Gr. Media Press release
Mon Jul 31 14:28:45 EDT 2006
>From the Greater Media corperate website:
July 31, 2006 For Immediate Release
Greater Media and Nassau Broadcasting to Exchange Stations
in Boston and Philadelphia Markets; Classical format to remain on Boston
Greater Media and Charles River Broadcasting Sign Definitive Agreement for
Boston, MA: Greater Media, Inc. and Nassau Broadcasting Partners, L.P.
announced today that they have signed an exchange agreement by which Greater
Media will acquire Nassau's 97.5 FM frequency licensed to Burlington, NJ,
and Nassau will acquire Greater Media's 99.5 FM frequency licensed to
Lowell, MA. Nassau will also receive cash and classical music assets
including the format of WCRB FM in Boston.
In a separate transaction, Greater Media and Charles River Broadcasting
Company have signed a definitive agreement for Greater Media to acquire
Boston's 102.5 WCRB-FM. All of the transactions are subject to approval by
the Federal Communications Commission (FCC).
Greater Media will incorporate 97.5 FM into its Philadelphia cluster, which
currently includes 93.3 WMMR-FM, 95.7 BEN FM, 102.9 WMGK-FM and Sports Talk
950/WPEN-AM. The call letters and format of the new station have not yet
been determined. In Boston, Greater Media plans to move its WKLB country
music format to the 102.5 frequency.
Nassau Broadcasting will incorporate 99.5 FM into its existing New England
holdings including its other Massachusetts radio stations "Pixy 103" WPXC-FM
in Hyannis and "Frank FM" WFQR/WFRQ-FM in Harwich Port/Mashpee. Nassau
plans to continue to broadcast the WCRB classical music format in Boston on
the 99.5 FM frequency with the heritage WCRB call letters. WCRB 99.5 FM
will also add to Nassau's existing classical music network of radio
stations, the WBACH network that broadcasts in coastal Maine.
"We worked very hard to identify a company that would protect the classical
music format in Boston," said Peter Smyth, Greater Media's President & CEO.
I am both happy and proud that classical music will continue to have a home
on the Boston airwaves. This is a great deal for all three companies, and
for Boston's radio listeners and advertisers."
"Nassau has spent the last three years building a network of 37 radio
stations in New England and we are extremely pleased to be able to add WCRB
in Boston on its new home at 99.5 FM to our growing family of stations,"
said Lou Mercatanti, Nassau's Chairman and President. WCRB has a heritage
of broadcasting one of the premiere classical radio formats in the US and we
welcome WCRB as the new flagship of our classical network of stations
throughout New England."
"We are delighted that Greater Media and Nassau Broadcasting have reached an
agreement under which Nassau will continue to broadcast classical music in
Boston," added Mary L. Marshall, Chairman of the Board, Charles River
Broadcasting. We wish both companies tremendous success and would like to
congratulate Peter Smyth and Lou Mercatanti for working together to achieve
a great result.".
Nassau's Mercatanti added, "This transaction is also bittersweet for us as
the 97.5 FM frequency was the first radio station that Nassau acquired in
1986 from local radio pioneer Herb Hobler. 97.5 FM was originally our
station WPST and in anticipation of the potential to move the 97.5 frequency
into Philadelphia, we migrated our heritage format of WPST to 94.5 FM in
early 2005. Having the ability to create a full market Philadelphia radio
station while preserving WPST in New Jersey represented a truly unique
opportunity for the Company. WPST on 94.5 FM, which now has a superior New
Jersey based signal, continues to lead the market both locally and
regionally. We congratulate both Charles River Broadcasting on their
heritage of success and Greater Media on the addition to their portfolio of
97.5 FM as a new radio station for the Philadelphia market."
Both transactions are expected to close in the Fall.
Greater Media, a family-owned company based in Braintree, Massachusetts, is
the ultimate parent company of 19 AM and FM radio stations in Boston,
Detroit, Philadelphia and New Jersey. The company, through its
subsidiaries, also owns a modern printing plant and a group of weekly
newspapers in central New Jersey, and several telecommunications towers
throughout the United States.
Nassau Broadcasting, a privately held firm in Princeton, New Jersey,
currently owns and/or operates 53 radio stations in New Jersey,
Pennsylvania, Maryland, Vermont, New Hampshire, Massachusetts and Maine. It
is the 15th largest broadcaster in the United States in terms of the number
of radio stations it owns. The Company's web site is
Charles River Broadcasting Company owns WCRB in Boston, WFCC and WKPE on
Cape Cod, WCRI and WCNX in Rhode Island, along with the World Classical
Network and various real estate holdings. WCRB has been broadcasting
classical music in Boston since 1950.
Greater Media, Inc.
Director of Corporate Communication
Nassau Broadcasting Partners, L.P.
Tristram E. Collins
Sr. Executive Vice President
Charles River Broadcasting Company
Mary L. Marshall
Chairman of the Board
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