Broadcasting Partners Holdings, L.P. Announces the $3.55 Million Acquisition of Four Radio Stations in Tyler-Longview, Texas.NEW YORK--(BUSINESS WIRE)--Sept. 10, 1997--Broadcasting Partners Holdings, L.P., formed for the purpose of investing in radio stations and groups, and backed by VS&A Communications Partners II, L.P., has announced that it has formed Gleiser Communications, L.P. to acquire four radio stations in Tyler-Longview, Texas (Arbitron Market No. 144) for $3,550,000 from two owners. Broadcasting Partners Holdings, L.P., was formed in January 1997 with the acquisition of a significant interest in Spring Broadcasting, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and with the completion of its investment in Pilot Communications, LLC. Broadcasting Partners has added two new platform companies, signing definitive agreements to acquire controlling interests in Mercury Radio Communications, LLC in June 1997, and Sound Broadcasting, LLC in July 1997. VS&A Communications Partners II is a $330 million private equity fund affiliated with the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of media and communications investment bank Veronis, Suhler & Associates. Gleiser Communications, L.P. is led by President Paul Gleiser, a veteran broadcaster with over 20 years of experience in programming, sales, and management. Gleiser developed the opportunity for Broadcasting Partners to combine KDOK-FM (Soft Oldies Oldies is a generic term commonly used to describe a radio format that usually concentrates on Top 40 music from the '50s, '60s and '70s. Oldies are typically from R&B, pop and rock music genres. ) and KTBB-AM (News/Talk/Sports) from Gleiser Communications Inc. with KEES-AM and KYZS-AM (simulcast News/Talk/Sports) from Williams Communications Inc. The Tyler-Longview, Texas station cluster will target Adults 35-64, a demographic segment which represents 44.3 percent of the market's population and constitutes the bulk of the market's wealth and disposable income disposable income Portion of an individual's income over which the recipient has complete discretion. To assess disposable income, it is necessary to determine total income, including not only wages and salaries, interest and dividend payments, and business profits, but also . Lee S. Simonson Lee S. Simonson was the General Manager of Rock/Pop radio station 98.7 WXLO in New York in 1980. He oversaw the station's transformation to WRKS-FM (98.7 Kiss FM) in August of 1981 as an urban contemporary (hip hop) station. , Chairman and 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. of Broadcasting Partners, said, "Paul is a veteran Texas radio broadcaster who knows that territory very well. We are confident in Paul's ability to help Broadcasting Partners grow into other Texas and Southwestern markets." Paul Gleiser added, "I am delighted to be associated with Lee Simonson Lee Simonson (June 26, 1888, New York City - January 23, 1967, Yonkers) was an American painter, stage setting designer. He acted as a stage set designer for the Washington Square Players (1915 - 1917), when it became the "Guild Theater" in 1919, also he became a stage and Broadcasting Partners. This partnership gives the company both the financial resources and the experience to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the significant consolidation opportunities created by deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. in our industry." Christine Balcius, Director for Radio Broadcasting, Veronis, Suhler & Associates, said, "With five Broadcasting Partners platform companies operating 28 radio stations in nine markets, we are pleased with our progress and plan to continue our aggressive acquisition strategy. Broadcasting Partners offers additional equity capital that group owners can use to improve operating performance, finance strategic acquisitions, and provide partial or full liquidity for existing shareholders." Broadcasting Partners seeks radio stations and groups that can achieve growth through intensive development of local marketing and through strategic acquisitions. "Our announcement in June of an investment in four radio stations in Buffalo, New York and today's announcement demonstrate that market size isn't our principal focus," said Broadcasting Partners Chief Financial Officer Phillip R. Thune, "It is backing good operators who have consolidation opportunities." Since its closing in September 1995, VS&A Communications Partners II, L.P. has committed $195 million to investments in the radio broadcasting, cable television, business-to-business publishing, and business information services See Information Systems. industries. VS&A Communications Partners II, L.P. is prepared to commit additional equity capital for investment opportunities that meet Broadcasting Partners' objectives of acquiring and investing in radio stations and groups that represent the potential for strong internal and acquisition-driven growth. To learn more about Broadcasting Partners Holdings, L.P.'s investment criteria, contact Lee Simonson, Chairman and CEO, Broadcasting Partners Holdings, L.P., 350 Park Avenue, 20th Floor, New York, NY 10022, Tel: 212-756-0474, or Christine Balcius, Director, Veronis, Suhler & Associates, Tel: 212-935-4990. To learn more about VS&A Communications Partners II, L.P., contact: Jeffrey Stevenson, President and General Partner, 350 Park Avenue, New York, NY 10022, Tel: 212-935-4990. CONTACT: Allan Ripp Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Allan Ripp 212/721-7468 or Grant Draper 212/756-0490 |
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