PRESS RELEASE
July 9, 2004

 

In a week shortened by the July 4th Holiday, Media Services Group is pleased to report that despite claims of a trading slowdown, business is booming.  This week the company participated in either the sale or closing of eight radio transactions totaling nearly $50 million.

The transactions include:

_ sale of a five station cluster in Wilmington, NC from Ocean Broadcasting and Sea-Comm, Inc. to NextMedia

_ sale of WUIN-FM in Wilmington from Ocean Broadcasting to Sea-Comm, Inc.

_ sale of WRMR-AM in Cleveland, OH from Cleveland Classical Radio to Salem Communications

_ sale of WJES-FM moving to Columbia, SC from Breckenridge Broadcasting to Double O Radio

_ sale of KKXK-FM, KUBC-AM and KBNG-FM serving Montrose, CO from Woodland Communication to Cherry Creek Radio

_ closing of WTIF-AM/FM, WJYF-FM in Tifton-Valdosta, GA from Tifton Broadcasting Corporation and Omega Broadcasting Corporation to Three Trees Communications
 
_ closing of KSJM-FM in Wichita, KA from the Sherman Broadcast Group to the Carter Sherman Broadcast Group

_ sale of KSTR-FM, serving Grand Junction, CO from Leggett Broadcasting to MBC Grand 

George Reed, the company_s Managing Director said, _While inventory is tight, and there is downward pressure on multiples, we continue to do deals.  Our clients and customers are still active._