12/23/2002
TRIAD BROADCASTING COMPANY TO ACQUIRE POPULAR FOUR-STATION CLUSTER IN PEORIA
Triad Grows to 47 Radio Stations Serving Eight Markets and Expands its Midwest Presence
in 2003

MONTEREY, CA, and PEORIA, IL, December 23, 2002 - Triad Broadcasting Company, LLC, of Monterey, CA, owner and operator of small and mid-market radio stations, today announced that it has entered into a definitive agreement with JMP Media, of Peoria, IL, to acquire radio stations WSWT-FM, WPBG-FM, WMBD-AM, and WWFS-AM, all licensed to Peoria. The addition of the four stations brings Triad's station holdings to 47 radio stations in eight U.S. markets. Triad has entered into a local marketing agreement (LMA) with JMP Media to begin operating the stations on January 1, 2003. Mike Wild, 20-year radio veteran and President of JMP Media, will continue to manage local station operations as Vice President and Market Manager of Triad Broadcasting. In addition, under terms of the agreement, Mr. Wild will assume an equity ownership position in the station group.

The transaction is valued at $37 million, with closing pending FCC approvals. Brokers for the transaction are Peter Handy of Star Media and Ted Hepburn of the Ted Hepburn Company.

David Benjamin, President and Chief Executive Officer of Triad Broadcasting Company, said: "We are most excited to welcome Peoria's premier radio group to the Triad Broadcasting family of stations, as we inaugurate another terrific year for Triad. With the addition of these high-performing stations, Triad enters a dynamic market with untapped growth potential, second only in size to the Chicago market in the state of Illinois. Triad is especially pleased to join forces with Mike Wild and the exceptional team of professionals in place at the stations to continue creating great radio for our listeners and advertisers in Peoria. As we integrate these stations into our portfolio, we remain committed to our strategy of buying strong station clusters in vibrant small and mid-sized markets and growing those properties through a focus on quality operations at all levels."

Mike Wild, Vice President and Market Manager, said: "I am proud to continue working with our incredible team to serve our listeners and advertisers with outstanding radio programming and value-driven marketing solutions. This powerhouse group of radio stations includes Peoria's #1 and #2-ranked stations, WSWT-FM and WPBG-FM, respectively. We are thrilled to become a part of the Triad Broadcasting team, and I look forward to maximizing our collective strengths and building upon our enormous success 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. Triad Broadcasting currently owns and/or operates a total of 43 radio stations in seven high-growth markets, including: five radio stations in Fargo, ND; four radio stations in Tallahassee, FL; six radio stations in Biloxi, MS; five radio stations in Lincoln and Beatrice, NE; seven radio stations in Rapid City, SD; nine stations in Bluefield, WV, and seven stations in the Hilton Head, SC-Savannah, GA, market.