NextMedia Announces Agreement to Sell Eight Radio Stations to Wilks Broadcast Group

NextMedia Announces Agreement to Sell Eight Radio Stations to Wilks Broadcast Group

DENVER, May 31 /PRNewswire/ -- NextMedia Group, Inc. ("NextMedia") announced today that its subsidiaries, NextMedia Operating, Inc. and NextMedia Licensing LLC, have signed a definitive agreement to sell four radio stations in Reno, Nevada and four radio stations in Lubbock, Texas to Wilks Broadcast Group LLC ("Wilks") for $34.0 million in cash. The transaction is expected to close in the fourth quarter of 2005, pending FCC approval.

The Lubbock stations included in today's sale agreement are KMMX-FM 100.3, KLLL-FM 96.3, KONE-FM 101.1 and KBTE-FM 104.9. The Reno stations included in today's sale agreement are KJZS-FM 92.1, KRZQ FM 100.9, KURK-FM 92.9 and KTHX FM 100.1.

Steven Dinetz, President and CEO of NextMedia, commented, "Today's transaction is in-line with our strategic plan to monetize non-core assets within our portfolio, allowing us to strengthen our balance sheet and apply greater focus to our core out-of-home media clusters."

Jeff Wilks, President and CEO of Wilks said, "We are very pleased to be acquiring these radio stations in strong and dynamic markets. We are looking forward to working with the talented people at these stations as we continue to grow the business."

Michael Bergner of Bergner & Company served as the exclusive broker for this transaction.

About NextMedia

NextMedia Group, Inc. is a diversified out-of-home media company headquartered in Denver, Colorado. After giving effect to pending divestitures, NextMedia, through its subsidiaries and affiliates owns and operates 57 stations in 14 markets throughout the United States, and more than 5,600 bulletin and poster displays. Additionally, NextMedia owns advertising displays in more than 5,300 retail locations across the United States. Investors in NextMedia's ultimate parent company include Thomas Weisel Capital Partners, Alta Communications, Weston Presidio Capital and Goldman Sachs Capital Partners, as well as senior management. NextMedia was founded by veteran media executives Carl E. Hirsch, Executive Chairman, and Steven Dinetz, President and CEO.

About Wilks

Wilks Broadcast Group LLC is an affiliate of The Wicks Group of Companies, L.L.C. (http://www.wicksgroup.com/), a New York-based private equity firm that invests in selected segments of the communications, information and media industries.

Source: NextMedia Group, Inc.

CONTACT: Todd St.Onge, stonge@braincomm.com, or Kim Holt,
holt@braincomm.com, both of Brainerd Communicators, Inc., +1-212-986-6667, for
NextMedia Group, Inc.; or Jeff Wilks, +1-404-909-0660,
jwilks@wilksbroadcasting.com, or Jamie Weston, +1-212-838-2100,
jweston@wicksgroup.com, both of Wilks Broadcast Group

Web site: http://www.nextmediaradio.com/
http://www.wicksgroup.com/

-------
Profile: intent