Interep Clarifies Position on Oaktree Capital Management Offer

Interep Clarifies Position on Oaktree Capital Management Offer

NEW YORK, April 25 /PRNewswire-FirstCall/ -- Interep National Radio Sales, Inc. (IREP.PK), today addressed the withdrawal of an offer by Oaktree Capital Management to acquire the company.

Interep is aware of public statements by Oaktree Capital Management that it has withdrawn its offer to acquire Interep. That is Oaktree Capital Management's prerogative.

Interep's Board of Directors has been seriously considering Oaktree Capital Management's offer as well as other alternatives. The company believes that Oaktree Capital Management's offer did not reflect the company's true value and is aggressively evaluating all scenarios that would maximize shareholder value. This, coupled with recent favorable company developments and our mandate to keep the best interests of our shareholders, clients and employees top priority, supports our decision to resist being pressured by an arbitrary timetable.

It is understandable why Oaktree Capital Management demanded an immediate agreement -- to acquire the company at a discount. In the months since signing the non-binding letter of intent, there have been a number of favorable business developments at the company, which Interep believe increases the valuation of the company and strengthen its financial position. As one example, Interep expects to realize shortly $8 million in cash from the sale of its investment in Burst Media and the company will look at its alternatives for use of the money, including paying down the bonds.

Interep is exerting great care and diligence to ensure this value is reflected as the company considers strategic alternatives. Management and the Board of Directors remain willing to explore all options -- including a deal with Oaktree Capital Management or other prospective financial partners -- as we maintain our focus on achieving improved performance through stronger operations and excellent client service.

Interep (IREP.PK) is the nation's largest independent advertising sales and marketing company specializing in radio, the Internet, television and complementary media, with offices in 17 cities. Interep is the parent company to the following radio representation firms: ABC Radio Sales, D&R Radio, CBS Radio Sales, McGavren Guild Radio, SBS/Interep and Susquehanna Radio Sales. Interep is also parent to Azteca America Spot Television Sales and Interep Interactive, including Winstar Interactive, the place for Internet brands. Interep divisions benefiting our clients and customers include our "unwired" Network Division; Interep Innovations, our business development division, including the Interep Marketing Group (IMG) and Promotion Marketing; The Event Shop; and Morrison and Abraham, a sales consulting firm. For more information, visit the company's website at http://www.interep.com/.

Contact: Michele Skettino, Interep or Ed Trissel, Vistance Group
Phone: 212-916-0536 212-935-2071
Email: michele_skettino@interep.cometrissel@vistancegroup.com

Source: Interep National Radio Sales, Inc.

CONTACT: Michele Skettino, Interep, +1-212-916-0536,
michele_skettino@interep.com; or Ed Trissel, Vistance Group, +1-212-935-2071,
etrissel@vistancegroup.com

Web site: http://www.interep.com/

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