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Press Releases

Nassau Broadcasting Expands Into New England

12/8/2003

Princeton, NJ -- Nassau Broadcasting Holdings, Inc. (“Nassau”) has entered into definitive asset purchase agreement to acquire six FM radio stations in coastal Maine from Mariner Broadcasting L.P. (“Mariner”).

The transaction is subject to the consent of the Federal Communications Commission (“FCC”). Specific terms were not disclosed.

The radio stations are WYBA licensed to Islesboro (Camden); WBQI licensed to Bar Harbor (Bangor); WQEZ licensed to Kennebunkport; WBQQ licensed to Kennebunk; WBQW licensed to Scarborough (Portland); and WBQW licensed to Thomaston (Rockland). All together, the stations serve a population of more than 600,000 on the coast of Maine from the New Hampshire state line to the Canadian border.

The transaction is expected to close routinely in the first quarter of 2004.

Nassau, a privately held firm based in Princeton, New Jersey led by chairman Louis F. Mercatani, Jr., is a leading radio broadcasting company that acquires, owns and operates radio stations primarily in the mid-sized affluent suburban markets of the northeaster United States. Post-closing, Nassau will own and/or operate 21 radio stations in suburban New York, Philadelphia, eastern Pennsylvania and Maine, including WOJZ-FM (formerly WEMG-FM) licensed to Egg Harbor City NJ, which Nassau is in the process of acquiring from Mega Communications.

“We are happy to be adding six quality FM radio stations to the Nassau Broadcasting family,” said Mr. Mercatani. “Mariner has done a great job building this cluster and operating the stations. We will continue their good work and provide the staff and management in Maine with all of the great resources Nassau has to offer.”

Excluding the stations to be acquired, Nassau radio stations have in excess of 1.2 million listeners weekly.

Mariner Broadcasting is led by President Louis Vitali, and together with Chairman Alexander M. Tanger and Vice-President, Howard (Woody) P. Tanger, are the principal owners of the stations.

Doug Ferber of Star Media Group Inc. represented Mariner Broadcasting as broker in the transaction.