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.