Cherry Creek Radio Completes Acquisition of KKXK-FM, KUBC-AM and KBNG-FM from Woodland Communications

PRESS RELEASE

October 12, 2004

Cherry Creek Radio, LLC, headed by Joe Schwartz, has completed its acquisition of the assets of radio stations KKXK-FM (94.1), KUBC-AM (580) and KBNG-FM (103.7), serving Montrose and Ridgway, CO from Woodland Communications, headed by Stephen Glasmann. The deal includes a separate transaction for the real estate with the Glasmann Family Partnership. The total price including real estate is $3.2 million.

Joe Schwartz, President and CEO of Cherry Creek Radio, said that, “The Western/Southwestern section of Colorado, including the cities of Montrose and Delta, are among the fastest growing communities in the state. Steve Glasmann and his family have done a tremendous job building this cluster into the market leader, and we can only hope that we can continue to build on their success.”

Jody McCoy was the exclusive broker and represented the buyer in this transaction.

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