FOR IMMEDIATE RELEASE
March 31, 2004
The Carter Broadcast Group, Inc. (_Carter_) announces a definitive agreement to acquire a substantial interest in KSJM-FM in Wichita, Kansas from The Sherman Broadcast Group, Inc.
Michael L. Carter, Chairman and Chief Executive Officer, stated, _The attractiveness of the opportunity is our partnership with Don and Denise Sherman, another African American family whom we are honored to join with and share ownership of the fine franchise they have built in Wichita._ The new partnership/company is named the Carter Sherman Broadcast Group.
Commerce Bank will provide the financing for this acquisition. _We listened to Carter_s short and long term goals and helped solve their capital needs for this transaction and for future growth needs. Commerce Bank is pleased to begin a relationship with one of Kansas City_s leading locally owned Media properties_ said Jay Reardon, Vice Chairman of Commerce Bank.
America_s oldest continually African American owned and operated radio broadcaster routinely leads the Kansas City market. Carter Broadcast Group, Inc. currently operates a proven community-based operation with three licenses (1 FM, 2 AM) in the nation_s 29th largest radio market. Its flagship license, KPRS-FM, is the leading station in Kansas City.
Pending FCC approval, the transaction is anticipated to close in the 2nd quarter of 2004. Carter was advised by Barker Capital, LLC, a media specialist investment bank. George R. Reed of Media Services Group, Inc. represented Sherman in the transaction.
Pending FCC Approval