Archway Broadcasting Group, LLC Completes First Three Acquisitions.Business Editors
ATLANTA, Ga.--(BUSINESS WIRE)--March 12, 2003
Transactions Made Possible by Broadcast Industry Created Ownership
Archway Broadcasting Group, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control announced that it has completed the asset acquisition of four radio stations from Eastern Carolina Broadcasting Company Noun 1. broadcasting company - a company that manages tv or radio stations
company - an institution created to conduct business; "he only invests in large well-established companies"; "he started the company in his garage" , Inc. for $6.5 million in cash. The four stations, WRHT-FM, WCBZ-FM, WNBR-FM, and WZBR-FM, serve the tri-city market of Greenville-New Bern-Jacksonville, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures
Area, 52,586 sq mi (136,198 sq km). Pop. , the 84th largest radio market in the U.S. according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Arbitron. On February 27, 2003, Archway completed the asset acquisition of two additional stations serving the Greenville, NC market. The two stations, WGPM-FM and WCZI-FM, were acquired from New East Communications Inc. for $3.0 million in cash.
Separately, Archway announced that it has completed the asset acquisition of two radio stations from Equity Broadcasting Corporation for $8.0 million in cash. The two radio stations, KLEC-FM and KHTE-FM, serve the market of Little Rock, Arkansas Little Rock, Arkansas
required military intervention to desegregate schools (1957–1958). [Am. Hist.: Van Doren, 556–557]
See : Bigotry , the 85th largest Arbitron radio market.
In addition to these three completed transactions, Archway is awaiting FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. approval to complete the acquisition of four radio stations in Columbus, Georgia, the 175th largest Arbitron radio market. Archway is also awaiting FCC approval on the acquisition of one additional radio station in Little Rock, AR. Upon consummation of all pending acquisitions, Archway will own thirteen radio stations in three southern markets. All of these transactions were made possible by Archway's lead equity sponsor, Quetzal/JPMorgan Partners. Quetzal/JPMorgan Partners, is a private equity fund created in 2000 by the broadcast industry and JPMorgan Partners to increase ownership diversity in the communications industry.
Archway's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President is Al Vicente, formerly Senior Vice President of Pamal Broadcasting. He commented, "These stations give Archway a solid base in each market. Combined with the acquisitions pending in each market, our company is well positioned to be a formidable competitor." Mr. Vicente is a veteran African-American broadcast executive who brings considerable execution and leadership experience to Archway. "I am proud of Archway's partnership with Quetzal quetzal (kĕtsäl`) or quezal (kāsäl`), common name for a magnificent bird of the family Trogonidae (trogon family), found in the rain forests from S Mexico to Costa Rica at altitudes of up to 9,000 . Quetzal has helped me achieve my career aspiration of broadcast ownership, " Vicente said.
"Al Vicente brings an ideal mix of operating experience and seasoned leadership to the Archway team and we are pleased to partner with him on this project," said Reg Hollinger, Managing Member of Quetzal/JPMorgan Partners. "Archway represents a solid addition to our list of promising investments in the media industry and we look forward to growing this company with him," Hollinger said.
"Archway is Quetzal's fourth portfolio company in the radio industry and we are extremely pleased with the substantial progress Al and his team have made in building Archway," said Lauren Tyler, Managing Member of Quetzal/JPMorgan Partners. "We believe that these first three acquisitions are only the beginning of what will develop as a strong and influential radio company," Tyler said.
About Archway Broadcasting Group
Archway was formed in July 2002 by private equity firm Quetzal/JPMorgan Partners, LLC to acquire radio stations throughout the southern United States The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive region in the southeastern and south-central United States. . Headquartered in Atlanta, GA, Archway seeks to aggregate radio stations in markets where it can quickly attain a strong competitive position. Archway's operating strategy is based on turning around under-performing stations and improving cash flow over time. Including all completed and pending acquisitions in this initial start-up phase, Archway will own and operate thirteen stations across the three markets of Greenville, NC, Columbus, GA and Little Rock, AR.
About Quetzal/JPMorgan Partners
Quetzal/JPMorgan Partners, LP is a $170 million private equity fund focused exclusively on investing in ethnic and women-owned, controlled, or managed communications companies. The fund is the product of an innovative initiative spearheaded by 15 world-class media companies in 2000. Quetzal/JPMorgan Partners is a strategic affiliate of JPMorgan Partners, a global private equity fund with over $24 billion under management. Other current portfolio companies of Quetzal/JPMorgan Partners include Inner City Media Corporation, Radio One, Inc. and ChitChat Media Corporation.
The limited partners of Quetzal/JPMorgan Partners, LP include: JPMorgan Partners, the private equity unit of JPMorgan Chase & Co., as well as Viacom, Inc./CBS Corporation/ Infinity Broadcasting Corporation, Clear Channel Communications Not to be confused with clear channel radio stations, which are AM radio stations with certain technical parameters.
Clear Channel Communications (NYSE: CCU) is a media conglomerate company based in the United States. , Fox Television Stations The Fox Television Stations (FTS) are a group of television stations located throughout the United States which are owned-and-operated by the Fox Broadcasting Company. FTS also produces the Fox program COPS. , Inc./News Corporation Limited, ABC/The Walt Disney Company, Belo Ventures, Inc., Cox Enterprises, Inc., Tribune Broadcasting, Bonneville International Corporation, Cumulus Media, Inc., Emmis Communications Corporation, Entercom Communications Corporation, Radio One, Inc., Susquehanna Radio Corporation The Susquehanna Radio Corporation was a media corporation which operated from 1941 to 2005 that was headquartered in York, Pennsylvania. The company was a unit of Susquehanna Pfaltzgraff, a conglomerate more widely known for the Pfaltzgraff kitchenware line than its broadcasting and Granite Broadcasting Corporation Granite Broadcasting Corporation is an African-American-owned broadcasting holding company which owns or operates (via local marketing agreements) 14 television stations in the United States, largely centered in the midwest with a cluster in New York state. .