3/21/2000
TRIAD BROADCASTING COMPANY SECURES $80 MILLION IN EQUITY CAPITAL FOR ACQUISITION OF U.S. MID-MARKET RADIO STATION

- Norwest Equity Partners, Shamrock Capital Investors, Inc., Bank of America Capital Investors and George W. Couch Commit Funds for Radio Station Acquisitions by New Radio Group

- New Broadcast Group Will Target Small to Mid-Sized Radio Markets

- Shamrock Capital Investors’ Commitment Represents First Foray intoMid-Market Radio for Roy E. Disney Investment Company

MONTEREY, CA, March 21, 2000 – Triad Broadcasting Company, L.L.C., of Monterey, California, today announced that the company has received $80 million in commitments of equity capital from Norwest Equity Partners, of Minneapolis; Shamrock Capital Investors, Inc., of Burbank, CA; Bank of America Capital Investors, of Chicago; George W. Couch, a major Anheuser-Busch distributor in California; and members of Triad’s management team. The funds will enable Triad Broadcasting Company to acquire radio stations in small to mid-sized markets.

Triad Broadcasting Company was formed in July, 1999, by President and Chief Executive Officer, David J. Benjamin, founder of Community Pacific Broadcasting Company, of which Norwest and Mr. Couch were also partners. Mr. Benjamin was most recently Managing Director of Capstar Broadcasting Corporation. Triad Broadcasting currently owns and/or operates a total of 17 radio stations in the following markets: six radio stations in Biloxi, Mississippi; five radio stations in Fargo, North Dakota; and six radio stations in Rapid City, South Dakota. In addition, Triad Broadcasting has signed a definitive sales agreement to acquire five radio stations in the Lincoln, Nebraska, market.

The Lincoln transaction is expected to close on or around May 1, 2000, pending FCC approvals.

Mr. Benjamin founded Monterey-based Community Pacific Broadcasting, and served as President and Chief Executive Officer. In 1997, the company was acquired by Capstar Broadcasting. Mr. Benjamin has over 25 years experience as an owner and operator of broadcast properties, and holds a B.A. from Yale University, and an M.B.A. from Harvard University.

Joining Benjamin on the Triad Broadcasting executive team is Thomas S. Douglas, Senior Vice President and Chief Financial Officer. Mr. Douglas was Chief Financial Officer for Osborn Communications Corporation, of Greenwich, Connecticut, from 1994 through 1997. Prior to that, Mr. Douglas had a 14-year career with major investment banks on Wall Street. He holds a B.S. degree from Santa Clara University, and an M.B.A. from New York University.

Mr. Benjamin said: “We are delighted to welcome these esteemed capital partners to the Triad Broadcasting family. With their support, we will develop the highest quality radio group in America. Our principal strategy is to assemble some of the country’s finest radio stations in attractive small to mid-sized markets. This new equity commitment, when combined with our untapped borrowing capacity, positions us to execute this strategy as a solidly capitalized company.” Mr. Benjamin continued: “Triad is aggressively laying the foundation for building a premier group of well-managed radio stations, with outstanding managers and talent across the board. I have never worked with a higher caliber of local operating executives. Triad Vice Presidents Steve Fehder, Nancy Odney, and Lia Green represent well over 50 years of radio experience and are the best in the business. Triad’s top-drawer executive team is poised to build our station portfolio into a high-performing company.”

John E. Lindahl, Managing Partner of Norwest Equity Partners, said: “We are extremely pleased to be partnering once again with our long-time friend and colleague, David Benjamin, in this promising venture in mid-market radio. David was the driving force behind the success of Community Pacific Broadcasting, and he will lead Triad Broadcasting Company to even greater success, through his sheer commitment to quality at all levels. With Triad’s exceptionally strong management team, and the solid funding package that is in place, Triad should become a leading owner and operator of mid-market radio properties.” Stanley P. Gold, President and Chief Executive Officer of Shamrock Capital Advisors, said: “It is a pleasure to join this seasoned group of investors in backing a team that has a proven record of operational excellence. We are most optimistic about our new foray into mid-market radio, and have the utmost confidence in David Benjamin and the promising group of radio properties that he and his team are assembling.”