Broadcasting Partners Holdings, L.P. Names Alfred J. Russo, Controller and Vice President Finance.

NEW YORK--(BUSINESS WIRE)--September 10, 1997--Alfred J. Russo, a twenty-three year radio and television broadcasting industry veteran, has been named Controller and Vice President Finance of Broadcasting Partners Holdings, L.P., which was formed in January 1997 for the purpose of investing in radio stations and groups, and is backed by VS&A Communications Partners II, L.P.

The 46 year-old Russo, becomes controller of Broadcasting Partners Holdings, L.P. after serving as Controller of Greater Media Inc.'s Radio Division. Russo has been involved in radio and television broadcasting transactions of over $1 billion in aggregate value, including RKO and Greater Media station acquisitions and divestitures with responsibility for conducting due diligence, acquisition analysis and financial management.

Russo's primary focus will be working with Broadcasting Partners Holdings, L.P.'s portfolio radio station groups. He is part of a team which includes Broadcasting Partners, L.P. Chairman and Chief Executive Officer Lee Simonson and Chief Financial Officer Philip R. Thune, and Veronis, Suhler & Associates Director for Radio Broadcasting, Christine L. Balcius, and Advisor Managing Director Marvin L. Shapiro. "I have known Al for 17 years. He is a consumate professional and a terrific addition to the BP team," said Simonson. Russo added, "I am excited to be associated with Lee Simonson and Broadcasting Partners Holdings, L.P I look forward to working with Lee and Phillip in significantly expanding the size and value of Broadcasting Partners Holdings, L.P."

Russo began his radio broadcasting career at RKO General in 1974, where he rose from staff accountant to Broadcasting Division Controller in 1995. He also served as Chief Financial Officer at Northern New Jersey Radio Inc., a radio holding company from 1991 to 1993, prior to joining Greater Media Inc. in 1994.

Philip R. Thune, CFO, Broadcasting Partners Holdings, L.P., said, "With five Broadcasting Partners platform companies now operating 28 radio stations in nine markets, we expect Al to play an instrumental role in our plans to continue to grow Broadcasting Partners Holdings, L.P. Al's acquisition experience will be a major asset as we try to find new properties."

Broadcasting Partners seeks radio stations and groups that can achieve growth through intensive development of local marketing and through strategic acquisitions. BPHLP 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 Holdings, L.P. was formed in January 1997 with the acquisition of a significant interest in Spring Broadcasting, LLC and with the completion of its investment in Pilot Communications, LLC. Broadcasting Partners has added three new platform companies, signing definitive agreements to acquire controlling interests in Mercury Radio Communications, LLC in June 1997, Sound Broadcasting, LLC in July 1997 and Gleiser Communications, L.P. in September 1997. VS&A Communications Partners II is a $330 million private equity fund affiliated with the New York media and communications investment bank Veronis, Suhler & Associates.

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 industries. VS&A Communications Partners II, 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.

Russo received his undergraduate degree in accounting from Hunter College, New York; he holds an MBA in finance from Fordham University in New York.

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: [phone], or Christine Balcius, Director, Veronis, Suhler & Associates, Tel: [phone].

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: [phone].

CONTACT: Allan Ripp Public Relations 

Allan Ripp

212/721-7468

or

Grant Draper

212/756-0490