9/18/2000
TRIAD BROADCASTING COMPANY FINALIZES ACQUISITION OF 15 MID-MARKET RADIO STATIONS FROM ADVENTURE COMMUNICATIONS, INC
Triad Grows to 42 Stations and Enters Hilton Head, SC-Savannah, GA, and Bluefield, WV Markets

MONTEREY, CA, and BLUEFIELD, WEST VIRGINIA, September 18, 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 finalized its previously announced acquisition of 15 middle market radio stations from Adventure Communications, Inc., of Bluefield, West Virginia, in a transaction valued at approximately $25 million. The deal 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.

The newly acquired radio stations include nine 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 assumes the sales and local marketing agreement (LMA) with WGZO-FM, licensed to the Hilton Head, South Carolina-Savannah, Georgia, market.


Triad Broadcasting Company Acquires 15 Mid-Market Radio Stations, 9/18/00

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. Earlier this year, Triad announced that it had secured 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, for the purpose of acquiring radio stations in small to mid-sized markets.

In addition to the 16 new additions in the Hilton Head-Savannah and Bluefield markets, Triad Broadcasting currently owns and/or operates a total of 26 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; seven radio stations in Rapid City, South Dakota; and three radio stations in Tallahassee, Florida.

David Benjamin of Triad Broadcasting said: “Triad Broadcasting is proud to welcome these outstanding stations to our growing family. We are pleased to be a part of the vital Hilton Head, South Carolina-Savannah, Georgia, and Bluefield, West Virginia markets, and look forward to working with the quality group of professionals assembled at these stations. These properties effectively complement Triad’s portfolio of strong, well-managed radio stations in attractive small to mid-sized U.S. markets. We look forward to building upon the excellence that is in place to continue producing great radio in these exciting markets.”