5/30/2000
TRIAD BROADCASTING COMPANY TO ACQUIRE 15 MID-MARKET RADIO STATIONS FROM ADVENTURE COMMUNICATIONS, INC.
Agreement Brings Total Number of Mid-Market Radio Stations Owned or Operated by Triad to 42 Stations

MONTEREY, CA, and BLUEFIELD, WEST VIRGINIA, May 30, 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 15 middle market radio stations from Adventure Communications, Inc., of Bluefield, West Virginia. The total value of the transaction is approximately $25.6 million. The agreement brings to 42 the number of stations Triad Broadcasting owns, operates or has announced plans to acquire since the company’s formation in July 1999.

Triad will be acquiring nine radio stations in Bluefield, West Virginia, and six stations in the Hilton Head, South Carolina-Savannah, Georgia, market. The nine stations in Bluefield, West Virginia, are: WKOY-FM; WKEZ-AM; WKQY-FM; WTZE-AM; WHKX-FM; WHAJ-FM; WHIS-AM; WHQX-FM; and WBDY-AM. The six stations in Hilton Head, South Carolina-Savannah, Georgia, are: WLOW-FM; WGCO-FM; WWVV-FM; WFXH-AM/FM; and WGZR-FM. In addition, Triad will assume the sales and local marketing agreement (LMA) with WGZO-FM, licensed to the Hilton Head, South Carolina-Savannah, Georgia, market. 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. 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.

Triad Broadcasting currently owns and/or operates a total of 23 radio stations in the following markets: five radio stations in Lincoln, Nebraska; six radio stations in Biloxi, Mississippi; five radio stations in Fargo, North Dakota; and seven radio stations in Rapid City, South Dakota. In addition, Triad announced earlier this month that it has signed a definitive agreement to acquire three radio stations in Tallahassee, Florida, from Capital City Radio Partners, Inc.

David Benjamin of Triad Broadcasting said: “This transaction represents a tremendous growth opportunity for Triad Broadcasting Company. We’re very pleased to be adding these 15 select stations to the radio group that we are assembling in fast-growing U.S. markets. In addition, we’re enthusiastic about the sales and local marketing agreement with WGZO-FM, which is an attractive addition to the six-station cluster in Hilton Head-Savannah. These stations have a rich heritage and are well respected in the industry. Moreover, this acquisition will further our strategy to build a profitable group of quality radio properties with strong management and excellent market positions in small to mid-sized markets. ” Mike Shott, Chief Executive Officer of Adventure Communications, Inc., said: “We are gratified that these high-performing stations will be joining a company whose focus is on quality and excellence. Listeners, advertisers, and employees in the Bluefield and Hilton Head-Savannah markets will benefit greatly from Triad’s commitment to local radio programming, and that’s a big win for everyone.”