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4/29/2002
TRIAD AND CUMULUS SETTLE LITIGATION OVER TALLAHASSEE
STATION SALE
MONTEREY, CA, ATLANTA, GA,
and TALLAHASSEE, FL, April 29, 2002 -
Triad Broadcasting Company, L.L.C., of Monterey, CA, and
Cumulus Broadcasting Inc., of Atlanta, today announced
that they have reached a settlement of their legal
dispute over Triad's pending purchase of radio station
WWLD-FM, licensed to Tallahassee, FL, from Cumulus.
Under the terms of the settlement, the closing of the
sale of WWLD-FM from Cumulus to Triad will occur no
later than November 1, 2002.
Triad contracted to acquire the Tallahassee FM radio
frequency 106.1 from Cumulus last July. The new addition
will give Triad a total of four radio stations in
Tallahassee, including WYZR-FM, WAIB-FM and WHTF-FM. The
FM cluster will be managed by radio veteran, Mark
Hanson, newly-announced Vice President and Market
Manager.
David Benjamin, President and Chief Executive Officer of
Triad Broadcasting Company, said: "While I regret that
the matter has dragged on as long as it has, I am
delighted that we now have a firm closing date for WWLD.
It will be an excellent addition to our Tallahassee
cluster and will greatly enhance our position in the
market."
Triad Broadcasting Company was formed in July, 1999, by
President and Chief Executive Officer, David J.
Benjamin, founder of Community Pacific Broadcasting
Company. With the addition of the new Tallahassee
station to the three stations that it owns in the
market, Triad Broadcasting will own and/or operate a
total of 43 radio stations in seven high-growth markets
within ten states, including: six stations in Biloxi,
MS; five stations in Lincoln and Beatrice, NE; five
stations in Fargo, ND; seven stations in Rapid City, SD;
nine stations in Bluefield, WV, and seven stations in
the Hilton Head, SC-Savannah, GA, market.
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