Cherry Creek Radio
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Arlington Capital Partners Announces Acquisition of Four Radio Stations in Long Island, NY; Station Group is Market Leading Cluster in Hamptons-Riverhead
WASHINGTON, DC, February 4, 2005 -- Arlington Capital Partners, a Washington, DC-based private equity firm, today announced the acquisition of four radio stations in Long Island, NY. The stations represent the market leading cluster in Arbitron's newly designated Hamptons-Riverhead market.
“The acquisition of these four stations represents a unique opportunity to capitalize on the fastest growing segment of the coveted New York Metro,” said Perry Steiner, Managing Director at Arlington Capital Partners. “These stations represent the leading cluster in the Hamptons and Riverhead, and with a signal upgrade scheduled for the spring, the station group will expand its addressable market to include a broad geography of Suffolk County."
The radio stations being acquired are WEHM (92.7, Progressive Rock), WBEA (101.7 The Blaze, Hip-Hop), WBAZ (Lite on the Bays, Light AC), and WHBE (96.7, Bloomberg Radio). Based on a signal upgrade scheduled for the spring, WEHM and WBEA will soon be broadcasting in the major population centers of Suffolk County, serving cities such as Port Jefferson, Islip, Patchogue, and Brookhaven. The signal upgrade will allow the stations to continue to serve its current base in the Hamptons and Riverhead, in addition to expanding the listenership and advertiser base to greater Suffolk County. The population covered by the stations will increase approximately three fold with the upgrade.
“We have carefully crafted a cluster of radio stations designed to serve Suffolk listeners, with additional signal penetration bringing us into Port Jefferson, Islip, Patchogue and Brookhaven this spring. Our enhanced signal will enable us to expand our business base dramatically, and serve a broader community," said Peter Ottmar, Chairman of AAA SubLLC, a subsidiary of newly created Long Island Radio. Mr. Ottmar will continue with the company in his current capacity.
“The Hamptons-Riverhead market was recently created by Arbitron to recognize the growing population in Eastern Long Island. The demand for this lucrative listener base has increased dramatically since the arrival of the first Arbitron ratings book in the fourth quarter. Improving the coverage area provides advertisers the ability to cover markets west of Islip to the Hamptons with one effective media buy.” added Bonnie Gomes, VP/General Manager of the Long Island stations.
Long Island Radio, LLC was created to manage these assets. Long Island Radio, LLC will be operated as a wholly owned subsidiary of Cherry Creek Radio, which is a portfolio company of Arlington Capital Partners.
About Arlington Capital Partners:
Arlington Capital Partners (www.arlingtoncap.com) is a Washington, DC-based private equity fund with over $450 million of committed capital focused on middle market buyout investment opportunities in growth industries including business services and outsourcing, aerospace/defense, IT and engineering services, media, education and training, healthcare services, and specialized manufacturing and related industries. The firm's professionals have a unique combination of operating and private equity experience that enables Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company's position as leading competitors in their field.
SOURCE: Arlington Capital Partners
Contacts:
Perry Steiner or Matt Altman
Arlington Capital Partners
600 New Hampshire Avenue, NW
Suite 660
Washington, DC 20037
(202) 337-7500
(202) 337-7525 (fax)
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