by any Person, whether based in contract, tort, implied
or express warranty, strict liability, criminal or civil statute or common law, including any
arising under or related to any Environmental Laws, Environmental Permits, or in connection with
any Release or threatened Release or presence of a Hazardous Material whether on, at, in, under,
from or about or in the vicinity of any real or personal property.

“Environmental Permits” shall mean all permits, licenses, authorizations,
certificates, approvals or registrations required by any Governmental Entity under any
Environmental Laws.

“ERISA” shall mean the Employee Retirement Income Security Act of 1974 (or any
successor legislation hereto), as amended from time to time, and any regulations promulgated
thereunder.

“ERISA Affiliate” shall mean, with respect to the Company or any Company Subsidiary,
any trade or business (whether or not incorporated) which, together with the Company or such
Company Subsidiary, are treated as a single employer within the meaning of Sections 414(b), (c),
(m) or (o) of the Code.

“ERISA Event” shall mean, with respect to the Company, any Company Subsidiary or any
ERISA Affiliate (a) any event described in Section 4043(c) of ERISA with respect to a Title IV
Plan; (b) the withdrawal of the Company, any Company Subsidiary or ERISA Affiliate from a Title IV
Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as
defined in Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of the Company, any
Company Subsidiary or any ERISA Affiliate from any Multiemployer Plan; (d) the filing of a notice
of intent to terminate a Title IV Plan or the treatment of a plan amendment as a termination under
Section 4041 of ERISA; (e) the institution of proceedings to terminate a Title IV Plan or
Multiemployer Plan by the PBGC; (f) the failure by the Company, any Company Subsidiary or ERISA
Affiliate to make when due required contributions to a Multiemployer Plan or Title IV Plan unless
such failure is cured within 30 days; (g) any other event or condition which might reasonably be
expected to constitute grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or for the
imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the termination of a
Multiemployer Plan under Section 4041A of ERISA or the reorganization or insolvency of a
Multiemployer Plan under Section 4241 of ERISA; (i) the loss of a Qualified Plan’s qualification or
tax exempt status; or (j) the termination of a Company Plan described in Section 4064 of ERISA.

“Event of Default” shall mean:

(1) the Company (i) is in material breach or default under this Agreement or
any Ancillary Document and (ii) either (A) if such breach or default is not reasonably
curable, the Company receives notice of such breach or default from the Investor or (B) if
such breach or default is reasonably curable, the Company fails to cure such breach or
default within 30 days after the Company’s receipt of notice from the Investor of such
breach or default;

(2) there is (A) a default in the payment at final maturity of principal in
an aggregate amount of $10,000,000 or more with respect to any indebtedness of the Company
or any Company Subsidiary which default shall not be cured, waived or postponed pursuant to
an agreement with the holders of such indebtedness within 60 days after written notice, (B)
an acceleration of any such indebtedness aggregating $10,000,000 or more which acceleration
shall not be rescinded or annulled within 20 days after written notice to the Company of
such default by the Investor or (C) a default or other event that permits the acceleration
of any such indebtedness aggregating $10,000,000 or more which default or other event has
not been cured or waived by the filing deadline for the next SEC report of the Company on
Form 10-K, 10-Q or 8-K or similar report under the Exchange Act;

(3) a court of competent jurisdiction enters a final judgment or judgments
which can no longer be appealed for the payment of money in excess of $10,000,000 against
the Company or any Company Subsidiary and such judgment remains undischarged for a period of
60 consecutive days during which a stay of enforcement of such judgment shall not be in
effect;

(4) the Company or any Company Subsidiary pursuant to or within the meaning
of any Bankruptcy Law:

(A) commences a voluntary case,

(B) consents to the entry of an order for relief against it in an involuntary
case,

(C) consents to the appointment of a Custodian of it or for all or
substantially all of its property,

(D) makes a general assignment for the benefit of its creditors, or

(E) generally is not paying its debts as they become due; or

(5) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that:

(A) is for relief against the Company or any Company Subsidiary in an
involuntary case,

(B) appoints a Custodian of the Company or any Company Subsidiary or for all or
substantially all of the property of the Company or any Company Subsidiary, or

(C) orders the liquidation of the Company or any Company Subsidiary, and the
order or decree remains unstayed and in effect for 60 days.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Existing Agreements” shall have the meaning set forth in the recitals hereto.

“Existing Preferred Stock” shall mean the 141/4% Cumulative Junior Exchangeable
Preferred Stock, par value $.001 per share, of the Company, with a liquidation preference of
$10,000 per share, of which 49,610 shares are outstanding as of the date hereof, and any additional
shares issued as payment of dividends thereon; and the 93/4% Series A Convertible Preferred Stock,
$.001 par value, of the Company, with a liquidation preference of $10,000 per share, of which
15,162 shares are outstanding as of the date hereof, and any additional shares issued as payment of
dividends thereon.

“FCC” shall mean the Federal Communications Commission and any successor Governmental
Entity performing functions similar to those performed by the Federal Communications Commission on
the date hereof.

“GAAP” shall mean generally accepted accounting principles in the United States of
America in effect from time to time.

“Governmental Entity” shall mean any nation or government, any state or other
political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to government and any self-regulating organization,
securities exchange or securities trading system, including, without limitation, the FCC.

“Hazardous Material” shall mean any substance, material or waste which is regulated
by, or forms the basis of liability now or hereafter under, any Environmental Laws, including any
material or substance which is (a) defined as a “solid waste,” “hazardous waste,” “hazardous
material,” “hazardous substance,” “extremely hazardous waste,” “restricted hazardous waste,”
“pollutant,” “contaminant,” hazardous constituent,” “special waste,” toxic substance” or other
similar term or phrase under any Environmental Laws, (b) petroleum or any fraction or by-product
thereof, asbestos, polychlorinated biphenyls (PCBs), or any radioactive substance.

“HSR Act” shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, and the rules and regulations promulgated thereunder.

“Independent” shall mean, with respect to a director or proposed director, that such
person is (i) “independent”, as determined in accordance with Section 121A of the Company Guide of
the American Stock Exchange rules and (ii) was not employed by, engaged by or affiliated with the
Company, NBCU or any Paxson Stockholder or any of their respective Affiliates within the past three
years.

“Initial Investment” shall have the meaning set forth in the recitals hereto.

“Investor” shall have the meaning set forth in the preamble hereto.

“Investor Call Right Termination” shall have the meaning set forth in the Call
Agreement.

“Investor Indemnitees” shall have the meaning set forth in Section 10.7(a).

“Investor Nominee” shall have the meaning set forth in the Stockholder Agreement.

“Investor Recourse Period” shall have the meaning set forth in Section 9.4.

“Investor Rights” shall mean the rights of the Investor set forth in Articles II, III
and IV of the Stockholder Agreement and in Article IV and Article VI hereof, other than Section
6.12.

“Issue Price” shall mean $10,000 per Share.

“Lien” shall mean any mortgage, pledge, hypothecation, assignment, encumbrance, lien
(statutory or other) or security agreement of any kind or nature whatsoever (including, without
limitation, any conditional sale or other title retention agreement or any financing lease having
substantially the same effect as any of the foregoing).

“Losses” shall have the meaning set forth in Section 10.7(a).

“Master Agreement” shall mean the Master Transaction Agreement, dated as of the date
hereof, among the Company, the Investor, the Paxson Stockholders, NBC Palm Beach Investment I, Inc.
and NBC Palm Beach Investment II, Inc., as from time to time amended, modified or supplemented.

“Material Adverse Effect” shall mean a material adverse effect on (i) with respect to
the Company, the business, assets, operations or financial or other condition of the Company and
the Company Subsidiaries taken as a whole or (ii) with respect to any party to this Agreement or
the Ancillary Documents, the ability of such party to perform its obligations under this Agreement
or any of the Ancillary Documents to which it is a party.

“Minimum Investment” shall mean 151,000,000 Conversion Shares; provided that
such number shall be equitably adjusted for any conversions, reclassifications, reorganizations,
stock dividends, stock splits, reverse splits and similar events which occur with respect to the
Common Stock; provided further that such number shall be reduced pro rata for any
reduction in the number of Conversion Shares underlying the Series B Preferred Stock held by the
Investor pursuant to the payment of the Investor Call Right Termination Amount (as defined in the
Stockholder Agreement). For purposes of the determination of whether the Minimum Investment is
owned, the Investor or its Affiliates and any permitted transferee holding any Shares shall be
deemed to hold the Conversion Shares for such Shares.

“Multiemployer Plan” shall mean a “multiemployer plan” as defined in Section
4001(a)(3) of ERISA and to which the Company, any Company Subsidiary or any ERISA Affiliate is
making, is obligated to make, or has made or been obligated to make, contributions on behalf of
participants who are or were employed by any of them.

“National Coverage” shall mean, with respect to any television network, the percentage
of national television households that receive such network’s broadcast as listed in the Nielsen
Television Index or such successor measure of coverage equivalent thereto generally adopted by the
television industry.

“NBCU” shall have the meaning set forth in the preamble hereto.

“Network” shall mean any television broadcast network owned by the Company.

“New Exchange Debentures” shall have the meaning set forth in the Certificate of
Designation.

“Notice of Default Redemption” shall have the meaning set forth in Section 9.2(a).

“Original Call Agreement” shall have the meaning set forth in the recitals hereto.

“Original Investment Agreement” shall have the meaning set forth in the recitals
hereto.

“Original Stockholder Agreement” shall have the meaning set forth in the recitals
hereto.

“Par Value Price” shall mean, in respect of any redemption of any share of preferred
stock of the Company, the issue price of such preferred stock plus any accrued and unpaid dividends
through and including the date of redemption of such preferred stock.

“Paxson Stockholders” shall mean Lowell W. Paxson, Second Crystal Diamond Limited
Partnership and Paxson Enterprises, Inc.

“PBGC” shall mean the Pension Benefit Guaranty Corporation or any successor thereto.

“Person” shall mean an individual, corporation, unincorporated association,
partnership, group (as defined in Section 13(d)(3) of the Exchange Act), trust, joint stock
company, joint venture, business trust or unincorporated organization, limited liability company,
any Governmental Entity or any other entity of whatever nature.

“PMC Management Agreement” shall mean the PMC Management and Proxy Agreement, dated as
of the date hereof, between Paxson Management Corporation and the Company.

“Qualified Plan” shall mean a Company Plan which is intended to be tax-qualified under
Section 401(a) of the IRC.

“Refinance” shall mean, in respect of any capital stock, to refinance, extend, renew,
refund, repay, prepay, repurchase, redeem or retire, or to issue other capital stock in exchange or
replacement for, or to amend the terms of, such capital stock; provided that the amount
paid or the fair market value of capital stock issued by the Company in connection with such
refinancing, extension, renewal, refund, repayment, prepayment, redemption, retirement or issuance
shall not exceed the greater of the applicable Par Value Price or redemption price of the capital
stock to be so refinanced, extended, renewed, refunded, repaid, prepaid, redeemed, retired or
issued, plus the amount of reasonable expenses incurred by the Company in connection with such
transaction; provided further that if any such capital stock which is Refinanced or
issued in connection with a Refinancing is exchangeable or exercisable for or convertible into
Class A Common Stock, such capital stock shall not be so exchangeable, exercisable or convertible
until the earlier of the closing of the Tender Offer (as such term is defined in the Stockholder
Agreement) or the end of the Restricted Period. “Refinanced” and “Refinancing” shall have
correlative meanings.

“Registration Rights Agreement” shall mean the Original Registration Rights Agreement
as amended by the letter agreement dated the date hereof, as from time to time further amended,
modified or supplemented.

“Release” shall mean any release, threatened release, spill, emission, leaking,
pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal,
dumping, leaching or migration of Hazardous Material in the indoor or outdoor environment,
including the movement of Hazardous Material through or in the air, soil, surface water, ground
water or property.

“Restricted Period” shall mean the period commencing on the date hereof and ending on
the earlier of the Call Closing (as such term is defined in the Call Agreement) or the date of the
Investor Call Right Termination.

“Same Market Station” shall mean any Company Station (i) in which any Person that
holds the Minimum Investment would be permitted to have an attributable interest under the
ownership rules adopted by the FCC in MM Docket Nos. 94-150, 92-51 and 87-154, as such rules may be
amended from time to time, and (ii) which, even if such Person were deemed to have an attributable
interest therein, would not increase such Person’s national broadcast coverage as calculated under
the FCC’s national ownership rules because such Person has an owned or operated television station
in the same DMA. For the purpose of this definition, a television station shall be deemed to be
“operated” by such Person if such Person supplies more than 15% of the total weekly broadcast
programming hours of such station.

“SEC” shall mean the United States Securities and Exchange Commission.

“Series B Preferred Stock” shall mean the 11% Series B Convertible Exchangeable
Preferred Stock, par value $0.001 per share, of the Company, with a liquidation preference of
$10,000 per share.

“Settlement Agreement” shall mean the Settlement Agreement, dated as of the date
hereof, between the Investor and the Company, as from time to time amended, modified or
supplemented.

“Shares” shall mean the 60,607 shares of Series B Preferred Stock held by the Investor
after the filing and effectiveness of the Certificate of Designation and the consummation of the
issuance and sale of Series B Preferred Stock pursuant to Section 3(g) of the Master Agreement and
any additional shares of Series B Preferred Stock issued in respect of such Shares.

“Station Offer Notice” shall have the meaning set forth in Section 7.2(a).

“Station Offer Price” shall have the meaning set forth in Section 7.2(a).

“Station Third Party” shall have the meaning set forth in Section 7.2(a).

“Station Transfer” shall have the meaning set forth in Section 4.1(f).

“Stock-Based Compensation Awards” shall mean options, restricted stock and any other
stock-based compensation awards issued or issuable under any of the Company’s Stock Incentive Plan,
1996 Stock Incentive Plan, 1998 Stock Incentive Plan or any other stock-based compensation plan
approved by the Board of Directors or any employment, consulting or similar agreements in effect as
of the date hereof or entered into after the date hereof and approved by the Board of Directors.

“Stockholder Agreement” shall mean the Amended and Restated Stockholder Agreement,
dated as of the date hereof, among the Company, the Investor and the Paxson Stockholders, as from
time to time amended, modified or supplemented.

“Stockholder Proposals” shall have the meaning set forth in the Stockholder Agreement.

“Subsidiary” shall mean, as to any Person, a corporation, partnership, limited
liability company, joint venture or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other ownership interests having
such power only by reason of the happening of a contingency) to elect a majority of the board of
directors or other managers of such corporation, partnership or other entity are at the time owned,
or the management of which is otherwise controlled, directly or indirectly through one or more
intermediaries, or both, by such Person.

“Surviving Representations and Warranties” shall mean the representations and
warranties contained in Sections 3.1(c), 3.1(o) and 3.1(u) of the Original Investment Agreement
(and any relevant disclosure schedules with respect thereto), the terms of which are incorporated
herein by reference.

“Tax” or, collectively, “Taxes” shall mean any and all federal, state, local
and foreign taxes, assessments and other governmental charges, duties, impositions and liabilities,
including taxes based upon or measured by gross receipts, income, profits, sales, use and
occupation, and value added, ad valorem, transfer, gains, franchise, withholding, payroll,
recapture, employment, excise, unemployment insurance, social security, business license,
occupation, business organization, stamp, environmental and property taxes, together with all
interest, penalties and additions imposed with respect to such amounts. For purposes of this
Agreement, “Taxes” also includes any obligations under any agreements or arrangements with
any other person with respect to Taxes of such other person (including pursuant to Treas. Reg.
Section 1.1502-6 or comparable provisions of state, local or foreign tax law) and including any
liability for taxes of any predecessor entity.

“Title IV Plan” shall mean an employee pension benefit plan, as defined in Section
3(2) of ERISA (other than a Multiemployer Plan), which is covered by Title IV of ERISA, and which
the Company, any Company Subsidiary or ERISA Affiliate maintains, contributes to or has an
obligation to contribute to on behalf of participants who are or were employed by any of them.

“Transaction Agreements” shall have the meaning set forth in the Master Agreement.

“Unrestricted Transfer” shall have the meaning set forth in Section 9.4.

ARTICLE II

[INTENTIONALLY OMITTED]

ARTICLE III

[INTENTIONALLY OMITTED]

ARTICLE IV

CONDUCT OF BUSINESS

Section 4.1 Conduct of the Business.

Subject to the provisions of Section 4.2, the Company shall not take, nor permit any Company
Subsidiary or officer or director to take, any of the following actions without the prior consent
of the Investor or a permitted transferee of the Investor Rights under the Stockholder Agreement:

(a) approval, not to be unreasonably withheld, of (i) a Budget, (ii) any expenditures that
materially exceed budgeted amounts or (iii) any amendments to a Budget; provided,
however, that, the Investor shall withhold its approval of any proposed Budget by
identifying those items of the proposed Budget which are not approved and providing in writing to
the Company the Investor’s basis for withholding such approval and, in such event, the portions of
such proposed Budget which are not identified as unapproved, shall be deemed to be approved under
this Section 4.1(a);

(b) [Intentionally Omitted];

(c) entering into any agreement or arrangement relating to the digital spectrum of all or any
of the Company Stations, except for any agreement which (i) has a term of not more than 14 months,
(ii) is terminable on not more than 14 months notice without payment of any material penalty or any
other material adverse consequence suffered by the Company or (iii) is approved by a majority of
the Board of Directors which includes a majority of the Independent directors and the Company CEO;

(d) [Intentionally Omitted];

(e) entering into any material amendment of the Company’s certificate of incorporation or
by-laws, except as may be necessary in connection with (i) the transactions contemplated by the
Master Agreement, including the Stockholder Proposals, or (ii) issuances of capital stock permitted
under this Agreement and the other Transaction Agreements;

(f) during the Restricted Period, other than with respect to (i) any low power television
stations that do not expand the coverage and cable carriage of any Company Station, (ii) the
Company Stations located in Greenville, NC, Jacksonville, NC, and Boston, MA (limited to Company
Stations WDPX, WPXG and W40B0), or (iii) low power station WPXO-LP, East Orange, NJ, any sale,
lease, assignment or other disposition of (x) more than 50% of the stock of any Company Subsidiary
that owns the primary operating assets of, or a FCC license of, a Company Station or (y) the
primary operating assets of, or any FCC license of, a Company Station (each, a “Station
Transfer”), in each case, if such Company Station is located in any of the 50 largest DMAs as
of the date of such disposition;

(g) except for any transactions permitted pursuant to Section 4.1(f) or that are set forth on
Schedule 4.1(g), (i) any sale, transfer, assignment or other disposition of assets involving,
together with all other dispositions of assets during any 12-month period, assets with a fair
market value greater than 20% of the book value of the Company’s consolidated assets reflected on
the balance sheet most recently filed with the SEC, (ii) any acquisition of assets, including
pursuant to a merger, consolidation or other business combination, if the consideration payable for
such assets in any single transaction exceeds 5% of the book value of the Company’s consolidated
assets reflected on the balance sheet most recently filed with the SEC or if the aggregate
consideration payable for such transaction, together with the consideration paid for all such
acquisitions in any 12-month period, exceeds 10% of the book value of the Company’s consolidated
assets reflected on the balance sheet most recently filed with the SEC (excluding, in each case,
transactions involving the issuance of capital stock of the Company that have been approved
pursuant to this Section 4.1 and transactions set forth on Schedule 4.1(g) attached hereto), or
(iii) any merger or business combination transaction where the Company is not the surviving entity
or where there is a change of control; provided that the prior consent of the Investor
shall not be required with respect to any transaction conducted during any Default Redemption
Period if such transaction is structured to ensure that the Investor receives the full Default
Redemption Price for its redeemed Shares or Conversion Shares;

(h) issuance or sale of any capital stock of the Company or any option, warrants or other
rights to acquire capital stock of the Company (including instruments convertible or exchangeable
into or exercisable for capital stock), other than (i) Stock-Based Compensation Awards issued under
the Company’s stock-based compensation plans identified under “Plan Options” and
“Non-Plan Options” on Schedule 4.1(h) and Common Stock issued or issuable in connection
therewith, (ii) reasonable and customary Stock-Based Compensation Awards issued pursuant to a
Stock-Based Compensation Plan approved after the Effective Date by the Board of Directors and, as
necessary or advisable, the stockholders of the Company and Common Stock issued in connection
therewith, (iii) 50,000,000 shares of Common Stock issued or issuable following the Effective Date
to certain officers and employees in the form of Stock-Based Compensation Awards (upon the
authorization thereof by the stockholders of the Company pursuant to the Stockholder Proposals),
(iv) non-voting capital stock issued to Refinance the Existing Preferred Stock or the Shares, or
non-voting capital stock issued as dividends in accordance with the terms and conditions of the
Existing Preferred Stock or Shares, (v) Common Stock issued upon conversion of Existing Preferred
Stock or Shares, (vi) capital stock issued in connection with the satisfaction in full of the
Company’s redemption obligation set forth in Section 9.2 or the simultaneous satisfaction of the
Company’s obligation under Section 9.5, and (vii) the issuance of non-convertible preferred stock
of the Company issued to fund the redemption of the Existing Preferred Stock with substantially
similar terms as the Existing Preferred Stock so redeemed; provided that the number of
shares of Common Stock issued or issuable pursuant to clauses (i), (ii) and (iii) shall not exceed
(A) 2,211,298 shares of Common Stock issued or issuable pursuant to Stock-Based Compensation Awards
granted prior to the Effective Date and (B) 53,446,188 shares of Common Stock issued pursuant to
Stock-Based Compensation Awards granted after the Effective Date plus such number of shares of
Common Stock underlying Stock-Based Compensation Awards granted prior to the Effective Date that
lapse, are forfeited or are otherwise cancelled following the Effective Date, in each case,
provided such grants are made in compliance with Sections 3.8(b) and 3.9 of the Stockholder
Agreement;

(i) split, combine or reclassify any of its capital stock in any manner adverse to the
Investor;

(j) other than transactions contemplated by the Master Agreement, entering into any agreement
or transaction or a series of related agreements or transactions with a Paxson Stockholder or an
Affiliate of a Paxson Stockholder or of the Company or a family member of a Paxson Stockholder,
which (i) is not on an arm’s-length basis or (ii) involves an amount in excess of $100,000;

(k) except as provided in the Master Agreement, (i) entering into any employment, compensation
or other agreement with an employee or director of the Company or any of its Subsidiaries (other
than station managers) that (A) provides for cash compensation (excluding bonus) reasonably
expected to be in excess of $400,000 per year or (B) has longer than a three-year term; or (ii)(A)
increasing the management fee payable pursuant to Section 5.2 of the PMC Management Agreement or
(B) amending such Section of the PMC Management Agreement;

(l) any increase in the size of the Board of Directors other than any increases as a result of
a Voting Rights Triggering Event (as defined in the certificates of designation relating to the
Company’s Existing Preferred Stock);

(m) any voluntary bankruptcy or winding up of the Company or filing for protection under any
Bankruptcy Law; or

(n) entering into any joint sales, joint services, time brokerage, local marketing or similar
agreement or arrangement (other than agreements or arrangements that may be terminated at no cost
to the Company upon six-months’ notice), but only if after entering into such agreement or
arrangement, Company Stations representing 20% or more of the Company’s National Coverage would be
subject to such agreements or arrangements.

If any member of the Board of Directors, who was an Investor Nominee, votes in such capacity
to approve any matter set forth in Section 4.1 that requires the consent of the Investor, the
Investor shall be deemed to have consented to such matter for purposes of this Section 4.1.
Notwithstanding the foregoing, the parties agree that there is no expressed or implied agreement to
elect any Investor Nominee to the Board of Directors of the Company.

Section 4.2 Modification of Investor Rights.

(a) Subject to Section 4.2(b), for so long as NBCU or any of its Affiliates holds the Minimum
Investment, the Investor Rights set forth in Sections 4.1(a), (f), and (l) shall be deemed to have
no force or effect and Sections (g) and (k) shall be deemed to read as follows:

	 	(i)	 	Section 4.1(g) shall be deemed to read: “(i) any sale,
transfer, assignment or other disposition in any single transaction or series
of related transactions of assets with a fair market value (as determined by
the Board of Directors in good faith) greater than 20% of the fair market value
(as determined by the Board of Directors in good faith) of the Company’s total
assets, (ii) any acquisition of assets, including pursuant to a merger,
consolidation or other business combination, if the consideration payable for
such assets in any single transaction or series of related transactions exceeds
20% of the fair market value (as determined by the Board of Directors in good
faith) of the Company’s total assets or (iii) any merger or business
combination transaction where the Company is not the surviving entity or where
there is a Change of Control (as defined in the Stockholder Agreement);
provided that the prior consent of the Investor shall not be required with
respect to any transaction conducted during any Default Redemption Period if
such transaction is structured to ensure that the Investor receives the full
Default Redemption Price for its redeemed Shares or Conversion Shares;”

	 	(ii)	 	Section 4.1(k) shall be deemed to read: “(i) increasing by more
than 20% the aggregate cash compensation (assuming full payment of any bonus)
paid to any one of the Company’s ten most highly compensated executives or
(ii)(A) increasing the management fee payable pursuant to Section 5.2 of the
PMC Management Agreement other than in accordance with such Section or (B)
amending such Section of the PMC Management Agreement;”

At such time that NBCU or any of its Affiliates no longer holds the Minimum Investment, this
Section 4.2(a) shall no longer have any force or effect.

(b) Upon the Investor Call Right Termination, the Investor Rights set forth in Sections 4.1
(a), (c), (g), (h), (k), (l), and (n) of this Agreement (including, to the extent applicable, as
modified by Section 4.2(a)) shall terminate and have no further force or effect.

ARTICLE V

OTHER AGREEMENTS

Section 5.1 Public Statements.

Before any party or any Affiliate of such party shall release any information concerning the
Transaction Agreements or the matters contemplated hereby or thereby which is intended for or can
reasonably be expected to result in public dissemination, such party shall cooperate with the other
party, shall furnish drafts of all documents or proposed oral statements to the other party,
provide the other party the opportunity to review and comment upon any such documents or statements
and shall not release or permit release of any such information without the consent of the other
party, except to the extent required by applicable law or the rules of any securities exchange or
automated quotation system on which its securities or those of its Affiliate are traded.

Section 5.2 Reasonable Commercial Efforts.

Subject to the terms and conditions provided in this Agreement, each party shall use
reasonable commercial efforts to take promptly, or cause to be taken, all actions, and to do
promptly, or cause to be done, all things necessary, proper or advisable under applicable laws and
regulations to consummate and make effective the transactions contemplated hereby, to obtain all
necessary waivers, consents and approvals and to effect all necessary registrations and filings,
and to remove any injunctions or other impediments or delays, legal or otherwise, in order to
consummate and make effective the transactions contemplated by this Agreement for the purpose of
securing to the parties hereto the benefits contemplated by this Agreement; provided that
notwithstanding anything to the contrary in this Agreement, no party nor any of its Affiliates
shall be required to make any disposition of, or enter into any agreement to hold separate, any
Subsidiary, asset or business, and no party hereto nor any of its Affiliates shall be required to
make any payment of money nor shall any party or its Affiliates be required to comply with any
condition or undertaking or take any action which, individually or in the aggregate, would
materially adversely affect the economic benefits to such party of the transactions contemplated
hereby and by the other Transaction Agreements, taken as a whole, or materially adversely affect
any other business of such party or its Affiliates.

Section 5.3 Government Filings.

(a) Each of the Company and the Investor will make as promptly as practicable, after notice to
such effect by the Investor to the Company, all filings required to be made, if any, by it,
including in connection with a tender offer pursuant to Section 3.5 of the Stockholder Agreement,
under the HSR Act and any other applicable laws, rules, regulations or orders of any Governmental
Entity with regard to the transactions which are the subject of this Agreement and the other
Transaction Agreements (including, without limitation, the conversion of the Shares, the purchase
of shares pursuant to the Call Agreement and the holding of the Conversion Shares) and each of them
will take all reasonable steps within its control (including providing information to the Federal
Trade Commission and the Department of Justice) to cause the waiting periods required by the HSR
Act to be terminated or to expire as promptly as practicable. The Company and the Investor will
each provide information and cooperate in all other respects to assist the other of them in making
its filings under the HSR Act.

(b) Each of the Company and the Investor will make as promptly as practicable after notice to
such effect by the Investor to the Company, all filings required to be made, if any, by it under
the Communications Act or the rules and regulations related thereto with regard to the transactions
which are subject of this Agreement and the other Transaction Agreements (including without
limitation the conversion of the Shares, the purchase of shares pursuant to the Call Agreement and
the holding of the Conversion Shares) and each of them will take all reasonable steps within its
control (including providing information to the FCC) to obtain any required consents or approvals
as promptly as practicable. The Company and the Investor will each provide information and
cooperate in all other respects to assist the other of them in making its filings under the
Communications Act.

(c) At any time that the Investor holds an attributable interest in the Company within the
meaning of 47 C.F.R. § 73.3555 of the rules of the FCC (including any successor rule) that it is
not permitted to hold pursuant to the FCC’s rules, the parties shall cooperate fully with each
other and negotiate in good faith to agree on such actions as may be necessary so that the Investor
comes into compliance with the FCC’s rules, including, without limitation, the transfer or
redemption of shares of Series B Preferred Stock held by the Investor (however, the parties
understand that there shall be no obligation on the part of the Company to so redeem) or a transfer
of shares of Series B Preferred Stock pursuant to Section 4.1(a)(iii) of the Stockholder Agreement.

Section 5.4 Reservation of Shares.

The Company agrees to keep reserved for issuance at all times after the adoption of the
Stockholder Proposals, as contemplated in the Stockholder Agreement, prior to conversion of the
Shares the aggregate number of Conversion Shares issuable upon conversion of the Shares.

Section 5.5 Notification of Certain Matters.

Each party to this Agreement shall give prompt notice to the other party of any failure of any
party to comply with or satisfy any covenant or agreement to be complied with or satisfied by it
hereunder; provided, however, that the delivery of any notice pursuant to this
Section 5.5 shall not limit or otherwise affect any remedies available to the party receiving such
notice.

Section 5.6 Further Assurances.

Each party shall execute and deliver such additional instruments and other documents and shall
take such further actions as may be necessary or appropriate to effectuate, carry out and comply
with all of the terms of this Agreement and the transactions contemplated hereby, including,
without limitation, making application as soon as practicable for all consents and approvals
required in connection with the transactions contemplated hereby and diligently pursuing the
receipt of such consents and approvals in good faith.

Section 5.7 Company Stockholder Meetings.

At the first annual meeting of the stockholders of the Company occurring after the date
hereof, and in any event no later than June 30, 2006, the Company shall seek stockholder approval
of the Stockholder Proposals, provided, however, that if the Investor exercises the
Call Right (as defined in the Call Agreement) prior to such time, the Company shall seek
stockholder approval of the Stockholder Proposals as soon as practicable. All reasonable and
customary documented expenses incurred by the Company in connection with seeking stockholder
approval of the Stockholder Proposals prior to the annual meeting referred to in the immediately
preceding sentence shall be borne by the Investor.

Section 5.8 Access to Information.

Subject to applicable laws, the Company shall, and shall cause the Company Subsidiaries to,
afford the officers, employees, auditors and other agents of the Investor reasonable access during
normal business hours to their officers, employees, properties, offices, plants and other
facilities, and contracts, commitments, books and records relating thereto, and shall furnish such
Persons all such documents and such financial, operating and other data and information regarding
such businesses and Persons that are in the possession of such Person as the Investor through its
officers, employees or agents may from time to time reasonably request. All such information will
be provided subject to the terms of the confidentiality agreement dated May 12, 1999, between the
Company and the Investor.

ARTICLE VI

AFFIRMATIVE AND NEGATIVE COVENANTS

Section 6.1 Maintenance of Existence and Property; FCC Licenses.

The Company shall do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence and its rights and franchises material to its business.
The Company and each Company Subsidiary shall maintain in good repair, working order and condition
all of the properties that are material to the Company and the Company Subsidiaries, taken as a
whole, used or useful in the business of such Person and from time to time will make or cause to be
made all appropriate (as reasonably determined by such Person) repairs, renewals and replacements
thereof. The Company shall, and shall cause each Company Subsidiary to, use its best efforts to
keep in full force and effect all of its material FCC Licenses and shall provide the Investor with
a copy of any (or, in the event of any notice based on knowledge of such Person, a brief
description of such default and the basis of such knowledge) notice from the FCC of any violation
with respect to any material FCC License received by it (or with respect to which such Person may
have any knowledge).

Section 6.2 Payment of Obligations.

(a) Subject to Section 6.2(b), except as disclosed in the Company’s SEC filings prior to the
date hereof, the Company shall pay and discharge or cause to be paid and discharged before any
penalty accrues thereon all material Taxes payable by it or any Company Subsidiary.

(b) The Company and each Company Subsidiary may in good faith contest, by appropriate
proceedings, the validity or amount of any Taxes described in Section 6.2(a); provided that
(i) adequate reserves with respect to such contest are maintained on the books of such Person, in
accordance with GAAP and (ii) such Person shall promptly pay or discharge such contested Taxes and
all additional charges, interest, penalties and expenses, if any, if such contest is terminated or
discontinued adversely to such Person or the conditions set forth in this Section 6.2(b) are no
longer met.

Section 6.3 Books and Records.

The Company shall, and shall cause each Company Subsidiary to, keep adequate books and records
with respect to its business activities in which proper entries, reflecting all financial
transactions, are made in accordance with GAAP and on a basis consistent with the Company’s audited
financial statements for the twelve month period ended December 31, 2004.

Section 6.4 Insurance.

The Company shall, and shall cause each Company Subsidiary to, maintain or cause to be
maintained, with financially sound and reputable insurers, insurance with respect to its business
and properties, including, without limitation, business interruption insurance, insurance on fixed
assets and directors and officers’ liability insurance, against loss or damage of the kinds
customarily carried or maintained under similar circumstances by entities of established reputation
engaged in similar businesses.

Section 6.5 Compliance with Laws, Etc.

The Company shall, and shall cause each Company Subsidiary to, comply with all (i) federal,
state, local and foreign laws and regulations applicable to it, including those relating to the
Communications Act, ERISA and labor matters and Environmental Laws and Environmental Permits,
except to the extent that any such non-compliance has not had and could not reasonably be expected
to have a Material Adverse Effect and (ii) provisions of all FCC licenses, certifications and
permits, franchises, or other permits and authorizations relating to the operation of the Company’s
business and all other material agreements, licenses or leases to which it is a party or of which
it is a beneficiary and suffer no loss or forfeiture thereof or thereunder, except to the extent
that any such non-compliance or loss or forfeiture has not had and could not reasonably be expected
to have a Material Adverse Effect.

Section 6.6 Environmental Matters.

The Company shall, and shall cause each Company Subsidiary to, and shall cause each Person
within its control to: (a) conduct its operations and keep and maintain its real estate in
compliance with all Environmental Laws and Environmental Permits other than noncompliance which
could not reasonably be expected to have a Material Adverse Effect; (b) implement any and all
investigation, remediation, removal and response actions which are appropriate or necessary to
comply with Environmental Laws and Environmental Permits pertaining to the presence, generation,
treatment, storage, use, disposal, transportation or Release of any Hazardous Material on, at, in,
under, above, to, from or about any of its real estate, except as could not reasonably be expected
to have a Material Adverse Effect; (c) notify the Investor promptly after such Person becomes aware
of any violation of Environmental Laws or Environmental Permits or any Release on, at, in, under,
above, to, from or about any of its real estate which is reasonably likely to have a Material
Adverse Effect; and (d) promptly forward to the Investor a copy of any order, notice, request for
information or any communication or report received by such Person in connection with any such
violation or Release or any other matter relating to any Environmental Laws or Environmental
Permits that could reasonably be expected to have a Material Adverse Effect, in each case whether
or not the Environmental Protection Agency or any Governmental Entity has taken or threatened any
action in connection with any such violation, Release or other matter.

Section 6.7 Material Adverse Effect.

The Company shall not make any changes in any of its business objectives, purposes or
operations which could reasonably be expected to have or result in a Material Adverse Effect on the
Company of the type described in clause (ii) of the definition of Material Adverse Effect.

Section 6.8 ERISA.

The Company shall not, and shall not cause or permit any ERISA Affiliate to, cause or permit
to occur an event which could result in the imposition of a Lien under Section 412 of the Code or
Section 302 or 4068 of ERISA or cause or permit to occur an ERISA Event to the extent such ERISA
Event could reasonably be expected to have a Material Adverse Effect.

Section 6.9 Hazardous Materials.

The Company shall not, and shall not cause or permit any Company Subsidiary to, cause or
permit a Release of any Hazardous Material on, at, in, under, above, to, from or about any of its
real estate where such Release would violate in any material respect, or form the basis for any
material Environmental Liabilities under, any Environmental Laws or Environmental Permits.

Section 6.10 No Impairment of Intercompany Transfers.

Except in connection with any transaction contemplated in any of the Transaction Agreements,
the Company shall not permit any Company Subsidiary to directly or indirectly enter into or become
bound by any agreement, instrument, indenture or other obligation which could directly or
indirectly restrict, prohibit or require the consent of any Person with respect to the payment of
dividends or distributions or the making or repayment of intercompany loans by any Company
Subsidiary to another Company Subsidiary or the Company.

Section 6.11 Limitation on Certain Asset Sales.

The Company will not, and will not permit any Company Subsidiary to, consummate an Asset Sale
unless (i) the Company or such Company Subsidiary, as the case may be, receives consideration at
the time of such sale or other disposition at least equal to the fair market value thereof on the
date the Company or the Company Subsidiary (as applicable) entered into the agreement to consummate
such Asset Sale (as determined in good faith by the Company’s Board of Directors, and evidenced by
a resolution of the Board of Directors); (ii) not less than 75% of the consideration received by
the Company or such Company Subsidiary, as the case may be, is in the form of cash or cash
equivalents other than in the case where the Company is exchanging all or substantially all of the
assets of one or more media properties operated by the Company (including by way of the transfer of
capital stock) for all or substantially all of the assets (including by way of transfer of capital
stock) constituting one or more media properties operated by another Person, provided that
at least 75% of the consideration received by the Company in such exchange, other than the media
properties, is in the form of cash or cash equivalents; and (iii) the proceeds of such Asset Sale
received by the Company or such Company Subsidiary are applied first, to the extent the Company
elects or is required, to prepay, repay or purchase debt under any then existing indebtedness of
the Company or any Company Subsidiary within 180 days following the receipt of the proceeds of such
Asset Sale and second, to the extent of the balance of the proceeds of such Asset Sale after
application as described above, to the extent the Company elects, to make an Investment in assets
(including capital stock or other securities purchased in connection with the acquisition of
capital stock or property of another Person) used or useful in businesses similar or ancillary to
the business of the Company or any Company Subsidiary as conducted at the time of such Asset Sale,
provided that such investment occurs or the Company or any Company Subsidiary enters into
contractual commitments to make such investment, subject only to customary conditions (other than
the obtaining of financing), on or prior to the 181st day following receipt of the proceeds of such
Asset Sale and the proceeds of such Asset Sale contractually committed are so applied within 360
days following the receipt of the proceeds of such Asset Sale.

Section 6.12 No Restrictive Covenants.

The Company and each Company Subsidiary shall not enter into any agreement that would in any
way restrict or limit the Company’s ability to redeem the Shares, or pay the New Exchange
Debentures, at maturity.

ARTICLE VII

OPERATING AGREEMENTS

	 	 	 
	Section 7.1

	 	[Intentionally Omitted].
	
 
	 	 
	Section 7.2

	 	Investor Right of First Refusal.
	
 
	 	 

(a) So long as the Investor owns the Minimum Investment, during the Restricted Period, the
Company or any Company Subsidiary at any time intends to effect a Station Transfer to any Person
other than a wholly owned Company Subsidiary (a “Station Third Party”), the Company shall
give written notice to the Investor at least 30 days prior to the effectiveness of such Station
Transfer (a “Station Offer Notice”), stating the Company’s intention to make such a Station
Transfer, the name of the proposed Station Third Party, the assets or securities proposed to be
transferred, the consideration to be paid for such assets or securities (the “Station Offer
Price”) and in reasonable detail all other material terms and conditions upon which such
Station Transfer is proposed. Notwithstanding the foregoing, the Investor shall not be entitled to
a right of first refusal with respect to the assets or securities of any Company Station that is
not located in one of the fifty largest DMAs.

(b) Upon receipt of the Station Offer Notice, the Investor shall have an option to purchase
all of the assets or securities proposed to be transferred at the Station Offer Price and on the
other material terms and condition set forth in the Station Offer Notice, which option may be
exercised by written notice to the Company given within 30 days of the Investor’s receipt of the
Station Offer Notice. If any portion of the consideration to be paid by such Station Third Party
is not cash, the Investor may pay in lieu of such non-cash consideration cash equal to the fair
market value thereof. The fair market value shall be determined by mutual agreement or, if no such
agreement shall be reached within ten days, by the determination of an independent nationally
recognized appraiser selected by the Company and reasonably acceptable to the Investor.

(c) If the Investor exercises its option pursuant to Section 7.2(b), the closing of such
purchase shall take place within 30 days of the date the Investor gives notice of such exercise,
except to the extent FCC approval is required or reasonably advisable for the transaction, in which
case the closing shall take place as soon as practicable after receipt of final, non-appealable
approval from the FCC.

(d) If the Investor determines not to exercise its option, then for a period of 60 days from
the earlier of (i) the expiration of the offer to the Investor and (ii) the receipt of written
notice from the Investor stating that the Investor does not intend to exercise its option, or for
such longer period required or reasonably advisable for FCC approval, the Company shall be free to
sell the proposed assets or securities to the Station Third Party at a price equal to or greater
than the Station Offer Price and on substantially the same terms as set forth in the Station Offer
Notice.

	 	 	 
	Section 7.3

	 	[Intentionally Omitted].
	
 
	 	 
	Section 7.4

	 	[Intentionally Omitted].
	
 
	 	 
	Section 7.5

	 	[Intentionally Omitted].
	
 
	 	 

ARTICLE VIII

[INTENTIONALLY OMITTED]

ARTICLE IX

REDEMPTION

	 	 	 
	Section 9.1

	 	[Intentionally Omitted].
	
 
	 	 
	Section 9.2

	 	Default Redemption.
	
 
	 	 

(a) In the event that an Event of Default occurs, then the Investor will have the right to
require the Company to redeem, by payment in cash, any Shares or Conversion Shares at a price equal
to the Default Redemption Price by delivering notice to the Company (a “Notice of Default
Redemption”) following written notice by the Company to the Investor of an Event of Default or
written notice by the Investor to the Company of an Event of Default; provided that the
Investor may only give a Notice of Default Redemption (i) after the Restricted Period and (ii) if
at such time the Event of Default is continuing.

(b) The Company or its assignee pursuant to Section 9.3 will have a period of 180 days (the
“Default Redemption Period”) from the date of any such demand to consummate the redemption;
provided that if at any time during such 180-day period, the Company’s outstanding debt and
preferred stock covenants do not prohibit a redemption and the Company has funds on hand to
consummate such redemption, then the Company or its assignee shall consummate such redemption at
such time. Notwithstanding the foregoing, in the event the Company assigns its redemption
obligation to a third party pursuant to Section 9.3, then the Default Redemption Period shall
terminate on the earlier of (i) 180 days from the date of such demand to consummate the redemption
and (ii) 30 days after such assignment.

Section 9.3 Assignment of Redemption Obligation.

The Company may assign its redemption obligation under Section 9.2 to a third party. The
Company shall provide the Investor with notice at least 30 days prior to any proposed assignment of
its redemption obligation to a third party; provided that if it is not possible to provide
notice 30 days prior to such assignment, the Company shall provide such notice as soon as possible.

Section 9.4 Failure to Redeem.

In the event the Company or its assignee, as the case may be, does not consummate a redemption
pursuant to Section 9.2 during the Default Redemption Period, then, for a period of 180 days after
the expiration of the Default Redemption Period (the “Investor Recourse Period”), the
Investor may sell the Shares and the Conversion Shares and transfer the related rights under this
Agreement, the Stockholder Agreement and the Registration Rights Agreement to any party without
regard to the restrictions on transferability set forth therein, including any consent right;
provided that the transfer of the Investor Rights shall be subject to the transferee
acquiring the Minimum Investment (an “Unrestricted Transfer”). If, at the end of the
Investor Recourse Period, the Investor has not effected an Unrestricted Transfer, then the Company
shall have a 30-day period during which to effect a redemption at the Default Redemption Price. If
the Company does not effect redemption during such period, then the Investor shall have the right
to effect a Company Sale pursuant to Section 9.5.

Section 9.5 Company Sale.

If the Company fails to effect a redemption as set forth in Section 9.4, the Investor may
require the Company to effect, at the Company’s option, either a public sale or a liquidation of
the Company (a “Company Sale”), exercisable by written notice to the Company. If the
Investor exercises such right, any Investor Nominees who have been elected to the Board shall
immediately resign as directors. The Investor will retain the rights to participate as a bidder in
any such sale; provided that if the highest bid in any such public sale is not in an amount
sufficient to pay the Investor the Default Redemption Price for all the Shares and Conversion
Shares held by the Investor, the Investor will have a right of first refusal to purchase the
Company for such highest bid amount. The Company shall be required to accept any offer it receives
which provides for payment to the Investor of the full Default Redemption Price for all Shares and
Conversion Shares held by the Investor; provided that if the Company receives more than one
such offer, the Company shall have the right to determine which offer to accept.

ARTICLE X

MISCELLANEOUS

Section 10.1 Survival of Representations and Warranties.

The Surviving Representations and Warranties which were made as of September 15, 1999, shall
continue to survive indefinitely, and the representations and warranties in Section 3.1(j) of the
Original Investment Agreement, which were also made as of September 15, 1999, the terms of which
are incorporated herein by reference (including any relevant disclosure schedules with respect
thereto) shall survive until 30 days after the expiration of the applicable statute of limitations
relating to the taxes or other matters covered. For the avoidance of doubt, it is understood and
agreed that except for the Surviving Representations and Warranties and the representations and
warranties set forth in Section 3.1(j) of the Original Investment Agreement, which shall survive in
accordance with the preceding sentence, none of the other representations and warranties made in
the Original Investment Agreement, whether made by either the Company or the Investor, survive;
provided, however, that except as set forth in the Settlement Agreement, the
parties hereto retain all rights, powers and remedies available at law or in equity or otherwise in
connection with any breach arising out of the Original Investment Agreement prior to the date
hereof, and the execution of this Agreement by the parties shall not operate as a waiver of, nor
shall it prejudice, any such right, power or remedy now or hereafter existing at law or in equity
or otherwise except for any rights, powers or remedies arising out of events that occurred prior to
the date hereof to the extent the events giving rise to such rights, powers or remedies were
disclosed in the Company’s public filings with the FCC or SEC, disclosed in writings to the
Investor or actually known by those individuals listed on Schedule 10.1, which rights, powers and
remedies shall be null and void and of no further force or effect.

Section 10.2 Notices.

All notices and other communications hereunder shall be in writing and shall be deemed to have
been duly given, if delivered personally, by telecopier or sent by overnight courier as follows:

(a) If to the Investor, to:

NBC Universal, Inc.

30 Rockefeller Plaza

New York, New York 10112

Attention: General Counsel

Tel: 212-646-7024

Fax: 212-646-4733

with a copy to:

Shearman & Sterling LLP

599 Lexington Avenue

New York, New York 10022

Attention: John A. Marzulli, Jr.

Tel: 212-848-8590

Fax: 646-848-8590

(b) If to the Company, to:

Paxson Communications Corporation

601 Clearwater Park Road

West Palm Beach, Florida 33401

Attention: General Counsel

Tel: 561-659-4122

Fax: 561-655-9424

with copies to:

Dow, Lohnes & Albertson, PLLC

1200 New Hampshire Avenue, N.W., Suite 800

Washington, DC 20036

Attention: John R. Feore, Jr.

Tel: 202-776-2000

Telecopy: 202-776-2222

and

Holland & Knight LLP

22 Lakeview Avenue, Suite 1000

West Palm Beach, Florida 33401

Attention: David L. Perry, Jr.

Tel: 561-650-8314

Fax: 561-650-8399

or to such other address or addresses as shall be designated in writing. All notices shall be
effective when received.

Section 10.3 Entire Agreement; Amendment.

The Transaction Agreements and the documents described therein or attached or delivered
pursuant thereto set forth the entire agreement between the parties thereto with respect to the
transactions contemplated by such agreements. This Agreement amends and restates the Original
Investment Agreement in its entirety and such Original Investment Agreement shall be of no further
force or effect, other than as set forth in Section 10.1 of this Agreement. Any provision of this
Agreement may be amended or modified in whole or in part at any time only by an agreement in
writing signed by all of the parties. No failure on the part of any party to exercise, and no
delay in exercising, any right shall operate as a waiver thereof nor shall any single or partial
exercise by any party of any right preclude any other or future exercise thereof or the exercise of
any other right.

Section 10.4 Counterparts.

This Agreement may be executed in one or more counterparts, each of which shall be deemed to
constitute an original, but all of which together shall constitute one and the same document.

Section 10.5 Governing Law; Jurisdiction; Waiver of Jury Trial.

This Agreement shall be governed by and construed in accordance with the laws of the State of
New York applicable to contracts executed and performed within such state, and each party hereby
submits to the jurisdiction of the Delaware Chancery Court. In the event the Delaware Chancery
Court does not have jurisdiction over any dispute arising out of this Agreement, each party hereby
submits to the jurisdiction of the United States District Court for the Southern District of New
York, provided that in the event such court does not have jurisdiction over any dispute arising out
of this Agreement, each party hereby submits to the jurisdiction of the Supreme Court of the State
of New York, New York County. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT.

Section 10.6 Fees and Expenses.

Each party shall bear its own costs and expenses incurred in connection with this Agreement
and the Ancillary Documents and the transactions contemplated hereby, including the fees and
expenses of their respective accountants and counsel.

Section 10.7 Indemnification by the Company.

(a) Subject to the provisions of Section 10.7(b), the Company agrees to indemnify and save
harmless the Investor and each of the respective officers, directors, employees, agents and
Affiliates of the Investor in their respective capacities as such (the “Investor
Indemnitees”), from and against any and all actions, suits, claims, proceedings, costs,
damages, judgments, amounts paid in settlement (subject to Section 10.7(b)) and expenses
(including, without limitation, reasonable attorneys’ fees and disbursements) (collectively,
“Losses”), suffered or incurred by any of them relating to or arising out of any inaccuracy
in or breach of the representations, warranties, covenants or agreements made by the Company
herein. No payment for Investor’s Losses shall be required except to the extent that the
cumulative aggregate amount of such Losses equals or exceeds $1,000,000. The Company’s liability
to the Investor under this Section 10.7 shall not exceed $417,500,000.

(b) An Investor Indemnitee shall give written notice to the Company of any claim with respect
to which it seeks indemnification promptly after the discovery by such party of any matters giving
rise to a claim for indemnification; provided that the failure of any Investor Indemnitee
to give notice as provided herein shall not relieve the Company of its obligations under this
Section 10.7 unless and to the extent that the Company shall have been materially prejudiced by the
failure of such Investor Indemnitee to so notify the Company. In case any such action, suit, claim
or proceeding is brought against an Investor Indemnitee, the Company shall be entitled to
participate in the defense thereof and, to the extent that it may wish, to assume the defense
thereof, with counsel reasonably satisfactory to the Investor, and after notice from the Company of
its election so to assume the defense thereof, the Company will not be liable to such Investor
Indemnitee under this Section 10.7 for any legal or other expense subsequently incurred by such
Investor Indemnitee in connection with the defense thereof; provided, however, that
(i) if the Company shall elect not to assume the defense of such claim or action or (ii) if outside
legal counsel to the Investor Indemnitee reasonably determines that there may be a conflict between
the positions of the Company and of the Investor Indemnitee in defending such claim or action, then
separate counsel shall be entitled to participate in the conduct of the defense, and the Company
shall be liable for any legal or other expenses reasonably incurred by the Investor Indemnitee in
connection with the defense (but only with respect to one such separate counsel). The Company
shall not be liable for any settlement of any action, suit, claim or proceeding effected without
its written consent; provided, however, that the Company shall not unreasonably
withhold, delay or condition its consent. The Company further agrees that it will not, without the
Investor Indemnitee’s prior written consent (which consent shall not be unreasonably withheld),
settle or compromise any claim or consent to entry of any judgment in respect thereof in any
pending or threatened action, suit, claim or proceeding in respect of which indemnification may be
sought hereunder unless such settlement or compromise includes an unconditional release of the
Investor and each other Investor Indemnitee from all liability arising out of such action, suit,
claim or proceeding.

Section 10.8 Successors and Assigns; Third Party Beneficiaries.

Subject to compliance with applicable law, the Investor may assign its rights under this
Agreement in whole or in part only to (i) any Affiliate of the Investor, but no such assignment
shall relieve the Investor of its obligations hereunder; or (ii) to a party that is not an
Affiliate of the Investor in compliance with the provisions of the Stockholder Agreement. Upon a
valid assignment in accordance with the provisions of the preceding sentence, such assignee shall
become the Investor for purposes hereof. For purposes of this Agreement, any direct or indirect
transfer to a third party of a controlling interest in the capital stock of the Investor (other
than if the Investor at the applicable time is NBCU) shall be deemed to be an assignment hereunder
and shall be subject to all of the terms and conditions set forth herein. The Company may not
assign any of its rights or delegate any of its duties under this Agreement without the prior
written consent of the Investor. Any purported assignment in violation of this Section shall be
void. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give
any Person other than the parties hereto and their respective successors any legal or equitable
right, remedy or claim under or in respect of this Agreement or any provision herein contained.
This Agreement and all conditions and provisions hereof are intended to be for the sole and
exclusive benefit of the parties hereto and their respective successors and permitted assigns, and
for the benefit of no other Person.

Section 10.9 Remedies.

No right, power or remedy conferred upon the Investor in this Agreement or the other
Transaction Agreements to which it is a party shall be exclusive, and each such right, power or
remedy shall be cumulative and in addition to every other right, power or remedy whether conferred
in this Agreement or the other Transaction Agreements to which it is a party or now or hereafter
available at law or in equity or by statute or otherwise. No course of dealing between the
Investor and the Company and no delay in exercising any right, power or remedy conferred in this
Agreement or now or hereafter existing at law or in equity or by statute or otherwise shall operate
as a waiver or otherwise prejudice any such right, power or remedy. The parties hereto agree that
irreparable damage would occur in the event any provision of this Agreement or the other
Transaction Agreements to which they are parties was not performed in accordance with the terms
hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches
of this Agreement or the other Transaction Agreements to which they are parties and to enforce
specifically the terms and provisions of this Agreement in addition to any other remedy to which
they are entitled at law or in equity.

Section 10.10 Headings, Captions and Table of Contents.

The section headings, captions and table of contents contained in this Agreement are for
reference purposes only, are not part of this Agreement and shall not affect the meaning or
interpretation of this Agreement.

Section 10.11 Termination.

Sections 4.1, 5.5, 5.7 and 5.8 and Article VI (other than Section 6.12) of this Agreement
shall terminate if neither (i) the Investor (together with its Affiliates) owns at least the
Minimum Investment nor (ii) a transferee of the Investor to whom the Investor Rights were
transferred in accordance with the Stockholder Agreement owns at least the Minimum Investment.
This Agreement shall terminate in its entirety upon the earlier of (i) the Investor or a permitted
transferee acquiring shares of capital stock that provide it with the unfettered right to vote a
sufficient number of voting shares to elect a majority of the members of the Board of Directors or
(ii) December 31, 2013.

Section 10.12 Severability.

If one or more provisions of this Agreement or the application thereof to any Person or
circumstances is determined by a court or agency of competent jurisdiction to violate any law or
regulation, including, without limitation, any rule or policy of the FCC, or to be invalid, void or
unenforceable to any extent (a “Conflicting Provision”), the Conflicting Provision shall
have no further force or effect, but the remainder of this Agreement and the application of the
Conflicting Provision to other Persons or circumstances or in jurisdictions other than those as to
which it has been held invalid or unenforceable shall not be affected thereby and shall be enforced
to the greatest extent permitted by law, so long as any such violation, invalidity or
unenforceability does not change the basic economic or legal positions of the parties. In such
event, the parties shall negotiate in good faith such changes in other terms as shall be
practicable in order to effect the original intent of the parties.

1

IN WITNESS WHEREOF, this
Amended and Restated Investment Agreement has been executed by the parties hereto or by their
respective duly authorized representatives, all as of the date first above written.

PAXSON COMMUNICATIONS CORPORATION

	 	 	 
	By: /s/ Dean M. Goodman

	 

	Name:

Title:

	 	Dean M. Goodman

President and Chief Operating Officer

NBC UNIVERSAL, INC.

	 	 	 
	By: _ /s/ Robert C. Wright

	 

	Name:

Title:

	 	Robert C. Wright

President and Chief Executive Officer
	 
	 	 

2EX-4.3

EXHIBIT 4.3

AMENDED AND RESTATED STOCKHOLDER AGREEMENT

AMENDED AND RESTATED STOCKHOLDER AGREEMENT, dated as of November 7, 2005, among PAXSON
COMMUNICATIONS CORPORATION, a Delaware corporation (together with its successors, the
“Company”), NBC UNIVERSAL, INC. (f/k/a NATIONAL BROADCASTING COMPANY, INC.), a Delaware
corporation (together with its successors, the “Investor”), and Mr. LOWELL W. PAXSON,
SECOND CRYSTAL DIAMOND LIMITED PARTNERSHIP, a Nevada limited partnership, and PAXSON ENTERPRISES,
INC., a Nevada corporation (collectively, the “Paxson Stockholders”).

W I T N E S S E T H:

WHEREAS, on September 15, 1999, the Investor, and certain of its Affiliates, invested
$415,000,000 (the “Initial Investment”) in the Company, and, in connection with the Initial
Investment,

	 	1.	 	the Company and the Investor entered into an Investment
Agreement (the “Original Investment Agreement”), pursuant to which the
Investor purchased certain securities from the Company;

	 	2.	 	the Company, the Investor and the Paxson Stockholders entered
into a Stockholder Agreement (the “Original Stockholder Agreement”), to
provide for certain matters with respect to the governance of the Company;

	 	3.	 	the Paxson Stockholders and NBC Palm Beach Investment II, Inc.
(“NBC Palm II”) entered into a Call Agreement (the “Original Call
Agreement”), pursuant to which the Paxson Stockholders granted NBC Palm II
an option to purchase certain securities of the Company held by them; and

	 	4.	 	the Company and the Investor entered into a Registration Rights
Agreement (the “Original Registration Rights Agreement” and, together
with the Original Investment Agreement, the Original Stockholder Agreement and
the Original Call Agreement, the “Existing Agreements”), pursuant to
which the Company granted the Investor and certain of its Affiliates certain
registration rights with respect to certain shares of Class A Common Stock (as
defined below) held or acquired by the Investor and certain of its Affiliates;

WHEREAS, since the date of the Initial Investment, certain disputes have arisen among the
parties as to their rights and obligations under the Existing Agreements, and the parties have
agreed to resolve those disputes and restructure the Initial Investment, subject to the terms and
conditions of the Transaction Agreements;

NOW, THEREFORE, in consideration of the mutual agreements and understandings set forth herein,
the parties hereto hereby agree to amend and restate the Original Stockholder Agreement as follows:

ARTICLE I

CERTAIN DEFINITIONS

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the
meanings set forth below:

“Affiliate” shall mean, with respect to any Person, any other Person that controls, is
controlled by, or is under common control with, such Person, including the executive officers and
directors of such Person. As used in this definition, “control” (including its correlative
meanings, “controlled by” and “under common control with”) shall mean the possession, directly or
indirectly, of power to direct or cause the direction of management or policies (whether through
ownership of securities or partnership or other ownership interests, by contract or otherwise).

“Agreement” shall mean this Agreement, as from time to time amended, modified or
supplemented.

“Beneficially Own” shall have the meaning set forth in Rule 13d-3 under the Exchange
Act.

“Board of Directors” shall mean the Board of Directors of the Company as from time to
time constituted.

“Business Day” shall mean any day, other than a Saturday, Sunday or a day on which
commercial banks in New York, New York are authorized or obligated by law or executive order to
close.

“Call Agreement” shall mean the Call Agreement, dated as of the date hereof, between
NBC Palm II and the Paxson Stockholders, as from time to time amended, modified or supplemented.

“Call Closing” shall have the meaning set forth in Section 2.3 of the Call Agreement.

“Call Right” shall have the meaning set forth in Section 2.1 of the Call Agreement.

“Call Period” shall have the meaning set forth in Section 1.1 of the Call Agreement.

“Call Shares” shall have the meaning set forth in Section 1.1 of the Call Agreement.

“Certificate of Designation” shall mean the Amended and Restated Certificate of
Designation of the Series B Preferred Stock, filed with the Secretary of State of the State of
Delaware on or prior to the date hereof, as from time to time amended, modified or supplemented.

“Change of Control” shall mean, with respect to the Company, (i) any Person (including
a Person’s Affiliate), other than a Permitted Holder, Beneficially Owning 50% or more of the Total
Voting Power, (ii) any Person (including a Person’s Affiliate), other than a Permitted Holder,
Beneficially Owning more than 33 1/3% of the Total Voting Power, and the Permitted Holders
Beneficially Owning, in the aggregate, a lesser percentage of the Total Voting Power than such
other Person and not having the right or ability by voting power, contract or otherwise to elect or
designate for election a majority of the Board of Directors, (iii) the consummation of a
consolidation or merger of the Company in which the Company is not the continuing or surviving
corporation or pursuant to which the Common Stock is converted into cash, securities or other
property, other than a consolidation or merger of the Company in which the holders of Common Stock
of the Company outstanding immediately prior to the consolidation or merger hold, directly or
indirectly, at least a majority of the total voting power of the common stock of the surviving
corporation immediately after such consolidation or merger, (iv) during any period of two
consecutive years, individuals who at the beginning of such period constituted the Board of
Directors (together with any new directors whose election by such Board of Directors or whose
nomination for election by the stockholders of the Company has been approved by a majority of the
directors then still in office who either were directors at the beginning of such period or whose
election or recommendation for election was previously so approved) cease to constitute a majority
of the Board of Directors or (v) any “change of control” occurs (as defined at such time) with
respect to any outstanding preferred stock or indebtedness of the Company.

“Class A Common Stock” shall mean the shares of Class A Common Stock, par value $0.001
per share, of the Company.

“Class B Common Stock” shall mean the shares of Class B Common Stock, par value $0.001
per share, of the Company.

“Class C Common Stock” shall mean the shares of Class C Non-Voting Common Stock, par
value $0.001 per share, of the Company.

“Common Stock” shall mean the Class A Common Stock, Class B Common Stock and Class C
Common Stock, par value $0.001 per share, and any other class of common stock of the Company
hereafter created and any securities of the Company into which such Common Stock may be
reclassified, exchanged or converted.

“Communications Act” shall have the meaning set forth in Section 1.1 of the Investment
Agreement.

“Company” shall have the meaning set forth in the preamble hereto.

“Company CEO” shall mean the chief executive officer of the Company appointed on the
date hereof in connection with the execution of the Transaction Agreements and any successor,
unless the initial Company CEO was terminated by the Company without Cause or the initial Company
CEO resigned for Good Reason (in each case, as such terms are defined in the Burgess Employment
Agreement (as defined in the Master Agreement)).

“Company Sale” shall have the meaning set forth in Section 9.5 of the Investment
Agreement.

“Company Stations” shall mean, collectively, each full service television, low power
television and television translator station owned and operated by the Company or any Company
Subsidiary.

“Conversion Shares” shall mean the shares of Common Stock into which the shares of
Series B Preferred Stock are convertible, as such shares may be equitably adjusted to reflect any
stock dividend or distribution on, stock split or reverse stock split of, or similar event with
respect to Common Stock (other than the issuance of preferred stock of the Company to the Eligible
Stockholders pursuant to Section 3.6(b) hereof) and any merger, consolidation, combination,
reclassification, recapitalization or similar transaction involving Common Stock.

“DMA” shall have the meaning set forth in Section 1.1 of the Investment Agreement.

“Early Tender Offer” shall have the meaning set forth in Section 3.5(b).

“EDP Attribution” shall have the meaning set forth in Section 4.1(a).

“Effective Date” shall mean the date hereof.

“Eligible Stockholders” shall have the meaning set forth in Section 3.6(b).

“Escrow Agent” shall mean the escrow agent named in the Escrow Agreement or any
successor thereto.

“Escrow Agreement” shall mean the Escrow Agreement to be entered into among the
Investor, the Paxson Stockholders and the Escrow Agent within three Business Days following the
Effective Date, as from time to time amended, modified or supplemented.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder.

“Existing Agreements” shall have the meaning set forth in the recitals hereto.

“Existing Preferred Stock” shall mean the (i) 14 1/4% Cumulative Junior Exchangeable
Preferred Stock and (ii) 9 3/4% Series A Convertible Preferred Stock, collectively.

“Expiration Date” shall have the meaning set forth in Section 3.5(c).

“FCC” shall mean the Federal Communications Commission and any successor governmental
entity performing functions similar to those performed by the Federal Communications Commission on
the date hereof.

“FCC Single Majority Stockholder” shall mean a Person who holds or has the right to
vote shares of voting stock having more than 50% of the Total Voting Power of all of the
outstanding Voting Stock and voting stock equivalents of the Company, whether such shares of voting
stock are issued to such Person or such Person’s Affiliate.

“14 1/4% Cumulative Junior Exchangeable Preferred Stock” shall mean the 14 1/4%
Cumulative Junior Exchangeable Preferred Stock, par value $0.001 per share, issued pursuant to the
Certificate of Designation of the Powers, Preferences and Relative, Participating, Optional and
Other Special Rights of 13 1/4% Cumulative Junior Exchangeable Preferred Stock and Qualifications,
Limitations and Restrictions Thereof, filed on August 7, 1998.

“Grantee” shall have the meaning set forth in Section 3.3(b).

“Independent” shall mean, with respect to a director or proposed director, that such
person is (i) “independent”, as determined in accordance with Section 121A of the Company Guide of
the American Stock Exchange rules and (ii) was not employed by, engaged by or affiliated with the
Company, the Investor or any Paxson Stockholder or any of their Affiliates within the past three
years.

“Initial Investment” shall have the meaning set forth in the recitals hereto.

“Initial Expiration Date” shall have the meaning set forth in Section 3.5(c).

“Investment Agreement” shall mean the Amended and Restated Investment Agreement, dated
as of the date hereof, between the Company and the Investor, as such agreement may from time to
time be amended, modified or supplemented.

“Investor” shall have the meaning set forth in the preamble hereto.

“Investor Call Right Termination” shall have the meaning set forth in Section 1.1 of
the Call Agreement.

“Investor Call Right Termination Amount” shall mean the amount of $105,000,000,
increasing at a rate per annum equal to 10% from October 1, 2005 through the date of the Investor
Call Right Termination.

“Investor Nominee” shall mean any individual proposed by a Permitted Transferee for
election to the Board of Directors, which individual (i) shall not have an attributable interest in
the Investor or any entity having an attributable interest in a broadcast license for purposes of
the FCC and (ii) shall be Independent.

“Investor Rights” shall mean the rights of the Investor set forth in Articles II, III
and IV of this Agreement and in Articles IV and VI, other than Section 6.12, of the Investment
Agreement.

“Investor Transfer Restriction Period” shall mean the period commencing on the
Effective Date and ending on the earlier of the exercise of the Call Right by the Investor or a
Permitted Transferee, as applicable, or the date of the Investor Call Right Termination.

“Issuance Restriction Period” shall mean the period commencing on the Effective Date
and ending on the earlier of (i) the consummation of the Early Tender Offer or the Tender Offer, as
the case may be, or (ii) the termination of the Restricted Period.

“Lien” shall mean any mortgage, pledge, hypothecation, assignment, encumbrance, lien
(statutory or other) or security agreement of any kind or nature whatsoever (including, without
limitation, any conditional sale or other title retention agreement or any financing lease having
substantially the same effect as any of the foregoing).

“Master Agreement” shall mean the Master Transaction Agreement, dated as of the date
hereof, among the Company, the Investor, the Paxson Stockholders, Paxson Management Corporation,
NBC Palm I and NBC Palm II, as from time to time amended, modified or supplemented.

“Material Adverse Effect” shall mean a material adverse effect on (i) with respect to
the Company, the business, assets, operations or financial or other condition of the Company and
the Company Subsidiaries taken as a whole or (ii) with respect to any party to any Transaction
Agreement, the ability of such party to perform its obligations under such Transaction Agreement to
which it is a party.

“Minimum Investment” shall have the meaning set forth in Section 1.1 of the Investment
Agreement.

“9 3/4% Series A Convertible Preferred Stock” shall mean the 9 3/4% Series A
Convertible Preferred Stock, par value $0.001 per share, issued pursuant to the Certificate of
Designation of the Powers, Preferences and Relative, Participating, Optional and Other Special
Rights of 9 3/4% Series A Convertible Preferred Stock and Qualifications, Limitations and
Restrictions Thereof, dated as of June 9, 1998.

“NBC Palm I” shall mean NBC Palm Beach Investment I, Inc., a California corporation.

“NBC Palm II” shall have the meaning set forth in the recitals hereto.

“New Exchange Debentures” shall have the meaning set forth in paragraph (n) of the
Certificate of Designation.

“Observers” shall have the meaning set forth in Section 2.1(a).

“Offer Documents” shall have the meaning set forth in Section 3.5(c).

“Offer Price” shall mean $1.25 per share of Class A Common Stock to be offered in a
Tender Offer, increasing at a rate per annum equal to 10% from October 1, 2005 through the date of
the commencement of the Tender Offer, as such price may be equitably adjusted to reflect (i) any
stock dividend or distribution on, stock split or reverse stock split of, or similar event with
respect to Common Stock, (ii) any merger, consolidation, combination, reclassification,
recapitalization or similar transaction involving Common Stock and (iii) any issuance of Common
Stock for consideration less than fair market value on the date of issue (other than shares issued
pursuant to Stock-Based Compensation Awards or upon conversion or exchange of convertible or
exchangeable securities the conversion or exchange price of which was not less than the fair market
value on the date of issue) or, except as set forth in the Transaction Agreements, any repurchase
or redemption of Common Stock by the Company at a price greater than fair market value on the date
of repurchase or redemption.

“Offeror” shall have the meaning set forth in Section 3.5(c).

“Operating Rights” shall mean the rights of the Investor set forth in Section 7.2 of
the Investment Agreement.

“Original Call Agreement” shall have the meaning set forth in the recitals hereto.

“Original Investment Agreement” shall have the meaning set forth in the recitals
hereto.

“Original Registration Rights Agreement” shall have the meaning set forth in the
recitals hereto.

“Original Stockholder Agreement” shall have the meaning set forth in the recitals
hereto.

“Parent” shall mean General Electric Company, a New York corporation.

“Paxson” shall mean Mr. Lowell W. Paxson.

“Paxson Estate Planning Affiliates” shall mean collectively, (i) all limited partners
of Second Crystal Diamond Limited Partnership, other than Paxson and Paxson Enterprises, Inc., and
(ii) Marla J. Paxson, the children or other lineal descendants (whether adoptive or biological) of
Paxson and any revocable or irrevocable inter vivos or testamentary trust (including any trustee of
such trust in his or her capacity as trustee) or the probate estate (including any executor or
executrix of such estate in his or her capacity as such) of any such individual, so long as one or
more of the foregoing individuals is the principal beneficiary of such trust or probate estate, or
any corporation, partnership, limited liability company or other entity in which any of the
foregoing individuals has a controlling interest.

“Paxson Shares” shall mean, as of any date of determination, all shares of Common
Stock held at such time by any Paxson Stockholder.

“Paxson Stockholders” shall have the meaning set forth in the preamble hereto and any
other stockholders that become parties to this Agreement pursuant to Section 6.11 after the date
hereof, including, without limitation, any Paxson Estate Planning Affiliates.

“Permitted Holders” shall mean, collectively, any Paxson Stockholder and the spouse,
children or other lineal descendants (whether adoptive or biological) of Paxson and any revocable
or irrevocable inter vivos or testamentary trust or the probate estate of any such individual, so
long as one or more of the foregoing individuals is the principal beneficiary of such trust or
probate estate.

“Permitted Liens” shall mean (i) mechanics’, carriers’, repairmen’s or other like
Liens arising or incurred in the ordinary course of business, (ii) Liens arising under original
purchase price conditioned sales contracts and equipment leases with third parties entered into in
the ordinary course of business consistent with past practice, (iii) statutory Liens for taxes not
yet due and payable, (iv) Liens securing the indebtedness included as “long-term debt” on the June
30, 2005 financial statements of the Company or securing any indebtedness that replaces or
refinances any of such indebtedness and (v) other encumbrances or restrictions or imperfections of
title which do not materially impair the continued use and operation of the assets to which they
relate.

“Permitted Transferee” shall have the meaning set forth in the Section 3.10.

“Person” shall mean an individual, corporation, unincorporated association,
partnership, group (as defined in subsection 13(d)(3) of the Exchange Act), trust, joint stock
company, joint venture, business trust or unincorporated organization, limited liability company,
any governmental entity or any other entity of whatever nature.

“Refinance” shall mean, in respect of any capital stock, to refinance, extend, renew,
refund, repay, prepay, repurchase, redeem, or retire, or to issue other capital stock in exchange
or replacement for, such capital stock.

“Restricted Period” shall mean the period commencing on the Effective Date and ending
on the earlier of the Call Closing or the date of the Investor Call Right Termination.

“Same Market Station” shall mean any Company Station (i) in which the Investor would
be permitted to have an attributable interest under the ownership rules adopted by the FCC in MM
Docket Nos. 94-150, 92-51 and 87-154, as such rules may be amended from time to time, and (ii)
which, even if the Investor were deemed to have an attributable interest therein, would not
increase the Investor’s national broadcast coverage as calculated under the FCC’s national
ownership rules because the Investor has an owned or operated television station in the same DMA.
For the purpose of this definition, a television station shall be deemed to be “operated” by the
Investor if the Investor supplies more than 15% of the total weekly broadcast programming hours of
such station.

“Schedule 14D-9” shall have the meaning set forth in Section 3.5(c).

“Schedule TO” shall have the meaning set forth in Section 3.5(c).

“SEC” shall mean the United States Securities and Exchange Commission.

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

“Series B Preferred Stock” shall mean the 11% Series B Convertible Exchangeable
Preferred Stock, par value $0.001 per share, of the Company.

“Senior Secured Floating Rate Notes” shall mean the Company’s Senior Secured Floating
Rate Notes due 2010 issued pursuant to the Indenture, dated as of January 12, 2004, among the
Company, the subsidiary guarantors named therein and The Bank of New York, as trustee.

“Settlement Agreement” shall mean the Settlement Agreement, dated as of the date
hereof, between the Investor and the Company, as from time to time amended, modified or
supplemented.

“Stock-Based Compensation Awards” shall mean options, restricted stock and any other
stock-based compensation awards issued or issuable under any of the Company’s Stock Incentive Plan,
1996 Stock Incentive Plan, 1998 Stock Incentive Plan or any other stock-based compensation plan
approved by the Board of Directors or any employment, consulting or similar agreements in effect as
of the date hereof or entered into after the date hereof and approved by the Board of Directors.

“Stockholder Meeting” shall mean the first annual meeting of the stockholders of the
Company occurring after the date hereof, which meeting the Company shall hold and convene no later
than June 30, 2006, in order to vote on certain matters including, but not limited to, the
Stockholder Proposals, and any adjournment thereof or action or approval by stockholder consent
with respect to all or any part of the Stockholder Proposals; provided that if the Investor
or a Permitted Transferee, as applicable, exercises the Call Right prior to such time, the Company
shall seek stockholder approval of the Stockholder Proposals as soon as practicable and all
reasonable and customary documented expenses incurred by the Company in connection with seeking
stockholder approval of the Stockholder Proposals prior to the first annual meeting shall be borne
by the Investor or a Permitted Transferee, as applicable.

“Stockholder Proposals” shall mean the proposals to be submitted to the stockholders
of the Company for approval of: (i) an amendment to the Company’s certificate of incorporation
increasing the number of authorized shares of Common Stock, Class A Common Stock and Class C Common
Stock to not less than 857,000,000, 505,000,000 and 317,000,000, respectively; (ii) a stock-based
compensation plan to authorize the issuance of an additional 50 million shares of Class A Common
Stock pursuant to Stock-Based Compensation Awards which may be granted to certain senior executives
of the Company; (iii) the issuance of the Conversion Shares if and to the extent required to
satisfy conditions to the listing thereof under applicable rules of the American Stock Exchange;
and (iv) any other matters necessary to consummate the transactions contemplated by the Transaction
Agreements.

“Subject Securities” shall mean the Series B Preferred Stock, the Conversion Shares
and the Call Shares.

“Subsequent Period” shall have the meaning set forth in Section 3.5(c).

“Subsidiary” shall mean, as to any Person, a corporation, partnership, limited
liability company, joint venture or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other ownership interests having
such power only by reason of the happening of a contingency) to elect a majority of the board of
directors or other managers of such corporation, partnership or other entity are at the time owned,
directly or indirectly, through one or more intermediaries (including, without limitation, other
Subsidiaries), or both, by such Person.

“10 3/4% Senior Subordinated Notes” shall mean the Company’s 10 3/4% Senior
Subordinated Notes due 2008 issued pursuant to the Indenture, dated as of July 12, 2001, among the
Company, the subsidiary guarantors named therein and The Bank of New York, as trustee.

“Tender Offer” shall mean an offer to purchase for cash at the Offer Price, by the
Investor or a Permitted Transferee, as applicable, pursuant to Regulation 14D under the Exchange
Act, any and all of the issued and outstanding shares of Class A Common Stock, conducted in
accordance with the provisions of Section 3.5 of this Agreement, other than (i) any shares of Class
A Common Stock held by any Paxson Stockholders or any Paxson Estate Planning Affiliates on the date
of the commencement of a Tender Offer and (ii) any shares of Class A Common Stock issued after the
Effective Date upon the exercise, grant or vesting of any Stock-Based Compensation Awards or upon
conversion or exchange of convertible or exchangeable securities, unless such shares are issued
pursuant to any contractual obligations of the Company as existing immediately prior to the
Effective Date.

“Tender Offer Event” shall have the meaning set forth in Section 3.5(a).

“Total Voting Power” shall mean, with respect to any corporation, the total number of
votes which may be cast in the election of directors of such corporation if all securities entitled
to vote in the election of such directors (excluding shares of preferred stock that are entitled to
elect directors only upon the occurrence of customary events of default) are present and voted.

“Transaction Agreements” shall have the meaning set forth in Section 1 of the Master
Agreement.

“Transfer” shall mean, with respect to any shares of capital stock or the Call Right,
any direct or indirect sale, assignment, pledge, offer or other transfer or disposal of any
interest in such capital stock or right.

“12 1/4% Senior Subordinated Discount Notes” shall mean the Company’s 12 1/4% Senior
Subordinated Discount Notes due 2009 issued pursuant to the Indenture, dated as of January 14,
2002, among the Company, the subsidiary guarantors named therein and The Bank of New York, as
trustee.

“Voting Stock” shall mean shares of the capital stock and any other securities of the
Company having the ordinary power to vote in the election of directors of the Company.

ARTICLE II

BOARD OF DIRECTORS

Section 2.1 Board of Directors.

(a) The Investor may appoint two representatives (“Observers”) to receive notice of
and have the right to attend all meetings of the Board of Directors and any of its standing
committees and receive copies of all materials distributed to members of the Board of Directors at
the same time such materials are distributed to members of the Board of Directors, subject to (i)
the letter agreements between the Company and each of Paul Bird and James Stewart, dated April 27,
2004, and between the Company and the Investor, dated April 29, 2004, and (ii) any similar
conflict-of-interest restrictions that the Company may impose on any other Observers who may be
appointed by the Investor. Such Observers shall have no right to vote on any matters presented to
the Board of Directors.

(b) Unless the Communications Act and the rules and regulations promulgated by the FCC
prohibit a Permitted Transferee from having board nomination or similar rights, at the request of
the Permitted Transferee, the Company shall have the right, but not the obligation, to nominate up
to three Investor Nominees for election or appointment to the Board of Directors as part of the
management slate that is included in the proxy statement (or consent solicitation or similar
document) of the Company relating to the election of directors, and shall provide the same support
for the election of each such Investor Nominee as it provides to other persons standing for
election as directors of the Company as part of the Company’s management slate, but in no event
shall the Permitted Transferee have the right to appoint any directors to the Board of Directors.

(c) Notwithstanding the foregoing, Section 2.1(b) shall terminate on, and have no further
force and effect from and after, the termination of the Restricted Period.

Section 2.2 Certain Matters Relating to Directors.

(a) The Company shall use reasonable best efforts to cause the Board of Directors to consist
of nine members, comprised of not more than two employee directors, one of whom shall be the chief
executive officer of the Company, and the remainder of whom shall be Independent directors.

(b) The Company shall engage an executive search firm of recognized national standing as soon
as practicable, but in no event later than five Business Days following the Effective Date, and
shall use reasonable best efforts to fill the four vacancies on the Board of Directors existing as
of the Effective Date as promptly as practicable following the Effective Date.

ARTICLE III

CERTAIN AGREEMENTS

Section 3.1 Financial Statements and Other Reports. The Company shall deliver, or cause to be
delivered to the Investor:

(a) Monthly Financials: as soon as practicable and in any event within 30 days after
the end of each calendar month of the Company, copies of all monthly financial reports prepared for
the chief executive officer or the chief operating officer of the Company with respect to the
Company and its consolidated Subsidiaries for and as of the end of such month, including, without
limitation, a monthly balance sheet and income statement and a comparison of the income statement
to the budget;

(b) Quarterly Financials: as soon as practicable and in any event within five days
after it files them with the SEC, a consolidated balance sheet of the Company and its consolidated
Subsidiaries as at the end of such period, and the related unaudited consolidated statements of
income and of cash flows, as contained in the Form 10-Q for such fiscal quarter provided by the
Company to the SEC, and if such Form 10-Q is no longer required to be so provided by the Company,
then the Company shall provide the Investor, within 45 days after the end of each fiscal quarter of
the Company, with comparable financial statements, certified by the chief financial officer of the
Company that they fairly present the financial position and results of operations of the Company
and its consolidated Subsidiaries, as appropriate, as at the end of such periods and for such
periods, subject to changes resulting from audit and normal year-end adjustments;

(c) Year-End Financials: as soon as practicable and in any event within five days
after it files them with the SEC, or if the Company is no longer required to file such statements
with the SEC, within 90 days after the end of each fiscal year of the Company, the audited
consolidated balance sheet of the Company and its consolidated Subsidiaries, as at the end of such
year, and the related consolidated statements of income, shareholders’ equity and cash flows of the
Company and its consolidated Subsidiaries for such fiscal year, (1) accompanied by a report thereon
of independent certified public accountants selected by the Company, which report shall state that
the examination by such accountants in connection with such financial statements has been made in
accordance with generally accepted auditing standards without any limitations being imposed on the
scope of such examination and (2) certified by the chief financial officer of the Company that they
fairly present the financial position and results of operations of the Company and its consolidated
Subsidiaries, as at the dates and for the periods indicated, as appropriate;

(d) Accountants’ Certification: so long as not contrary to the then current
recommendations of the American Institute of Certified Public Accountants, the year-end financial
statements delivered pursuant to this Section 3.1 shall be accompanied by a written statement of
the Company’s independent certified public accountants that in making the examination necessary for
certification of such financial statements nothing has come to their attention which would lead
them to believe that the Company is not in compliance with the terms of the instruments governing
its outstanding debt or, if any such violation has occurred, specifying the nature and period of
existence thereof, it being understood that such accountants shall not be liable directly or
indirectly for any failure to obtain knowledge of any such violation;

(e) Accountants’ Reports: promptly upon receipt thereof (unless restricted by
applicable professional standards), copies of all significant reports submitted to the Company by
independent public accountants in connection with each annual, interim or special audit of the
financial statements of the Company made by such accountants, including, without limitation, the
comment letter submitted by such accountants to management in connection with their annual audit;

(f) Reports and Filings: within five days after the same are sent, copies of all
financial statements and reports which the Company sends to its stockholders;

(g) Events of Default etc.: promptly upon, but in any event no later than five
Business Days after, any executive officer of the Company obtaining knowledge (1) of any condition
or event that constitutes a violation or default, or becoming aware that any lender has given any
notice or taken any other action with respect to a claimed violation or default under the
instruments governing then outstanding debt and preferred stock, (2) that any Person has given any
notice to the Company or any of its Subsidiaries or taken any other action with respect to a
claimed default or event or condition that would be required to be disclosed in a Current Report on
Form 8-K filed by the Company with the SEC or (3) of any condition or event which has had or could
reasonably be expected to have a Material Adverse Effect, an officer’s certificate specifying the
nature and period of existence of such condition or event, or specifying the notice given or action
taken by such holder or Person and the nature of such claimed violation, default, event or
condition, and what action the Company has taken, is taking and proposes to take with respect
thereto;

(h) Litigation: promptly upon any executive officer of the Company obtaining knowledge
of (1) the institution of any action, suit, proceeding, governmental investigation or arbitration
against or affecting the Company or any Company Subsidiary not previously disclosed by the Company
to the Investor, or (2) any material adverse development in any such action, suit, proceeding,
governmental investigation or arbitration that, in each case involves claims in excess of
$5,000,000 in the aggregate or would reasonably be expected to cause a Material Adverse Effect, the
Company shall promptly give notice thereof to the Investor, provided that the Company shall
not be required to provide any information or documents to the extent they are protected by the
attorney-client privilege;

(i) ERISA Events: promptly upon becoming aware of the occurrence of or forthcoming
occurrence of any ERISA Event (as defined in the Investment Agreement), with a written notice
specifying the nature thereof, what action the Company or ERISA Affiliate (as defined in the
Investment Agreement) has taken, is taking or proposes to take with respect thereto and, when
known, any action taken or threatened by the IRS, the Department of Labor or the PBGC (as defined
in the Investment Agreement) with respect thereto;

(j) ERISA Notices: with reasonable promptness, copies of (1) all notices received by
the Company or any of its ERISA Affiliates from the PBGC relating to an ERISA Event, (2) each
Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by the Company or
any of its ERISA Affiliates with the IRS with respect to each Title IV Plan (as defined in the
Investment Agreement), if any, and (3) all notices received by the Company or any of its ERISA
Affiliates from a Multiemployer Plan (as defined in the Investment Agreement) sponsor concerning an
ERISA Event;

(k) Financial Plans: as soon as practicable after delivered to the Board of Directors,
any budget and financial forecast for the Company and the Company Subsidiaries, including (1) a
forecasted operating cash flows statement of the Company and the Company Subsidiaries for the next
succeeding fiscal year and (2) forecasted operating cash flows statement of the Company and the
Company Subsidiaries for each fiscal quarter of the next succeeding fiscal year; and

(l) Other Information: with reasonable promptness, such other information and data
with respect to the Company or any of its Subsidiaries or Affiliates as from time to time may be
reasonably requested by the Investor.

Notwithstanding the foregoing, the Company shall not be required to provide any information or
document pursuant to paragraphs (g) through (j) of this Section 3.1 to the extent such information
or document is included in a Current Report on Form 8-K filed by the Company with the SEC and the
Company delivers such 8-K to the Investor, including by means of email transmission, within one
Business Day following such filing.

Section 3.2 Certain Other Matters. The Company agrees that except with the prior
written consent of the Investor, it and its Subsidiaries shall not, directly or indirectly:

(i) adopt any shareholders rights plan, or amend any of its organizational documents or issue
any capital stock or other securities or enter into any agreement that is material to the Company
and the Company Subsidiaries taken as a whole, the provisions of which, upon the acquisition of
capital securities of the Company by the Investor or its Affiliates: (A) would be violated or
breached, would require a consent or approval thereunder, or would result in a default thereof (or
an event which, with notice or lapse of time or both, would constitute a default), (B) would result
in the termination thereof or accelerate the performance required thereby, or result in a right of
termination or acceleration thereunder, (C) would result in the creation of any Lien (except
Permitted Liens) upon any of the properties or assets of the Company or any Company Subsidiary
thereunder, (D) would disadvantage the Investor or its Affiliates relative to other stockholders on
the basis of the size of their shareholdings, or (E) would otherwise restrict or impede the ability
of the Investor and its Affiliates to acquire additional shares of capital stock, or dispose of
such capital stock, in any manner permitted by Section 4.1; provided that the Company may
(x) enter into senior loan agreements that contain customary provisions permitting acceleration of
the related indebtedness upon a change of control and (y) issue debt securities or preferred stock
that contain customary change of control provisions permitting the holders of such debt securities
or preferred stock to demand repurchase of their debt securities or preferred stock upon a change
of control of the Company to any party other than to Parent or its wholly owned domestic
Subsidiary; or

(ii) take any action that would cause any ownership interest in any of the following to be
attributable to the Investor or any of its Affiliates for purposes of FCC regulations: (A) a U.S.
broadcast radio or television station (other than the Same Market Stations), (B) a U.S. cable
television system, (C) a U.S. “daily newspaper” (as such term is defined in Section 73.3555 of the
rules and regulations of the Federal Communications Commission, as the same may be amended from
time to time), (D) any U.S. communications facility operated pursuant to a license granted by the
FCC and subject to the provisions of Section 310(b) of the Communications Act, or (E) any other
business which is subject to FCC regulations under which the ownership of a Person may be subject
to limitation or restriction as a result of the interest in such business being attributed to such
Person.

Section 3.3 Agreement to Vote Stock; Irrevocable Proxy(a) Each of the Paxson
Stockholders irrevocably agrees that it shall vote (or cause to be voted) all of the Voting Stock
that it has the power to vote on the record date of any such vote or action (i) in favor of each of
the Stockholder Proposals and the approval of any strategic plan or financing plan approved by a
majority of the Independent members of the Board of Directors, (ii) against any proposal that would
upon consummation result in a Change of Control (other than as contemplated by the Transaction
Agreements) or that would directly or indirectly impede or otherwise adversely affect any of the
foregoing matters and transactions and (iii) in the same proportion as the holders of the Class A
Common Stock (other than (A) the Paxson Stockholders and (B) the directors and the officers of the
Company) in any stockholder vote on the election of directors to the Board of Directors, but in no
circumstances shall any Paxson Stockholder be required to vote in any manner that would violate any
fiduciary duty.

(b) Each of the Paxson Stockholders grants an irrevocable proxy to Stephen R. Rusmisel (the
“Grantee”) with full power of substitution (and agrees to execute such documents or
certificates evidencing such proxy as the Investor or the Company may reasonably request) to vote,
at the Stockholder Meeting and any adjournments or postponements thereof or at such other meeting
of the stockholders of the Company and any adjournments or postponements thereof at which the
stockholders vote on the Stockholder Proposals, and in any action by written consent of the
stockholders of the Company, all of the Voting Stock that the Paxson Stockholders would be entitled
to vote, in favor of clauses (i), (ii) and (iii) of the Stockholder Proposals. This proxy is
irrevocable and coupled with an interest and shall revoke any previous proxies with respect to
actions described in this Section 3.3(b) and shall terminate upon the taking by the Grantee of the
actions described in this Section 3.3(b).

(c) The Paxson Stockholders shall not, directly, or indirectly through any of their
Affiliates, take or commit or agree to take, any action inconsistent or that interferes with the
items specified in Section 3.3(a) or (b), including, without limitation, the implementation of any
strategic plan or financing plan that is approved by a majority of the Independent members of the
Board of Directors; provided that nothing herein shall prevent Paxson or any of his
Affiliates from enforcing any rights he or they may have under any of the Transaction Agreements.

(d) This Section 3.3 shall terminate on, and have no further force or effect from and after,
the termination of the Restricted Period.

Section 3.4 Company Sale. If at any time the Investor exercises its rights under
Section 9.5 of the Investment Agreement to cause the Company to consummate a Company Sale, the
Paxson Stockholders agree to take all necessary and reasonably desirable actions to enable the
Company to effectuate such Company Sale pursuant to Section 9.5 thereof. Without limiting the
generality of the foregoing, each Paxson Stockholder shall vote all of the Voting Stock that it has
the power to vote in favor of any Company Sale which is in the form of a merger, consolidation or
other reorganization, sale of substantially all assets or complete liquidation, dissolution,
winding up or other transaction that requires the approval of the Company’s stockholders and shall
tender all shares of Common Stock held by it in connection with a Company Sale in the form of a
transaction involving a tender or exchange offer, on the same terms and conditions (other than a
control premium for shares of Class B Common Stock) offered to holders of Common Stock generally.

Section 3.5 Tender Offer. (a) The Investor or a Permitted Transferee, as applicable,
shall commence a Tender Offer in accordance with Section 3.5(c) of this Agreement concurrently with
the earliest of (i) the effectiveness of a Transfer of the Call Right by NBC Palm II to a Permitted
Transferee, (ii) the exercise by NBC Palm II of the Call Right or (iii) the Transfer by NBC Palm I,
during the Investor Transfer Restriction Period pursuant to Section 4.1(a) of this Agreement, of a
number of shares of Series B Preferred Stock that, assuming the conversion of the shares of Series
B Preferred Stock so transferred (excluding shares of Series B Preferred Stock retained by NBC Palm
I), together with the number of shares of Series B Preferred Stock previously Transferred by NBC
Palm I pursuant to Section 4.1(a) of this Agreement, represents in excess of 50% of the Total
Voting Power of the Company as of the date hereof assuming the conversion of the shares of Series B
Preferred Stock so transferred (each, a “Tender Offer Event”). In the event the Investor
or a Permitted Transferee, as applicable, commences a Tender Offer pursuant to this Section
3.5(a)(i) or (iii), the Investor shall cause NBC Palm II to, or a Permitted Transferee, as
applicable, shall, also simultaneously exercise the Call Right.

(b) The Investor or any of its Affiliates may not conduct but may facilitate the commencement
by a third party of a Tender Offer at any time prior to the occurrence of a Tender Offer Event (an
“Early Tender Offer”), so long as the consummation of such Early Tender Offer would not be
reasonably expected to materially delay the receipt of any FCC approval required to consummate the
purchase of the Call Shares upon exercise of the Call Right by NBC Palm II or a Permitted
Transferee, as applicable, pursuant to the Call Agreement, or the purchase of the Call Shares by
the Company pursuant to the Company Stock Purchase Agreement, dated as of the date hereof, between
the Company and the Paxson Stockholders. An Early Tender Offer shall be conducted in accordance
with Section 3.5(c). In the event an Early Tender Offer occurs, the Investor or a Permitted
Transferee, as applicable, shall have no obligation to commence a Tender Offer in connection with a
Tender Offer Event, provided that the Investor or a Permitted Transferee, as applicable, shall
exercise the Call Right prior to the expiration of the Call Period. In the event of an Early
Tender Offer, if NBC Palm II or a Permitted Transferee, as applicable, fails to exercise the Call
Right within the Call Period, the Investor shall pay to the Company, within five Business Days
following the termination of the Call Period, $2,410,375.30 as liquidated damages and not as a
penalty, which shall be the sole and exclusive remedy of any party to this Agreement, or any of
their respective heirs, successors and assigns, at law or in equity for the failure by NBC Palm II
or a Permitted Transferee, as applicable, to exercise the Call Right during the Call Period
following the consummation of an Early Tender Offer. Such payment shall be made by wire transfer
in immediately available funds to an account or accounts designated by the Company not later than
three Business Days following the termination of the Call Period.

(c) If the Investor, a Permitted Transferee or any other third party (the “Offeror”)
commences a Tender Offer pursuant to Section 3.5(a) or (b) of this Agreement, such Tender Offer
shall be conducted in accordance with the following provisions:

(i) The Tender Offer shall be conducted on customary terms, as determined by the
Offeror and the Company and in accordance with the provisions of all applicable law. The
Tender Offer shall expire at 12:00 midnight, New York City Time, twenty Business Days
following the commencement of the Tender Offer or such other date as the Offeror and the
Company may agree (the “Initial Expiration Date” and together with any extension
permitted hereunder, the “Expiration Date”). The obligation of the Offeror to
commence the Tender Offer and to accept for payment and pay for any and all shares of Class
A Common Stock tendered pursuant to the Tender Offer shall be unconditional, except for,
subject to Section 3.5(d) of this Agreement, the receipt of any required regulatory
approvals, and the Tender Offer may be extended as may be necessary to obtain such
approvals. The Offeror expressly reserves the right to amend or make changes to the terms
of the Tender Offer; provided, however, that, without the prior written
consent of the Company, the Offeror shall not do any of the following: (A) decrease the
Offer Price or change the form of consideration to be paid in the Tender Offer, (B) except
as described above, impose any conditions to the Tender Offer or (C) otherwise amend the
Tender Offer in a manner that would materially and adversely affect the holders of shares of
Class A Common Stock. Notwithstanding anything in this Agreement to the contrary, the
Offeror shall have the right to extend the Tender Offer beyond the Initial Expiration Date
for: (A) any period required by any rule, regulation, interpretation or position of the SEC
or the staff thereof applicable to the Tender Offer or (B) any period required by applicable
law. In addition, the Offeror may, without the consent of the Company, and, if requested by
the Company, the Offeror shall for one Subsequent Period (as defined below), extend the
Tender Offer beyond the date on which shares of Class A Common Stock are first accepted for
payment as a “subsequent offering period” (as such term is defined in Rule 14d-1(g)(8) under
the Exchange Act in accordance with Rule 14d-11 of the Exchange Act (each, a “Subsequent
Period”). The Offeror may extend the Tender Offer for an unlimited number of Subsequent
Periods, provided, however, that no single Subsequent Period may exceed
twenty Business Days. To the extent the Offeror amends or makes changes to the conditions
of the Tender Offer pursuant to the terms and conditions of this Section, the Company will
cooperate with the Offeror in making any filings or amendments required by the Delaware
General Corporation Law, the Exchange Act, the Securities Act or any other federal
securities law, regulation or rule, or as otherwise may be necessary to effect such
amendment or change.

(ii) As soon as reasonably practicable on the date the Tender Offer is commenced, (A)
the Offeror shall file with the SEC a Tender Offer Statement on Schedule TO (together with
all amendments thereto, the “Schedule TO”) and (B) the Company shall file a
Solicitation/Recommendation Statement on Schedule 14D-9 (the “Schedule 14D-9”) with
respect to the Tender Offer, each of which will comply in all material respects with the
provisions of all applicable federal and state securities laws, and will contain (including
as an exhibit) or incorporate by reference the Tender Offer and forms of the related letter
of transmittal (which documents, together with any supplements or amendments thereto, are
referred to collectively as the “Offer Documents”). The Company agrees that (I) the
Schedule 14D-9 shall not be withdrawn or amended without the prior written consent of the
Offeror; provided, however, that the Company’s recommendation or, in the
alternative, its statement expressing that the Company has no opinion and is remaining
neutral toward the Tender Offer, may be withdrawn or modified by the Board of Directors
without the prior written consent of the Offeror to the extent that the Board of Directors
determines in the good faith exercise of its reasonable business judgment, after receiving
the advice of outside counsel, that such recommendation or expression of neutrality would no
longer be consistent with its fiduciary duties to the Company’s stockholders under
applicable law and (II) the Schedule 14D-9, on the date filed with the SEC and on the date
first published, sent or given to the Company’s stockholders, shall not contain any untrue
statement of a material fact or omit to state any material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading, except that no representation is made by the
Company with respect to written information supplied by the Offeror specifically for
inclusion in the Schedule 14D-9. Each of the Offeror and the Company agrees that the
Schedule TO and the Offer Documents, on the date filed with the SEC and on the date first
published, sent or given to the Company’s stockholders, shall not contain any untrue
statement of a material fact or omit to state any material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading, except that no representation shall be made by
the Offeror with respect to written information supplied by the Company specifically for
inclusion in the Schedule TO or the Offer Documents, and no representation shall be made by
the Company with respect to written information supplied by the Offeror specifically for
inclusion in the Schedule TO or the Offer Documents. Each of the Offeror and the Company
further agrees to take all steps necessary to cause the Offer Documents to be filed with the
SEC and to be disseminated to the Company’s stockholders, in each case as and to the extent
required by applicable federal securities laws. Each of the Offeror and the Company agrees
promptly to correct or supplement any information provided by it for use in the Offer
Documents if and to the extent that it shall have become false and misleading in any
material respect, and the Offeror and the Company further agree to take all steps necessary
to cause the Offer Documents as so corrected to be filed with the SEC and to be disseminated
to the Company’s stockholders, in each case as and to the extent required by applicable
federal securities laws. The Company and its counsel shall be given a reasonable
opportunity to review the initial Offer Documents before they are filed with the SEC. The
Offeror and its counsel shall be given a reasonable opportunity to review the initial
Schedule 14D-9 before it is filed with the SEC. In addition, the Offeror, on the one hand,
and the Company, on the other hand, agree to provide the other and their respective counsel
with any comments or other communications that either party or their counsel may receive
from time to time from the SEC or its staff with respect to the Schedule 14D-9 or the Offer
Documents promptly after the receipt of such comments or other communications.

(iii) Subject to the terms of this Agreement, promptly after the expiration of the
“initial offering period” (as such term is defined in Rule 14d-1(g)(4) under the Exchange
Act) and, if applicable, promptly in accordance with Rule 14d-11 under the Exchange Act,
during any Subsequent Period, the Offeror shall accept for payment and pay for, in
accordance with the terms of the Tender Offer, all of the shares of Class A Common Stock
validly tendered pursuant to the Tender Offer and not validly withdrawn.

(iv) In connection with the Tender Offer, no later than three (3) Business Days prior
to the anticipated commencement of the Tender Offer, the Company shall furnish the Offeror
with (A) mailing labels, security position listings of shares of Class A Common Stock held
in stock depositories and any available listing or computer file containing the names and
addresses of the record holders of shares of Class A Common Stock, each as of the most
recent practicable date, and (B) such additional information, including updated lists of
stockholders, mailing labels and lists of securities positions and such other information
and assistance as the Offeror or its agents may reasonably request in connection with
communicating to the record and beneficial holders of shares of Class A Common Stock with
respect to the Tender Offer. Subject to the requirements of applicable law, and except for
such steps as are necessary to disseminate the Offer Documents and any other documents
necessary to consummate the Tender Offer, the Offeror shall, and shall cause its agents to,
hold in confidence the information contained in any such labels, listings and files, shall
use such information only in connection with the Tender Offer and, if the Tender Offer shall
be terminated, shall, upon request, promptly deliver to the Company all copies of such
information then in its possession or under its control.

(d) If the Person that intends to commence a Tender Offer pursuant to Section 3.5(a) of this
Agreement or an Early Tender Offer pursuant to Section 3.5(b) of this Agreement would not be
permitted, absent receipt of prior FCC approval and the grant of any necessary waivers of the FCC’s
media ownership rules, to be the legal owner of 5% or more of the Voting Stock of the Company as
the result of such Person’s existing or proposed media ownership interests, and therefore would not
reasonably be expected to be able to consummate such Tender Offer or Early Tender Offer, as the
case may be, without receipt of such FCC approval and any necessary waivers, then such Person
shall, prior to the commencement of such Tender Offer or Early Tender Offer, as the case may be,
either: (i) make such arrangements as may be necessary to ensure that, following the consummation
of such Tender Offer or Early Tender Offer, as the case may be, such Person does not have legal
ownership of 5% or more of the Voting Stock of the Company (by exchanging any shares of Class A
Common Stock acquired by such Person for Class C Common Stock or otherwise relinquishing any voting
rights with respect to any shares of Class A Common Stock in a manner reasonably sufficient, as
reasonably determined by the Company, to render the Class A Common Stock non-attributable to such
Person under the FCC rules); or (ii) enter into a trust or similar arrangement that complies with
the FCC’s requirements for an “insulating trust” pursuant to 47 C.F.R. §73.3555, Note 2(d) of the
FCC’s Rules and the FCC Attribution Order, 55 RR.2d 1465 (1984) for such period of time as may be
necessary to ensure such Person’s compliance with the media ownership rules, and under which such
trust will have legal ownership of all shares of Class A Common Stock acquired by such Person in
the Tender Offer or the Early Tender Offer, as the case may be, and legal ownership will not be
attributed to such Person under the FCC’s rules. The Company agrees to use reasonable efforts to
take any actions as may be reasonably requested by the Offeror to effect the arrangements
contemplated by the previous sentence.

Section 3.6 Investor Call Right Termination. Upon the Investor Call Right
Termination:

(a) the Paxson Stockholders shall deliver the Paxson Demand (as defined in the Escrow
Agreement) to the Escrow Agent pursuant to Section 4(b) of the Escrow Agreement.

(b) unless a Tender Offer has previously been consummated in accordance with Section 3.5, the
Investor shall deliver to the Company for distribution certificates evidencing Series B Preferred
Stock with an aggregate liquidation preference plus accrued and unpaid dividends equal to the
Investor Call Right Termination Amount. If at the time shares of Series B Preferred Stock are
delivered to the Company pursuant to this Section 3.6(b) there are any holders of the Class A
Common Stock who would have been eligible to participate in a Tender Offer commenced pursuant to
Section 3.5(a) or (b) of this Agreement (the “Eligible Stockholders”), the Company shall
distribute to the Eligible Stockholders, on a pro rata basis in accordance with the number of
shares of Class A Common Stock held by each of them, shares of Series B Preferred Stock (or, at the
option of the Company, another class or series of preferred stock of the Company with substantially
identical economic rights) with an aggregate liquidation preference equal to the Investor Call
Right Termination Amount. Each of the Paxson Stockholders hereby unconditionally waives any right
to receive such shares of Series B Preferred Stock or other class or series of preferred stock
distributed pursuant to this Section 3.6(b). For avoidance of doubt, the shares of the class or
series of preferred stock distributed to Eligible Stockholders pursuant to this Section 3.6(b)
shall vote together with the holders of all other outstanding shares of Series B Preferred Stock,
as a single class, on all matters on which they are entitled to vote.

(c) If the Investor is required to surrender shares of Series B Preferred Stock upon the
Investor Call Right Termination pursuant to Section 3.6(b) of this Agreement, and at such time the
Existing Debt Indentures (as defined in the Certificate of Designation) would prohibit the Company
from issuing or distributing to the Eligible Stockholders, pursuant to Section 3.6(b) of this
Agreement, the shares of Series B Preferred Stock surrendered by the Investor, because such shares
would be deemed to be Disqualified Capital Stock or the issuance or distribution thereof would be
deemed to be a Restricted Payment (as each such term is defined in the Existing Debt Indentures),
the Investor agrees to either:

(i) vote in favor of, or consent in writing to, amending the Certificate of Designation
to provide that the Exchange Date (as defined in the Certificate of Designation) may not be
earlier than April 18, 2010, and amending the New Exchange Indenture and the form of New
Exchange Debentures to provide that the maturity date of the New Exchange Debentures shall
be a date not prior to April 19, 2010 and not later than December 31, 2013, which date shall
be determined in the Investor’s sole discretion; or

(ii) surrender to the transfer agent for the Common Stock certificates representing
 shares of Series B Preferred Stock having a liquidation preference plus accrued and unpaid
dividends equal to the Investor Call Right Termination Amount, duly endorsed in blank for
transfer, with instructions to distribute such shares to the Eligible Stockholders in the
manner provided in Section 3.6(b) of this Agreement.

Until such date as the distribution to the Eligible Stockholders of shares of Series B Preferred
Stock (or, at the option of the Company, shares of another class or series of preferred stock of
the Company with substantially identical economic rights) contemplated by Section 3.6(b) of this
Agreement has occurred, the Investor will not Transfer any shares of Series B Preferred Stock
pursuant to Section 4.1 of this Agreement, unless the transferee agrees in writing to be bound by
this Section 3.6.

Section 3.7 Transfer of or Issuance by Paxson Management Corporation. During the
Restricted Period, Paxson shall not Transfer or issue any of the capital stock or other equity
interests of Paxson Management Corporation to any Person (including any options, warrants or other
rights to acquire the capital stock or such other equity interests and any securities and
instruments exchangeable for or convertible into the capital stock or such other equity interests),
other than to a Paxson Estate Planning Affiliate.

Section 3.8 Management Incentive Pool.

(a) Not later than 18 months following the Effective Date, the Company shall grant Stock-Based
Compensation Awards for at least 24 million shares of Class A Common Stock to selected senior
executives of the Company recommended by the Company CEO, which Stock-Based Compensation Awards
shall incorporate the terms set forth on Schedule 3.8. The Company CEO shall recommend the terms
and conditions of the Stock-Based Compensation Awards granted to such senior executives and such
grants shall be subject to approval by the Company’s Compensation Committee following consultation
with the Company’s compensation advisor.

(b) Each award agreement relating to any grant of a Stock-Based Compensation Award that is
made on or after the Effective Date shall provide that (i) such Stock-Based Compensation Awards and
the shares of Class A Common Stock issuable pursuant to such Stock-Based Compensation Awards shall
not be eligible to participate in the Tender Offer or an Early Tender Offer and shall not be
transferable until the earlier of (A) the consummation of the Tender Offer or an Early Tender
Offer, as the case may be, or (B) the date of the Investor Call Right Termination, (ii) no
Stock-Based Compensation Award shall become exercisable or be settled prior to (A) in the event
that NBC Palm II or its Permitted Transferee, as applicable, commences a Tender Offer the earlier
of (x) the closing of the Tender Offer and (y) 60 days following the commencement of the Tender
Offer and (B) in the event that NBC Palm II or its Permitted Transferee, as applicable, does not
commence a Tender Offer, 20 business days following the expiration of the Call Right and (iii)
vesting of Stock-Based Compensation Awards will not be accelerated based upon a change in control
of the Company pursuant to any transaction contemplated by the Transaction Agreements.

Section 3.9 Issuance of Securities. Prior to the termination of the Issuance Restriction
Period, the Company shall not at any time issue any shares of Class A Common Stock or other
securities which are exchangeable or exercisable for or convertible into shares of Class A Common
Stock prior to the termination of the Issuance Restriction Period, other than shares of capital
stock or other securities issued pursuant to any contractual obligations of the Company as existing
immediately prior to the Effective Date and shares permitted to be issued without the Investor’s
consent pursuant to Sections 4.1(h)(i), (ii) and (iii) of the Investment Agreement.

Section 3.10 Transfer Notice. The Investor shall give the Company written notice of the
identity of a proposed Permitted Transferee at least 30 days prior to the earlier date of (i) a
proposed Transfer or exercise of the Call Right by NBC Palm II or a Permitted Transferee, as
applicable, or (ii) a proposed Transfer of shares of Series B Preferred Stock by the Investor that
would constitute a Tender Offer Event. Such notice shall include such financial information
regarding the proposed Permitted Transferee as may be reasonably necessary for the Board of
Directors to determine whether such Person satisfies clause (ii) of the penultimate sentence of
this Section 3.10. The Board of Directors shall approve or disapprove such Person as a Permitted
Transferee within 30 days of receipt of such notice. In making such determination, the Board of
Directors shall, in the reasonable exercise of its fiduciary duties, principally take into account
that such proposed transferee: (i) is, and, subject to obtaining waivers of the FCC rules and
regulations permitted by Section 2.2(b) of the Call Agreement, upon consummation of the Call
Closing shall be, in compliance with applicable FCC rules relating to ownership and operation of
the Company Stations; and (ii) is able to fulfill the financial obligations arising in connection
with the exercise of the Call Right and the consummation of a Tender Offer (and such proposed
transferee shall have delivered to the Board of Directors a proposal for satisfying any rights that
holders of any debt securities of the Company may have in connection with the Tender Offer Event
and the consummation of the Tender Offer); provided, however, that in considering
the request for approval, the Board of Directors shall not consider the Offer Price;
provided, further, however, that the foregoing shall not limit the ability
of the Board of Directors to consider the Offer Price when making any recommendation required to be
included in any Solicitation Recommendation Statement on Schedule 14D-9 in connection with the
Tender Offer; and, provided, however, that the Board of Directors shall approve
such Person as a Permitted Transferee if the Board of Directors determines in the reasonable
exercise of its fiduciary duties that such person otherwise satisfies the requirements set forth in
this sentence and either provides reasonably satisfactory evidence that it has sufficient liquid
financial resources to fulfill the financial obligations referred to in clause (ii) of this
sentence without the need for external financing or presents firm commitments in customary form
from nationally recognized sources for such financing. Any proposed transferee that is approved by
the Board of Directors shall be a “Permitted Transferee.” If the Board of Directors fails
to approve or disapprove such proposed Permitted Transferee within such 30-day period, such Person
shall be deemed to be a Permitted Transferee.

Section 3.11 Negotiation of New Debt Covenants. The Company shall use commercially
reasonable efforts in any Refinancing of the Existing Debt Indentures to obtain terms under which
the exchange of shares of Series B Preferred Stock for New Exchange Debentures would not violate
any of the terms of the debt instruments issued in the Refinancing.

Section 3.12 Conversion. At any time after the Call Closing, shares of the Series B
Preferred Stock are convertible at the option of the holder thereof in the manner set forth in the
Certificate of Designation. In the event no Call Closing occurs prior to the Investor Call Right
Termination, from the date of the Investor Call Right Termination until the earlier of the closing
of the purchase of the shares of Class B Common Stock by the Company or the second anniversary of
the Investor Call Right Termination, the shares of the Series B Preferred Stock are convertible at
the option of the holder in the manner set forth in the Certificate of Designation;
provided that such conversion would not reasonably be expected to materially delay or
hinder receipt of FCC approval of the transfer of the Call Shares from the Paxson Stockholders to
the Company or result in any Person becoming the Beneficial Owner of more than 50% of the Total
Voting Power of the Common Stock.

ARTICLE IV

TRANSFER RESTRICTIONS

Section 4.1 Transfer of Series B Preferred Stock by the Investor.

(a) During the Investor Transfer Restriction Period. During the Investor Transfer
Restriction Period, the Investor shall not Transfer shares of Series B Preferred Stock, other than:

(i) not more than three Transfers to not more than three Persons of an aggregate of up
to 15,000 shares of Series B Preferred Stock;

(ii) a Transfer of shares of Series B Preferred Stock that would represent, upon
conversion, the Transfer of more than 50% of the Total Voting Power of the Company as of the
Effective Date determined in accordance with Section 3.5(a)(ii); provided, that such
Transfer shall be to a Permitted Transferee and such Permitted Transferee shall commence a
Tender Offer in accordance with Section 3.5(c) of this Agreement; and

(iii) so long as the Investor holds an attributable interest in the Company within the
meaning of 47 C.F.R. §73.3555 of the rules of the FCC (or any successor rule) as a result of
the Equity-Debt-Plus component of such rules (the “EDP Attribution”), Transfers of
the amount of Series B Preferred Stock at any time to any Person necessary for the Investor
to be in compliance with the FCC ownership rules, including with respect to EDP Attribution;
provided, that following such Transfer, such Person to whom shares of Series B
Preferred Stock are Transferred shall also be in compliance with the FCC ownership rules,
including with respect to EDP attribution.

(b) Following the Investor Transfer Restriction Period. Following the Investor
Transfer Restriction Period, the Investor shall have the right to Transfer shares of Series B
Preferred Stock to any Person without any restrictions or limitations on such Transfer;
provided, that if such Transfer occurs prior to the earliest of (i) the Call Closing, (ii)
the closing of the purchase by the Company, pursuant to the Company Stock Purchase Agreement, dated
as of the date hereof, between the Company and the Paxson Stockholders, of the shares of Class B
Common Stock owned by the Paxson Stockholders, or (iii) the second anniversary of the date of the
Investor Call Right Termination, following such Transfer, the Person to whom shares of Series B
Preferred Stock are Transferred shall be in compliance with the FCC ownership rules, including with
respect to EDP Attribution.

(c) Investor Call Right Termination. Until the earlier of (A) the consummation of a
Tender Offer pursuant to Section 3.5 of this Agreement or (B) the delivery of Series B Preferred
Stock pursuant to Section 3.6(a) of this Agreement, the Investor shall Beneficially Own shares of
Series B Preferred Stock sufficient to permit it to satisfy its obligations pursuant to Section
3.6(a).

(d) Transfer of Investor Rights. The Investor may not transfer the Investor Rights
except in conjunction with a Transfer of Subject Securities that is in compliance with the terms of
this Agreement and except as provided in this Section 4.1(d).

(i) If, after giving effect to any Transfer of Subject Securities, the Investor and its
Affiliates own the Minimum Investment, the Investor Rights shall continue unaffected by such
Transfer.

(ii) If, after giving effect to any Transfer of Subject Securities, neither the
Investor and its Affiliates nor the transferee of such Subject Securities would own the
Minimum Investment, then the Investor Rights shall terminate upon the effectiveness of such
Transfer.

(iii) If, after giving effect to any Transfer of Subject Securities, the Investor and
its Affiliates would not hold the Minimum Investment and the transferee of such Subject
Securities would own the Minimum Investment, then the Investor Rights shall be transferred
to such transferee of the Subject Securities.

(iv) If, after giving effect to any Transfer of Subject Securities, both the Investor
and its Affiliates, on one hand, and the transferee of such Subject Securities, on the other
hand, own the Minimum Investment, the Investor shall determine whether the Investor Rights
shall be transferred to the transferee of such Subject Securities. The Investor shall
notify the Company of its determination upon such Transfer.

Section 4.2 Paxson Stockholder Restrictions. During the Restricted Period, the Paxson
Stockholders shall not Transfer any of the Call Shares; provided, however, that the
Paxson Stockholders may Transfer the Call Shares to one or more Paxson Estate Planning Affiliates
so long as following such Transfer, the Paxson Stockholders remain, or a Paxson Estate Planning
Affiliate shall be, the FCC Single Majority Stockholder of the Company and each Paxson Estate
Planning Affiliate to whom any or all of the Call Shares are Transferred by a Paxson Stockholder
agrees in writing to be bound by the Transaction Agreements to which a Paxson Stockholder is a
party in its capacity as a Paxson Stockholder. The Paxson Stockholders and any Paxson Estate
Planning Affiliate to whom any or all of the Call Shares are Transferred by a Paxson Stockholder
hereby acknowledge that the immediately preceding sentence of this Section 4.2 may restrict their
ability to have the Call Shares accepted in a Tender Offer commenced pursuant to Section 3.5 of
this Agreement.

Section 4.3 [INTENTIONALLY OMITTED]

Section 4.4 Legends. (a) The Investor understands and agrees that any disposition of
shares of Series B Preferred Stock by it or any of its Affiliates may only occur pursuant to an
effective registration statement under the Securities Act or pursuant to an exemption from
registration under the Securities Act. The Investor agrees to the imprinting, so long as
appropriate, of substantially the following legends on certificates representing any of the
securities referenced in the preceding sentence:

NEITHER THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON
EXERCISE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW, AND
SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO RESTRICTIONS ON TRANSFER AND THE OTHER TERMS OF AN AMENDED AND RESTATED
STOCKHOLDER AGREEMENT, DATED AS OF NOVEMBER 7, 2005, AS THE SAME MAY BE AMENDED OR AMENDED
AND RESTATED FROM TIME TO TIME, AMONG PAXSON COMMUNICATIONS CORPORATION, NBC UNIVERSAL,
INC., SECOND CRYSTAL DIAMOND LIMITED PARTNERSHIP, PAXSON ENTERPRISES, INC. AND LOWELL W.
PAXSON.

The legend set forth above shall be removed if and when (i) the securities represented by such
certificate are disposed of pursuant to an effective registration statement under the Securities
Act or (ii) the Investor delivers to the Company an opinion of counsel reasonably acceptable to the
Company to the effect that such legends are no longer necessary.

(b) The Paxson Stockholders agree that, during the Restricted Period, substantially the
following legend shall be imprinted on certificates representing any of the Paxson Shares:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND
OTHER TERMS OF AN AMENDED AND RESTATED STOCKHOLDER AGREEMENT, DATED AS OF NOVEMBER 7, 2005,
AS THE SAME MAY BE AMENDED OR AMENDED AND RESTATED FROM TIME TO TIME, AMONG PAXSON
COMMUNICATIONS CORPORATION, NBC UNIVERSAL, INC., SECOND CRYSTAL DIAMOND LIMITED PARTNERSHIP,
PAXSON ENTERPRISES, INC. AND LOWELL W. PAXSON.

Section 4.5 [INTENTIONALLY OMITTED]

ARTICLE V

[INTENTIONALLY OMITTED]

ARTICLE VI

MISCELLANEOUS

Section 6.1 Notices. All notices and other communications hereunder shall be in writing and
shall be deemed to have been duly given, if delivered personally, by telecopier or sent by
overnight courier as follows:

(b) If to the Investor, to:

NBC Universal, Inc.

30 Rockefeller Plaza

New York, New York 10112

Attention: General Counsel

Tel: 212-646-7024

Fax: 212-646-4733

with a copy to:

Shearman & Sterling LLP

599 Lexington Avenue

New York, New York 10022

Attention: John A. Marzulli, Jr.

Tel: 212-848-8590

Fax: 646-848-8590

(c) If to the Company, to:

Paxson Communications Corporation

601 Clearwater Park Road

West Palm Beach, Florida 33401

Attention: General Counsel

Tel: 561-659-4122

Fax: 561-655-9424

with copy to:

Dow, Lohnes & Albertson, PLLC

1200 New Hampshire Avenue, N.W., Suite 800

Washington, DC 20036

Attention: John R. Feore, Jr.

Tel: 202-776-2000

Fax: 202-776-2222

and

Holland & Knight LLP

222 Lakeview Avenue, Suite 1000

West Palm Beach, Florida 33401

Attention: David L. Perry

Tel: 561-650-8314

Fax: 561-650-8399

(d) If to the Paxson Stockholders, to:

Lowell W. Paxson

529 South Flagler Drive, 26H

West Palm Beach, Florida 33401

Tel: 561-835-8080

Fax: 561-832-5656

and

Wiley, Rein & Fielding LLP

1776 K Street, NW

Washington, DC 20006

Attention: Fred Fielding

Tel: 202-719-7000

Fax: 202-719-7049

or to such other address or addresses as shall be designated in writing. All notices shall be
effective when received.

Section 6.2 Entire Agreement; Amendment. The Transaction Agreements and the documents
described therein or attached or delivered pursuant thereto set forth the entire agreement between
the parties thereto with respect to the transactions contemplated by such agreements. This
Agreement amends and restates the Original Stockholder Agreement in its entirety; provided,
however, that except as set forth in the Settlement Agreement, the parties hereto retain
all rights, powers and remedies available at law or in equity or otherwise in connection with any
breach arising out of the Original Stockholder Agreement prior to the date hereof, and entering
into this Agreement by the parties shall not operate as a waiver of, nor shall it prejudice, any
such right, power or remedy now or hereafter existing at law or in equity or otherwise, except for
any rights, powers or remedies arising out of events that occurred prior to the date hereof to the
extent the events giving rise to such rights, powers or remedies were disclosed in the Company’s
public filings with the SEC or the FCC, disclosed in writing to the Investor or actually known by
the individuals listed on Schedule 6.2, including the right to assert that any such event is a
Voting Rights Triggering Event under the Certificate of Designation and such rights, powers and
remedies shall be null and void and of no further force or effect. Any provision of this Agreement
may be amended or modified in whole or in part at any time only by an agreement in writing signed
by all of the parties hereto. No failure on the part of any party to exercise, and no delay in
exercising, any right shall operate as a waiver thereof nor shall any single or partial exercise by
any party of any right preclude any other or future exercise thereof or the exercise of any other
right.

Section 6.3 Severability. If one or more provisions of this Agreement or the
application thereof to any Person or circumstances is determined by a court or agency of competent
jurisdiction to violate any law or regulation, including, without limitation, any rule or policy of
the FCC, or to be invalid, void or unenforceable to any extent (a “Conflicting Provision”),
the Conflicting Provision shall have no further force or effect, but the remainder of this
Agreement and the application of the Conflicting Provision to other Persons or circumstances or in
jurisdictions other than those as to which it has been held invalid or unenforceable shall not be
affected thereby and shall be enforced to the greatest extent permitted by law, so long as any such
violation, invalidity or unenforceability does not change the basic economic or legal positions of
the parties. In such event, the parties shall negotiate in good faith such changes in other terms
as shall be practicable in order to effect the original intent of the parties.

Section 6.4 Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to constitute an original, but all of which together shall constitute
one and the same document.

Section 6.5 Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall
be governed by and construed in accordance with the laws of the State of New York applicable to
contracts executed and performed within such state, and each party hereby submits to the
jurisdiction of the Delaware Chancery Court. In the event the Delaware Chancery Court does not
have jurisdiction over any dispute arising out of this Agreement, each party hereby submits to the
jurisdiction of the United States District Court for the Southern District of New York, provided
that in the event such court does not have jurisdiction over any dispute arising out of this
Agreement, each party hereby submits to the jurisdiction of the Supreme Court of the State of New
York, New York County. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR
PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT.

Section 6.6 Successors and Assigns; Third Party Beneficiaries. The Company may not
assign any of its rights or delegate any of its duties under this Agreement without the prior
written consent of the Investor and the Paxson Stockholders. The Paxson Stockholders may not
assign any of their rights or delegate any of their duties under this Agreement without the prior
written consent of the Investor and the Company, provided that the Paxson Stockholders may
assign their rights and delegate their duties to an Affiliate in connection with any Transfer in
accordance with Section 4.2 of this Agreement (in which event such applications as may be required
shall be filed with the FCC for consent to the transfer of control of the station licenses held by
subsidiaries of PCC) but no such assignment or delegation shall relieve such Paxson Stockholder of
any of its obligations hereunder. The Investor may not assign any of its rights or delegate any of
its duties under this Agreement without the prior written consent of the Paxson Stockholders and
the Company, provided that the Investor may assign its rights and delegate its duties to
(i) an Affiliate but no such assignment or delegation shall relieve the Investor of any of its
obligations hereunder, (ii) any Permitted Transferee in accordance with Section 2.5 of the Call
Agreement and (iii) any transferee in accordance with Section 4.1(d) of this Agreement that will
own the Minimum Investment. Subject to Section 6.10, so long as the Investor retains any Subject
Securities, the Investor, in respect of its ownership thereof, shall remain subject in all respects
to the terms and provisions of this Agreement. The Investor shall not assign any rights under this
Agreement unless such assignee expressly assumes all of the obligations of the Investor associated
with the rights proposed to be assigned. Upon a valid assignment in accordance with this Section
6.6 and all other applicable provisions in this Agreement respecting assignments and transfers,
such assignee shall become the Investor for purposes hereof. Any purported assignment in violation
of this Section 6.6 shall be null and void. Nothing expressed or mentioned in this Agreement is
intended or shall be construed to give any Person, other than the parties hereto and their
respective successors and permitted assignees, any legal or equitable right, remedy or claim under
or in respect of this Agreement or any provision herein contained. This Agreement and all
conditions and provisions hereof are intended to be for the sole and exclusive benefit of the
parties hereto and their respective successors and permitted assignees, and for the benefit of no
other Person.

Section 6.7 [INTENTIONALLY OMITTED]

Section 6.8 Remedies(a) . No right, power or remedy conferred upon any party in this
Agreement shall be exclusive, and each such right, power or remedy shall be cumulative and in
addition to every other right, power or remedy whether conferred in this Agreement or now or
hereafter available at law or in equity or by statute or otherwise. No course of dealing between
the Investor, the Company and the Paxson Stockholders and no delay in exercising any right, power
or remedy conferred in this Agreement or now or hereafter existing at law or in equity or by
statute or otherwise shall operate as a waiver or otherwise prejudice any such right, power or
remedy. The parties hereto agree that irreparable damage would occur in the event any provision of
this Agreement was not performed in accordance with the terms hereof and that the parties shall be
entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement in addition to any other remedy to which
they are entitled at law or in equity.

Section 6.9 Headings, Captions and Table of Contents. The section headings, captions
and table of contents contained in this Agreement are for reference purposes only, are not part of
this Agreement and shall not affect the meaning or interpretation of this Agreement.

Section 6.10 Termination. Articles II, III and IV of this Agreement shall terminate
if neither (i) the Investor (together with its Affiliates) owns at least the Minimum Investment nor
(ii) a transferee to whom the Investor Rights were transferred in accordance with this Agreement,
owns at least the Minimum Investment. This Agreement shall terminate in its entirety upon the
earlier of (a) the Investor or a transferee, as applicable, acquiring shares of capital stock that
provide it with the unfettered right to vote a sufficient number of shares of the Voting Stock to
elect a majority of the members of the Board of Directors or (b) December 31, 2013. This Agreement
shall terminate as to the Paxson Stockholders at such time as they cease to own any Call Shares.

Section 6.11 Additional Paxson Stockholders. Each Affiliate (including family
members) of Paxson who acquires shares of Common Stock from a Paxson Stockholder after the date
hereof shall become a Paxson Stockholder for all purposes of this Agreement and shall execute and
deliver to the Company an Assumption Agreement in the form of Exhibit A hereto.

1

IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto or by their
respective duly authorized representatives, all as of the date first above written.

PAXSON COMMUNICATIONS CORPORATION

	 	 	 
	By: /s/ Dean M. Goodman

	 

	Name:

Title:

	 	Dean M. Goodman

President and Chief Operating

Officer

	 	 	 	_/s/ Lowell W. Paxson

	 	 	 	Lowell W. Paxson

SECOND CRYSTAL DIAMOND LIMITED

PARTNERSHIP

By: Paxson Enterprises, Inc., its general partner

	 	 	 
	By: _/s/ Lowell W. Paxson

	 

	Name:

Title:

	 	Lowell W. Paxson

President

	 	 	 	PAXSON ENTERPRISES, INC.

	 	 	 
	By: _/s/ Lowell W. Paxson

	 

	Name:

Title:

	 	Lowell W. Paxson

President

	 	 	 	NBC UNIVERSAL, INC.

	 	 	 
	By: _ /s/ Robert C. Wright

	 

	Name:

Title:

	 	Robert C. Wright

President and Chief Executive

Officer
	 
	 	 

2

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