Peak Broadcasting to Purchase Radio Stations from CBS

Peak Broadcasting to Purchase Radio Stations from CBS

- Signs Definitive Agreement to Acquire Seven Stations in Fresno, California -

TUCSON, Ariz., Nov. 16 /PRNewswire-FirstCall/ -- Peak Broadcasting LLC today announced the signing of a definitive agreement to acquire radio stations in Fresno California, the nation's sixty-seventh largest market, from CBS Corporation (NYSE: CBS; CBS.A) for $90 million in cash. Peak intends to begin programming of the stations, through a time brokerage agreement, in December.

This marks the first acquisition for the recently formed partnership of Peak Broadcasting and Duff, Ackerman & Goodrich, a San Francisco-based investment firm. Closing on this transaction is subject to regulatory approvals. Upon the closing, Peak Broadcasting will re-locate its corporate office and operations to Fresno.

The radio stations to be acquired by Peak are: KMJ (AM), KFPT (AM), KWYE (FM), KSKS (FM), KFJK (FM), KOQO (FM), and KMGV (FM). All stations have full coverage throughout Fresno County and Central California.

Todd Lawley, CEO of Peak Broadcasting, commented, "We are very pleased to announce Peak's first acquisition. To acquire these significant radio stations in fast growing Central California is the first step towards building a new generation of radio operations. Through technology, focus, and creativity, Peak will take advantage of every platform that these fine brands offer." Lawley continued, "Peak Broadcasting's commitment to our employees, advertisers, and listeners of Fresno and the surrounding counties will be quickly evident. Our re-location of the corporate offices to Fresno underscores the value we place within the community."

CBS Corporation (NYSE:CBS.A)(NYSE:and)(NYSE:CBS) is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW -- a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution Group), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), digital media (CBS Digital Media Group and CSTV Networks) and consumer products (CBS Consumer Products). For more information, log on to http://www.cbscorporation.com/.

KMJ-AM operates at 580 kHz, with 50 kW day and 50 kW night.
KFPT-AM operates at 790 kHz, with 5 kW day and 2.5 kW night.
KSKS-FM operates at 93.7 MHz, with 68 kW at 1,903 HAAT.
KMGV-FM operates at 97.9 MHz, with 2.1 kW at 2,005 HAAT.
KWYE-FM operates at 101.1 MHz, with 10 kW at 1,076 HAAT.
KOQO-FM operates at 101.9 MHz, with 2.25 kW at 1,959 HAAT.
KFJK-FM operates at 105.9 MHz, with 2.4 kW at 1,959 HAAT.

KALIL & CO., INC. is the exclusive broker for this transaction.

FCMN Contact: sarah@kalilco.com

Source: Peak Broadcasting LLC; CBS Corporation

CONTACT: Todd Lawley, CEO of Peak Broadcasting, LLC, +1-520-850-4142, or
todd.lawley@vzw.blackberry.net

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

Company News On-Call: http://www.prnewswire.com/comp/185007.html

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