FOR IMMEDIATE RELEASE
3 PM EDT, September 19, 2001
CHARLOTTE, NC; McClatchey Broadcasting Company (_McClatchey_), formed to acquire small and mid market radio stations in the Southeast, today announced it has signed a definitive agreement whereby McClatchey will purchase the assets of radio stations WKVS (103.3 FM) from Foothills Broadcasting, WJRI (1340 AM) from Donnie Goodale, and WKGX (1080 AM) from Rooster Bush.* These acquisitions are not expected to close until January 2002.
These acquisitions mark McClatchey_s first purchases, and its entry into the Lenoir market. _I am very excited about these stations. I am a strong believer in the power of local radio, and these stations will provide us with a strong platform from which we hope to become an integral part of the Lenoir community and its surrounding areas,_ commented Mr. McClatchey. _When we search for stations to acquire, we look for market leadership, strong growth potential, and terrific employees. These stations match this criteria and align perfectly with our investment strategy. I am looking forward to serving the community in any way I can._
George R. Reed represented seller WKVS in the transaction. WJRI and WKGX were represented by their respective owners.
* Pending FCC Approval