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Wilks Broadcast Group to Acquire 8 Radio Stations From NextMedia Group, Inc.
Contacts:
Jeff Wilks
Chief Executive Officer
Wilks Broadcast Group, LLC
(404) 909-0660
Wilks Broadcast Group to Acquire 8 Radio Stations From NextMedia Group, Inc.
ATLANTA, May 27, 2005—Wilks Broadcast Group LLC, an affiliate of The Wicks Group of Companies, L.L.C., today announced that it has entered into an agreement with NextMedia Group, Inc. to acquire 4 radio stations in the Reno, NV market (DMA #98), and 4 radio stations in the Lubbock, TX market (DMA #181). The agreement is subject to customary conditions and regulatory approval.
Jeff Wilks, CEO of Wilks Broadcast Group said, "We are very pleased to be acquiring these radio stations in strong and dynamic markets. We are looking forward to working with the talented people at these stations as we continue to grow the business."
Steven Dinetz, President and CEO of NextMedia, commented, "Today's transaction is in-line with our strategic plan to monetize non-core assets within our portfolio, allowing us to strengthen our balance sheet and apply greater focus to our core out-of-home media clusters."
The stations included in the transaction are KJZS(FM), KRZQ(FM), KURK(FM) and KTHX(FM) in Reno, and KMMX(FM), KLLL(FM), KONE(FM) and KBTE(FM) in Lubbock.
Wilks Broadcast Group is an affiliate of The Wicks Group of Companies, L.L.C. (www.wicksgroup.com), a New York-based private equity firm that invests in communications, information and media businesses. |
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