Cherry Creek Radio Completes Acquisition of KSTV-AM, KSTV-FM & KYOX-FM from 377 Broadcasting Stations

September 3, 2004

Cherry Creek Radio has completed its acquisition of KSTV-AM, KSTV-FM and KYOX-FM from 377 Broadcasting Stations in Stephenville/ Comanche, Texas.

Cherry Creek Radio LLC is a Denver based radio company that owns and operates 25 radio stations.  The company already has stations in 9 different markets. KSTV-AM and KSTV-FM serve the Stephenville, Texas market and KYOX-FM is licensed to Comanche, Texas.  The purchase price is $3.8 million.

The buyer, Cherry Creek Radio, is headed by Joe Schwartz, President and CEO.  The seller, 377 Broadcasting, is headed by Robert _Boots_ Elliott and Bob Haschke.

_The KSTV and KYOX cluster of radio stations is a great addition to our station group_ said Joe Schwartz.  _Boots Elliott and Bob Haschke have done a tremendous job of operating a successful and very community oriented set of stations and we look forward to continuing that same high quality of service with Boots Elliott continuing his association with the stations after the acquisition_ added Schwartz. 

Bill Whitley of our Dallas office served as the exclusive broker for this transaction.