NextMedia Group Sold To Digity
October 10, 2013 at 1:03 PM (PT)
DIGITY (an affiliate of PALM BEACH BROADCASTING) which is a newly-formed media company headed by broadcast industry veteran DEAN GOODMAN's GOODCO RADIO LLC in partnership with GARRISON INVESTMENT GROUP LP, has agreed to the purchase of NEXTMEDIA’s 33 radio stations in eight markets -- CHICAGO, SAN JOSE, GREENVILLE-NEW BERN-JACKSONVILLE, CANTON, SAGINAW, MILWAUKEE, MYRTLE BEACH and NORTH DALLAS.
NEXTMEDIA GROUP President/CEO JIM DONAHOE, said, "DEAN GOODMAN is a veteran broadcaster committed to the long-term future of radio and we are pleased that he will build upon our strategy to provide live and local programing to our respective communities. We thank and congratulate the market employees who have remained committed to our vision and helped grow and position our stations."
GOODMAN added, "The NEXTMEDIA stations have grown in challenging economic environments, which is a credit to JIM DONAHOE and his excellent team of broadcast professionals. Our similar operational approach will super-serve local communities with compelling on-air products and innovative digital strategies."
Since 2010, NEXTMEDIA has been majority owned and advised by funds of STRATEGIC VALUE PARTNERS, LLC and ANGELO, GORDON & CO.
“Since acquiring control of NEXTMEDIA’s radio and outdoor advertising assets in early 2010," said Donahoe, "STRATEGIC VALUE PARTNERS and ANGELO GORDON have provided management with the tools and support to grow our core businesses and ultimately facilitate the sale of the company.
SVP Founder and Chief Investment Officer VICTOR KHOSLA added, "We are proud of our partnership with NEXTMEDIA's management to improve and grow the company’s outdoor advertising and radio station assets. We are pleased with the agreement that has been reached with DEAN GOODMAN and DIGITY and that they will become the radio stations’ new steward."
The transaction is expected to close in the first quarter of 2014, subject to antitrust and FCC approvals and other customary closing conditions. NEXTMEDIA will continue to operate the 33 radio stations as usual until that time.