Kyung-In Broadcasting ("iTV") is a regional terrestrial broadcaster in Korea, served a TV viewership of roughly 10 million viewers and broadcasting on both UHF and VHF frequencies. iTV focuses its programming on sports and news and produces its own local programming content in documentaries, education programs, investigative reporting and public issues debate. Excelsior's investment was structured through bonds with attachable warrants. Excelsior realized this investment in 2004-5 through a repayment on the bonds.