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
