5/22/2000
TRIAD BROADCASTING COMPANY FINALIZES ACQUISITION OF FIVE RADIO STATIONS IN LINCOLN, NEBRASKA MARKET
Greg Wells to Lead Stations as Vice President and Market Manager

MONTEREY, CA, and LINCOLN, NE, May 22, 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 completed its acquisition of four radio stations in Lincoln, Nebraska, and one radio station in Beatrice, Nebraska, from J.C. Acquisition, L.L.C., in a transaction valued at approximately $12 million. Triad further announced that it has named radio veteran, Greg Wells, as Vice President and Market Manager over the five stations, KEZG-FM, KKUL-FM, KLIN-AM, KFGE-FM, and KWBE-AM, effective immediately. Joan Woods will remain Station Manager of KWBE-AM in Beatrice.

Including the five new stations in Lincoln and Beatrice, Triad Broadcasting Company currently owns and/or operates a total of 22 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 announced last week that it has signed a definitive agreement to acquire three radio stations in Tallahassee, Florida, from Capital City Radio Partners, Inc. Completion of the transaction is expected to occur by the end of the third quarter of this year, subject to FCC approval and other customary closing conditions. David Benjamin, President and Chief Executive Officer of Triad Broadcasting, said: “We are pleased to be a part of the communities of Lincoln and Beatrice and are proud to welcome these five outstanding radio stations to the Triad Broadcasting family. This acquisition reflects our continuing progress toward achieving Triad’s strategy of assembling a group of quality radio properties with strong management and excellent market positions in small to mid-sized markets. It is a tremendous pleasure to have Greg Wells join our management team as Vice President and Market Manager. Greg’s considerable experience and energy, combined with the wealth of talent represented at these stations, will make for a seamless transition for our listeners and advertisers. I am gratified that Joan Woods will remain in her position in Beatrice, as she is an invaluable resource.” Greg Wells said: “We will continue to localize these stations as much as possible, and will provide Nebraskans with high-quality programming that is locally-driven. The way to win in a market like Lincoln, Nebraska, is by being a Nebraska radio station and by taking great care of the capital of Nebraska. We plan to do just that, and we will encourage a high level of interaction between our stations, our listeners, and our advertisers. I look forward to working with the exceptional team of professionals at the stations to create exciting radio for the people of Lincoln and Beatrice.” Mr. Wells has over 13 years’ experience in the radio broadcasting industry and was previously General Manager of Three Eagles Communications, of Columbus, Nebraska, where he oversaw operations of three radio stations, a 26-affiliate network, and an outdoor advertising company.

Triad Broadcasting Company was formed in July 1999 by David Benjamin, founder of Community Pacific Broadcasting Company, and former Managing Director of Capstar Broadcasting Corporation. In April, Triad announced 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 across the U.S.