Cherry Creek Radio Acquires Holter Broadcasting Stations in Helena, MT


April 12, 2004

Cherry Creek Radio Announces the Purchase of the Holter Broadcasting Stations in Helena, Montana

Cherry Creek Radio LLC, a Denver based radio company that owns and operates 24 radio stations in 9 markets, announced today the purchase of the Holter Broadcasting Corp. stations KBLL-AM/FM in Helena, Montana for $2.8 million.* Among its holdings in Montana, Cherry Creek currently owns 3 stations in Helena; KCAP-AM, KHKR-FM and KZMT-FM, and 4 stations in Great Falls, KMON-AM/FM, KVVR-FM and KLFM-FM.

_Helena is a wonderfully vibrant growth market and I_m pleased that we are able to add these great stations to our cluster,_ said Joe Schwartz, President and CEO of Cherry Creek Radio. _The Bill Holter family is a radio legend in Montana, and has owned and operated stations in the state for many years. (Bill Holter was inducted in 2002 into the Montana Broadcaster_s Hall of Fame) Jan Holter Lambert currently serves as president of Holter Broadcasting. We will work diligently to maintain the high quality of their operation for years to come. We_re also fortunate that our Montana Market Managers are native Montanans as well as the Executive Vice President of Cherry Creek, Dan Gittings, who has owned and operated many stations in Montana over the past 22 years._

Greg Merrill served as the exclusive broker in this transaction.

* Pending FCC Approval