RAYCOM'S PARENT COMPANY SOLD, MANAGEMENT TO STAY IN PLACE

     Ellis Acquisitions, Inc., a newly formed entity controlled
by Stephen Burr of Boston, has agreed to acquire the stock of
Ellis Communications, Inc., for $732M in cash.  Ellis
Communications owns and operates 12 TV stations, two radio
stations and Raycom, a sports management production company.  The
acquisition will be funded by the Retirement Systems of Alabama
and is subject to regulatory approval.  The key management of
Ellis Communications will remain in place and will ultimately own
up to 20% of Ellis Acquisitions.  Ellis Communications CEO Bert
Ellis:  "This new association is the culmination of a process the
Company began with Goldman, Sachs & Co. three months ago in which
it sought options to position the company for the video world of
the future" (Ellis Communications).