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Nassau announces acquisition of Cape Cod radio stations
Expands Its Holdings in New England
Princeton, NJ (November 9, 2005) – Nassau Broadcasting Partners, L.P. ("Nassau") announced today it has completed its acquisition of three FM radio stations licensed to communities on Cape Cod, Massachusetts in a transaction with The Cape Cod Radio Stations Trust (the "Trust") and Qantum Communications Corporation ("Qantum").
The stations acquired by Nassau are WPXC-FM, a Class "A" facility at 102.9 MHz on the dial licensed to Hyannis; WTWV-FM, a Class "A" facility at 101.1 MHz licensed to Mashpee; and WDVT-FM, a Class "A" facility at 93.5 MHz licensed to Harwich Port.
The Trust was created as part of Qantum's acquisition of four radio stations from Boch Broadcasting in July 2005 in order to independently operate the subject radio stations pending a sale to a third party to comply with The Federal Communications Commission's ownership regulations. Qantum, based in Stamford, Connecticut, is led by industry veteran Frank Osborn and owns 31 radio stations in the U.S.
"Cape Cod is a wonderful place to be a radio broadcaster," said Lou Mercatanti, Nassau's Chairman and President. "We look forward to producing great local radio for this vibrant community. We are very happy to be here and these new stations are great additions to our now substantial New England platform." Nassau's new stations will be led by recently hired industry veteran Jake Demmin.
Nassau paid $10 million cash for the stations. Glenn Serafin of Serafin Bros., Inc., a Tampa, Florida-based media brokerage and financial services company, advised Nassau in the transaction. The Trust and Qantum were represented by Doug Ferber of Star Media Group, a Texas brokerage firm.
About Nassau Broadcasting Partners, L.P.
A privately held firm in Princeton NJ, Nassau Broadcasting Partners, L.P. owns, operates or has agreements to acquire 52 radio stations in New Jersey, Pennsylvania, Maryland, Vermont, New Hampshire and Maine. Pro forma for pending transactions, Nassau is the 28th largest broadcaster in terms of revenues and the 15th largest broadcaster in terms of the number of radio stations in the United States. The Company's web site is
www.nassaubroadcasting.com
Contact:
Nassau Broadcasting Partners, L.P.
Tristram E. Collins
609-452-9696
