Border Media Partners Announces $85 Million in New Equity Capital Committed by Investor Group Led by Vestar Capital Partners.

HOUSTON -- Hispanic Radio Company Finances Growth by Raising Equity Capital of More Than $115 Million Since Its Founding More Than Two Years Ago

Border Media Partners LLC announced today that it has secured an $85 million capital commitment from an investor group led by Vestar Capital Partners, and including the company's existing shareholders, topping off equity fundraising since the company's founding two years ago of more than $115 million. After closing acquisitions announced to date, BMP will become the largest privately held Hispanic radio company in the United States by number of stations.

With its new investment in BMP, Vestar joins existing shareholders including Goldman Sachs Urban Investment Group, Darby-BBVA Latin America Private Equity Fund LP, RGG Capital Partners, the Tony Sanchez family of Laredo, the Danny Villanueva family of Los Angeles, D.B. Zwirn & Co., President, CEO and Co-founder Thomas H. Castro and the company's management team.

BMP is one of Hispanic radio's most active consolidators, and last week announced the acquisition of eight stations from Amigo Broadcasting. The new equity capital will help fund the Amigo acquisition, valued at approximately $70 million. BMP's portfolio now totals 29 stations, up from just six in January 2004, in Dallas, San Antonio, Austin, McAllen/Brownsville, Laredo and Waco. Operating in three of the top 10 Hispanic markets and five of the top 20, BMP's stations will serve one in every five Hispanics in the United States, or 7 million people.

"Vestar, its partners and its culture are a great fit for our company," Castro explained. "In Vestar we're getting a partner who not only understands the radio business and the Hispanic market, but who also has the capital to support BMP's long-term growth strategy. The Vestar investment and Amigo transaction are transformational events, which provide BMP with tremendous growth potential."

Vestar manages approximately $4 billion in equity capital, is an experienced radio industry investor, and one of its current portfolio companies serves a significant number of Hispanic consumers. Its first radio industry investment was in Pyramid Communications Inc., which the private equity firm successfully sold in 1996. The firm currently has a substantial investment in Valor Telecommunications, the seventh-largest independent local telephone company in the country, which serves several Hispanic markets in rural Texas and New Mexico.

"We are excited about our new partnership with Tom Castro and his management team. Tom has built an incredible team and company in a very short period of time." explained Vestar Managing Director Todd Khoury. "Our firm is proud to join with the company's current shareholders in financing BMP's continuing expansion. While our initial capital commitment is more modest than Vestar's typical investment size, our expectation is that we'll have the opportunity to invest additional capital in BMP as the company continues to grow by acquisition."

As part of the transaction, the New York- based private equity firm will be represented on BMP's nine-member board of directors by Kenny O'Keefe, a prominent radio industry executive who has served as President and Chief Operating Officer of Clear Channel Communications Inc.'s radio division, Executive Vice President with Viacom Inc.'s Infinity Broadcasting Corp., and Executive Vice President and Chief Financial Officer of Pyramid Communications Inc.

"Hispanic radio represents the most attractive growth format in the radio industry today. With the closing of the new acquisitions, BMP will have assembled strategic station clusters in some of the country's fastest growing markets, providing Tom and his team with an outstanding opportunity to create value for the company's listeners, advertisers, employees and shareholders." O'Keefe said.

Vestar Managing Director Federico F. Pena added, "Having been born in Laredo and raised in Brownsville, I'm very familiar with BMP's core markets and communities. As has been widely cited, the Hispanic population is the largest and fastest growing ethnic group in the United States. Add to that the even faster growth in Hispanic consumer purchasing power and it's becoming increasingly clear to advertisers - both local and national - that there is real value in focusing on this attractive demographic segment."

Pena, who served as Secretary of Energy and Transportation in the Clinton Administration, as well as mayor of Denver, will also serve on BMP's board of directors.

BMP is one of a growing number of Hispanic-focused companies attracting interest from institutional investors.

"We believe that by attracting high-quality private equity partners like Vestar, Goldman Sachs and Darby, our company is on the leading edge of an exciting trend toward greater inflows of institutional investment in Hispanic owned and managed enterprises," noted Rafael G. Garza, president of RGG Capital Partners and BMP's chairman and co-founder.

About Border Media Partners

Border Media Partners LLC is a broadcasting company serving Hispanic listeners in selected high growth markets in the Southwestern United States. Founded by Thomas Castro and RGG Capital Partners LLC, Border Media and its affiliates currently own, have under long-term contract or have purchase agreements with 29 stations in Dallas, San Antonio, Austin, McAllen/Brownsville, Laredo and Waco. After closing acquisitions announced to date, BMP will become the largest privately held Hispanic radio company in the United States by number of stations.

About Vestar Capital Partners

Vestar Capital Partners is a leading investment firm specializing in growth capital investments, management buyouts and recapitalizations. Vestar's investment strategy is targeted towards middle-market companies in the U.S. and Europe with valuations in the $200 million to $2.5 billion range. Since the firm's founding in 1988, Vestar has completed over forty-five investments in companies with a total value exceeding $15 billion. These companies have varied in size and geography and span a broad range of industries. Vestar's investments, past and present, include Birds Eye Foods, Essent Healthcare, FL Selenia, Insight Communications, MCG Capital, Montpelier Re Insurance, Prestone Products, Pyramid Communications, Solo Cup, Sunrise Medical Inc. and Valor Telecommunications. Vestar currently manages funds totaling approximately $4 billion and has offices in New York City, Denver, Boston, Paris and Milan. More information about Vestar is available at http://www.vestarcapital.com.