FOR IMMEDIATE RELEASE
December 15, 2005
GREATER MEDIA TO ENTER INTO EXCLUSIVE NEGOTIATIONS TO ACQUIRE BOSTON RADIO STATION WCRB
FROM CHARLES RIVER BROADCASTING
Boston, Massachusetts: Greater Media, Inc. and Charles River Broadcasting Company today announced that they have agreed to enter into exclusive negotiations for Greater Media’s acquisition of Charles River’s WCRB, a Class B FM radio station broadcasting at 102.5 mHz in the Greater Boston area, with the goal of completing a definitive agreement by February 1, 2006. The transaction would be expected to close in the first half of 2006. The parties have agreed to keep their discussions confidential during the exclusivity period.
“This acquisition would give Greater Media’s Boston cluster a significant signal upgrade, which will be critical as we expand our investment in HD and multicasting,” said Peter Smyth, President and CEO of Boston-based Greater Media. “We are grateful for this opportunity.”
Mary Marshall, Chairman of the Board of Charles River Broadcasting, stated that “CRB is delighted at the prospect of entering into an agreement with Greater Media, a Boston-based company. We are confident that their respect for listeners, strong Boston ties and excellent management team would ensure a smooth and successful transition.”
Any acquisition will be subject to the execution of a definitive agreement, the receipt of FCC approval and the satisfaction of certain other conditions, including the disposition of one of Greater Media’s existing Boston frequencies in order to comply with FCC ownership limitations.
About Greater Media, Inc.
Greater Media, Inc. is the parent company of 19 AM and FM radio stations located in the Boston, Detroit, Philadelphia and New Jersey markets. It currently owns five stations in the Boston market, including WMJX (Adult Contemporary), WROR (Classic Hits), WBOS (Adult Album Alternative), WKLB (Country) and WTKK (FM Talk). In addition, the company owns a modern printing plant and a group of weekly newspapers in central New Jersey, as well as several telecommunications towers located throughout the United States.
About Charles River Broadcasting Company
Charles River Broadcasting Company owns WCRB in Boston, WFCC and WKPE on Cape Cod, WCRI and WCNX in Rhode Island, along with the World Classical Network and various real estate holdings. WCRB has been broadcasting classical music in Boston since 1950.
Greater Media, Inc.
Director of Corporate Communication
Charles River Broadcasting Company
Mary L. Marshall
Chairman of the Board
Media Services Group’s Tom McKinley and George Reed represent Charles River Broadcasting Company.