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5/11/2000
TRIAD BROADCASTING COMPANY TO ACQUIRE TALLAHASSEE RADIO
STATIONS
Agreement Represents Triad’s Debut in Florida’s
Capital City
MONTEREY, CA, and
TALLAHASSEE, FL, May 11, 2000 – Triad Broadcasting
Company, L.L.C., of Monterey, California, owner and
operator of small and mid-market radio stations, today
announced that the company has signed a definitive
agreement to acquire three radio stations, WWFO-FM, WAIB-FM
and WHTF-FM, from Capital City Radio Partners, Inc., of
Tallahassee, Florida. The total value of the transaction
is approximately $15 million. The agreement brings to 25
the number of stations Triad Broadcasting has acquired
or announced plans to acquire since the company’s
formation in July 1999.
Completion of the transaction, which is subject to FCC
approval and other customary closing conditions, is
expected to occur by the end of the third quarter of
this year.
Triad Broadcasting Company was formed last year by
President and Chief Executive Officer, David J.
Benjamin, founder of Community Pacific Broadcasting
Company and former Managing Director of Capstar
Broadcasting Corporation. Triad announced in March that
it had secured $80 million in commitments of equity
capital from Norwest Equity Partners, of Minneapolis;
Shamrock Capital Investors, Inc., of Burbank,
California; 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 be used to acquire radio
stations in small to mid-sized markets.
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 16, 2000, pending FCC approvals.
David Benjamin of Triad Broadcasting said: “We are proud
to be entering the vibrant Tallahassee market with these
three prime radio broadcasting properties. WWFO-FM, WAIB-FM
and WHTF-FM are tremendous additions to Triad
Broadcasting’s growing portfolio of high-quality radio
stations across the U.S. This transaction furthers
Triad’s strategy of building a premier radio
broadcasting company comprised of some of the finest
mid-market radio stations in America. Through Triad’s
continued focus on quality, we will achieve a commanding
position in each of the markets in which we own and
operate radio stations.” Mike Schwartz, President of
Capital City Radio Partners, Inc., said: “We are pleased
to have WWFO-FM, WAIB-FM and WHTF-FM join the excellent
group of stations under the Triad Broadcasting umbrella.
Triad’s commitment to high quality local radio
programming, paired with the experienced staffs of these
stations, mean great things for Tallahassee radio.” The
broker on the proposed transaction is Michael J. Bergner
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