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Arlington Capital Partners Announces Sale of Two TV Stations to Granite Broadcasting Corporation and Malara Broadcast Group by Portfolio Company New Vision Group
New Vision Group to Sell WISE-TV and KDLH-TV for $55 Million
WASHINGTON, DC, April 23, 2004 -- Arlington Capital Partners, a Washington, DC based private equity firm, announced the signing of definitive agreements by its portfolio company New Vision Group to sell TV station WISE to Granite Broadcasting Corporation and TV station KDLH to Malara Broadcast Group for a total of $55 million. WISE is the NBC affiliate serving Fort Wayne, Indiana, and KDLH is the CBS affiliate serving Duluth, Minnesota.
"The sale of these two stations represented an attractive opportunity for our company to realize on our investments in WISE and KDLH, and to provide Granite Broadcasting and Malara Broadcast Group the opportunity to build on the operating success of the stations," said Perry Steiner, Managing Director of Arlington Capital Partners.
"This is a positive development for the Fort Wayne and Duluth communities," said Jason Elkin, Chairman and CEO of New Vision Television. "New Vision believes that it has made marked improvements in the workplace at these stations, and that Granite Broadcasting and Malara Broadcast Group will continue to enhance the operations. We are confident that these companies will continue to build and improve the properties to the benefit of the viewers and advertisers served by the stations."
"During our ownership, New Vision management increased cash flow by over 50% through enhanced revenue generation and increased viewership while maintaining a strong commitment to serving the local community,"said Matt Altman, Vice President of Arlington Capital.
"We remain committed to building a middle market television station group with New Vision, as well as investing in media properties more broadly," said Perry Steiner. In addition to building New Vision, Arlington Capital Partners established Cherry Creek Radio earlier this year to acquire small market radio stations in the western U.S. "We have identified a number of media and other advertising based businesses as attractive areas for private equity investment and consolidation strategies."
The transactions are expected to close in late 2004, pending FCC approval.
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 the 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
Contact: Perry Steiner and Matt Altman
Arlington Capital Partners
600 New Hampshire Ave., NW
Suite 660
Washington, DC 20037
(202) 337-7500
(202) 337-7525 (fax)
John Heinen
New Vision Group
3500 Lenox Road
Suite 640
Atlanta, GA 30326
(404) 995-4711
(404) 995-4712
jheinen@newvisiontv.com |
