The Shamrock Group, GE Investments to invest in Latin Communications Group; New equity to fuel additional LCG acquisitions of Hispanic market media properties.

NEW YORK--(BUSINESS WIRE)--Aug. 8, 1996--Completing a $50 million equity offering, Latin Communications Group Inc. (LCG), the owner of Spanish-language media properties in radio, television and print around the nation, announced today that The Shamrock Group and affiliates of GE Investments have made a $30 million equity commitment to LCG.

The new equity will enable LCG to expand its aggressive program of acquiring attractive Spanish-language media properties in prime US markets, said company President and Chief Executive Officer Peter W. Davidson.

The Shamrock Group's investment partners include Shamrock executives, the Roy E. Disney family and a subsidiary of the General Electric Pension Trust. The new investors will have representation on the LCG board and play an active role in guiding the company's future expansion, Davidson said.

"Shamrock and GE Investments are valued new partners in our ongoing strategy for growth and expansion in the vibrant Hispanic media market," Davidson said.

Stanley P. Gold, president and chief executive of Shamrock Capital Advisors, noted that Shamrock's investment heritage and business roots originated in the 1970s with the acquisition and development of a broad and diverse range of media properties. "We are delighted, therefore, to be a significant partner in an attractive enterprise dedicated to the advancement of a national media business focusing on the under-served, rapidly growing Hispanic market." Gold added, "We are especially pleased to be involved with Jim Harmon and his colleagues to help accelerate LCG's business objectives."

James A. Harmon, chairman of LCG said, "The Spanish-language media market, which continues to enjoy robust growth, is now entering an exciting period of consolidation of ownership. In this environment, The Shamrock Group and GE Investments, with their resources and experience, will add immeasurably to LCG's growth potential."

LCG is a multi-media company which targets the expanding Hispanic market through its holdings in television, radio, print, publishing and promotions. The company was founded in February 1995 with equity investment from a group of companies and individuals that includes: Time Warner Inc.; Massachusetts Mutual Life Insurance Company; MUI Media Ltd., a Malaysian-based holding company; and several executives of Schroder Wertheim & Co.

LCG's first acquisition was El Diario/La Prensa, the leading Spanish-language daily newspaper in New York City. LCG also acquired Spanish-language television stations WMDO-TV (Washington DC), WVEA-TV (Tampa), and WVEN-TV (Orlando). LCG's most recent investment was in the Spanish radio group EXCL Communications Inc. EXCL operates KLOK-AM and KBRG-FM (San Francisco/San Jose), KLOK-FM and KVRG-AM/FM (Salinas/Monterey), KMXA-AM and KJMN-FM (Denver), WMDO-AM (Washington DC), and, pending FCC approval, KRZY-AM and FM (Albuquerque). LCG also owns a full service advertising and promotions agency.

EXCL Chairman Christopher A. Marks said, "We welcome Shamrock and GE into an already impressive investment group. Investors of this magnitude and caliber emphasize the growing importance of Spanish media in the U.S."

Along with Davidson, Marks, and Harmon, the current directors of LCG include: Michael Fuchs, former chief executive officer of HBO, Inc. and Warner Music Group Inc; Carlos Ramirez, publisher of El Diario/La Prensa; Charles Uribe, president and chairman of Integral Construction and A.J. Contracting Inc; Kok Yin Khet, president of MUI Media; and Martin D. Payson, former vice president of Time Warner Inc. -0- Schroder Wertheim acted as financial advisers to LCG in the transaction.

CONTACT: LCG-Ned Steele Communications

Ned Steele/Lisa King, 212/251-0880

or

The Shamrock Group

Clifford A. Miller, 818/973-4297/801/649-7727