Alpha Broadcasting to Acquire CBS Radio Stations

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Portland, OR - August 10, 2009

Alpha Broadcasting, led by veteran radio executive Larry Wilson, has entered into a definitive asset purchase agreement to acquire four Portland radio stations, KINK-FM (101.9 FM Adult Album Alternative), KUPL-FM (98.7 FM Country), KUFO-FM (101.1 FM Active Alternative Rock) and KCMD-AM (970 AM Talk) from CBS Radio for $40 million in cash.

It was previously announced on May 12, 2009 that Alpha has an agreement to acquire KXL-AM (750 AM News/Talk) and KXTG-FM (95.5 FM Sports) from Rose City Radio for $11 million.

Larry Wilson, the Chairman and Chief Executive Officer of Alpha Broadcasting, said, "The purchase of these great stations is a perfect complement to the acquisition of KXL-AM and KXTG-FM in Portland.  That acquisition recently received Federal Communications Commission approval.    With this dynamic cluster, Alpha will be able to serve a wide array of Portland residents.  The mission of Alpha Broadcasting is to provide entertaining, informative, and compelling programming for the people of Portland, and to produce fantastic results for the Portland advertisers we serve while being upstanding citizens of the community."

The transaction is subject to customary conditions, including regulatory and other approvals.  Alpha Broadcasting commenced a local marketing agreement on Friday under which it will program and market the stations pending closing.

Alpha Broadcasting, headquartered in Portland, Oregon, is a new entity formed by Wilson and Endeavour Capital, also in Portland.  Wilson founded Citadel Communications Corporation, which was sold to Forstmann Little & Company in 2001 for $2 billion.   At the time of the sale, Citadel owned and operated 205 radio stations in 42 cities.

Kalil & Co. represented Alpha Broadcasting as broker in this transaction.