NEWS
                                        July 23, 1997


         CHAIRMAN HUNDT ANNOUNCES APPOINTMENT OF W. DON CORNWELL 
          AS CHAIRMAN OF THE TELECOMMUNICATIONS DEVELOPMENT FUND


     Reed E. Hundt, Chairman of the Federal Communications Commission (FCC), today
announced the appointment of W. Don Cornwell as Chairman of the Telecommunications
Development Fund (TDF).  With this announcement, Mr. Cornwell will replace Solomon D.
Trujillo, who has served as interim Chairman of the board of directors of TDF since March 8,
1996.  

     W. Don Cornwell is Chairman of the Board and Chief Executive Officer of Granite
Broadcasting Corporation.  Granite Broadcasting Corporation, a group broadcasting company
headquartered in New York City, owns and operates 11 television stations and one radio station. 
Granite Broadcasting Corporation, a publicly traded company, is one of the largest Black-owned
companies in the United States.  Mr. Cornwell has a distinguished career in the financing and
broadcasting arena.  Previously, Mr. Cornwell served as Vice President of the Investment
Banking Division of Goldman, Sachs & Co., a New York City based investment banking firm. 
In addition to his transaction responsibility at Goldman Sachs, Mr. Cornwell served as the chief
operating officer of the Corporate Finance Department.  Mr. Cornwell received his M.B.A.
from Harvard Business School and his B.A. from Occidental College.  Mr. Cornwell's many
activities include serving as director of the National Association of Broadcasters, Hershey Trust
Company and Milton Hershey School, CVS Corporation and Pfizer, Inc.  Mr. Cornwell is also
a trustee of Occidental College, a trustee of the Jacob Javits Foundation, a trustee of Big
Brothers/Big Sisters of New York and a trustee of the New York University Medical Center.
     
     Of Mr. Cornwell's appointment, FCC Chairman Hundt said, "Don's leadership in
financing and in the telecommunications field is truly impressive."  In particular, the Chairman
thanked Don Cornwell for his commitment to serving TDF and added, "Don's experience,
combined with his dedication to the community will be a tremendous asset to the
Telecommunications Development Fund and the small businesses it will serve.  I am thrilled by
the professional experience and entrepreneurial spirit Don brings to TDF and am confident that
he will continue to pave the way for TDF's bright future."  


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     Chairman Hundt also recognized Sol Trujillo for his service as Interim Chairperson of
TDF.  The Chairman personally thanked Sol Trujillo for his contribution and efforts on behalf
of  TDF and said, "Sol's leadership was critical in laying the foundation for the fund as a
significant, sustainable, market-driven resource.  TDF and all small businesses, benefitted from
the resources, energy and commitment Sol brought to the organization.  Sol's dedication to
fostering economic development coupled with his enthusiasm for this project has been a
tremendous value to TDF."  

     Congress created TDF through the Telecommunications Act of 1996, to promote access
to capital for small communications businesses, stimulate economic growth, innovation and
technological development, and to support the delivery of universal service and
telecommunications services to underserved rural and urban areas.  To date, TDF has $21.2
million to fund loans, equity investments and technical assistance to small communications
businesses.  The TDF Board is currently studying market needs and models to determine how
to be most effective in fulfilling its statutory mandates.  In the next quarter, the Board will
finalize TDF's structure, loan and investment criteria and application process.  The TDF Board
is finalizing its market study and the selection process for a fund manager who will oversee the
day-to-day operations of the fund.

     The other members of the TDF board of directors include:  Richard L. Fields, Managing
Director of Allen & Company, Incorporated; Thomas A. Hart, Jr., Partner, Ginsburg, Feldman
& Bress; Debra L. Lee, President and Chief Operating Officer of BET Holdings, Inc. (Black
Entertainment Television); William E. Kennard, General Counsel of the FCC; Ginger Lew,
Deputy Administrator of the Small Business Administration; and Kirsten S. Moy, Director of
the Community Development Financial Institutions Fund in the U.S. Department of Treasury.

                                  - FCC -