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Nassau Broadcasting Closes on the Purchase of 12 Radio Stations

Nassau Broadcasting Closes on the Purchase of 12 Radio Stations in New Hampshire and Vermont and Completes an $80 million Senior Credit Facility with Goldman Sachs

 

10/4/2004

Princeton, NJ -- Nassau Broadcasting Partners, L.P. (“Nassau”), a leading radio group in the Northeast, announced today that it has closed on the purchase of 12 radio stations and executed agreements to operate three additional stations in New Hampshire and Vermont with Vox Radio Group. Additionally, Nassau completed an $80 million Senior Credit Facility with Goldman Sachs Credit Partners, L.P.

Nassau has acquired or executed operating agreements for the following stations of the Vox Radio Group: 102.3 WOTX-FM, 105.5 WJYY-FM and 93.3 WNHI-FM in the Manchester, NH market; 107.1 WORK-FM, 100.9 WWFY-FM and 1450 WSNO-AM in the Montpelier - Barre, VT market; 106.1 WHDQ-FM, 104.3 WWOD-FM, 96.3 WCFR-FM, 95.3 WSSH-FM, 107.1 WZSH-FM, 101.5 WEXP-FM, 100.7 WVAY-FM 910 WNHV-AM and 1230 WTSV-AM in the Lebanon-Rutland-White River Market.

“We are thrilled to continue our expansion into Northern New England. These new stations substantially enhance our New England regional network, which will enable us to deliver our diverse programming to listeners locally and provide regional access to three new Arbitron rated markets for our advertisers. We believe these markets have great potential for growth and we are excited about becoming an integral part of the communities our radio stations serve” said Louis F. Mercatanti, Jr., President and Chief Executive Officer of Nassau. “In addition we are extremely pleased to close our new $80 million credit facility with Goldman Sachs Credit Partners. This facility will provide Nassau with the resources to enhance our local stations’ broadcast capabilities and provide our management teams with the tools necessary to grow our business.”

Nassau also announced the appointments of two key management positions for their New Hampshire and Vermont regional clusters: Ira Rosenblatt, Vice President, New Hampshire Regional Manager and Robert Frisch, Vice President, Vermont Regional Manager.

Nassau Broadcasting Partners, L.P., a privately held firm, owns and/or operates 47 radio stations and has under contract or agreement to purchase an additional three stations.

Pro forma for pending transactions, Nassau is the 27th largest broadcaster in terms of revenue and 15th largest in terms of number of stations in the U.S. The Company’s website is www.nassaubroadcasting.com.