Chris A. Davis Joins Forstmann Little.

NEW YORK -- Forstmann Little & Co. announced today that Chris A. Davis has joined the firm to work with Senior Partner Theodore J. Forstmann on the three companies it controls: IMG Worldwide, the world's premier sports and lifestyle management and marketing firm; Citadel Broadcasting, a leading radio broadcaster in mid-sized markets; and 24 Hour Fitness Worldwide, Inc., the world's largest fitness center company.

Theodore Forstmann said, "Chris Davis played a critically important role in the Gulfstream turnaround, and she has worked very closely with me over the last 12 years in a wide variety of situations. She is an outstanding executive with deep operating and financial experience. As I have previously said, Forstmann Little will not raise a new fund. My entire focus now is on capitalizing on the substantial growth potential of our existing investments to generate profits for our limited partners. Chris is uniquely qualified to contribute to the success of these companies, and I look forward to working closely with her."

"It is a great honor to join Forstmann Little, and I am looking forward to working with Ted and the firm," said Davis. "IMG, 24 Hour Fitness and Citadel are all excellent businesses that are performing well and have outstanding potential for further growth. My goal is to contribute to even greater success for these companies."

Davis spent 17 years in increasingly senior financial management positions at General Electric before joining Gulfstream Aerospace in 1993. She was Executive Vice President, Chief Financial and Administrative Officer and a Director at Gulfstream from 1993 to 2000, where she played a key role in its historic turnaround. After Gulfstream was sold for nearly $6 billion, Davis became Executive Vice President, Chief Financial and Administrative Officer of ONI Systems, an optical networking equipment company, and most recently was Chairman and Chief Executive Officer of McLeodUSA, a Midwest telecommunications provider. She holds an M.A. degree in finance and statistics and a B.S./B.A. degree in finance from the University of Florida.

Forstmann Little also announced today that general partner Thomas H. Lister has resigned to pursue opportunities in private equity investing.

Forstmann commented, "Tom Lister joined Forstmann Little while still in his 20's and became a close friend of mine and my late brother Nicky. Tom has made substantial contributions to the firm's success over the past 13 years. I totally understand Tom's desire at his age to join another firm where he can continue to look for investments. Any firm would be lucky to have him, and I wish him all the best in the next stage of his career."

Since 1978, Forstmann Little has made 30 acquisitions and significant equity investments, returning billions of dollars to its investors. The firm's best-known investments include Gulfstream Aerospace, General Instrument, Ziff-Davis Publishing, Dr. Pepper, and Community Health Systems. The firm currently holds controlling ownership interests in IMG Worldwide, the world's premier sports and lifestyle management and marketing firm; Citadel Broadcasting (NYSE: CDL), a leading radio broadcaster in mid-sized markets; and 24 Hour Fitness Worldwide, Inc., the world's largest fitness center company. The firm currently has approximately $400 million in committed capital for future investments.