August 29, 2005
Main Line Broadcasting, LLC, headed by Dan Savadove, has agreed to purchase the assets of MainQuad Communications, Inc. and Richmond Broadcasting, Inc., WJZV, WARV, WCUL and WBBT, all FM stations serving Richmond, VA, for $25,000,000.*
Dan Savadove said _The acquisition of the Richmond stations serves as a keystone acquisition in the establishment of Main Line Broadcasting and we look forward to serving the listeners and advertisers in the Richmond market. Main Line is poised to continue to grow and we anticipate adding additional markets this year._ Arbitron ranks Richmond as America_s 56th largest radio market and 47th in terms of radio revenue.
Main Line Broadcasting closed on its first acquisition of five radio stations in the Hagerstown, MD/Chambersburg, PA market on August 1; this latest acquisition puts Main Line in two markets with nine radio stations.
Dan Berman, President of the MainQuad Group, stated that he was _pleased to pass the keys to MainQuad_s Richmond operations to a broadcaster as experienced and well respected in the industry as Dan Savadove._
Eddie Esserman and George R. Reed of Media Services Group exclusively represented the Seller in this transaction.
For more information:
George R. Reed
* Pending FCC Approval