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CBS-PR-061206125427.doc| Press Release |
source: NextMedia Group, Inc. |
NextMedia to Acquire Two San Jose Radio stations from Infinity Broadcasting
Monday July 18, 5:29 pm ET
- Acquisition gives NextMedia entry into the nation's 10th largest city
DENVER, July 18 /PRNewswire/ -- NextMedia Group, Inc. announced today it has signed a definitive agreement to acquire KEZR-FM and KBAY-FM, serving the San Jose, CA market from the Infinity Broadcasting unit of Viacom Inc. (NYSE: VIA - News and VIAB - News). Financial terms were not disclosed. The acquisition is expected to close in early 2006, pending FCC approval. NextMedia expects to begin operating the stations under a local marketing agreement on or before August 1, 2005, subject to regulatory approval.
Steven Dinetz, President and CEO of NextMedia, commented, "This is an ideal transaction that will enable us to enter our first top-ten metropolitan market. The capital of silicon Valley, San Jose is a rapidly growing city with exceptional demographics, including a population with the highest median household income in the nation. KEZR and KBAY are two well-established music stations serving the 18 to 54 year-old demographic, which are audiences that advertise's covet. The addition of these stations will significantly expand our growth outlook today and over the long-term. We look forward to working with the local team that Infinity has assembled to integrate these stations into our portfolio and further increase the value of these assets."
"This transaction is a welcome deal for both parties," said Joel Hollander, Chairman and Chief Executive Officer, Infinity. "NextMedia, a rapidly growing and well respected media company, expands their operations into California's third largest city, and Infinity is able to strengthen its operations in the San Francisco market with the pending acquisition of KEAR- FM. The employees at KEZR and KBAY have built a solid foundation on which to build for the future, and I thank them for their contributions and dedication."
About NextMedia
NextMedia Operating, Inc. is a diversified out-of-home media company headquartered in Denver, Colorado. NextMedia, through its subsidiaries and affiliates, owns and operates 66 stations in 16 markets throughout the United States and more than 6,200 bulletin and poster displays. Additionally, NextMedia owns advertising displays in more than 3,000 retail locations across the United States. Investors in NextMedia's ultimate parent entity, NextMedia Investors, LLC, include Tailwind Capital Partners, Alta Communications, Weston Presidio Capital and Goldman Sacs Capital Partnees, as well senior management. NextMedia was founded by veteran media executives Carl E. Hirsch, Executive Chairman, and Steven Dinetz, President and CEO.
About Infinity
Infinity's one of the largest major-market radio operatons in the United States, with stations covering the news, modern rock, oldies, country, FM talk, classic rock and urban formars, among others. A division of Viacom Inc (NYSE: VIA - News and VIA.B - News), Infinity operates 180 radio stations, the majority of which are in the nation's top 50 markets.
source: NextMedia Group, Inc.
MEDIA CONTACTS
Karen L. Mateo
Vice President, Communications
(212) 649 9639
Allison Mandara
Press Representative
(212) 649 9606
Karen L. Mateo
Vice President, Communications
(212) 649 9639
Allison Mandara
Press Representative
(212) 649 9606
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