Exclesior Changes Hands
November 14, 2005 at 1:08 PM (PT)
Middle-market private equity firm LINCOLNSHIRE MANAGEMENT, INC. plans to acquire the majority stake in EXCELSIOR RADIO NETWORKS from its present owner, SUNSHINE WIRELESS. Terms of the agreement were not disclosed. EXCELSIOR owns and operates X RADIO and MJI INTERACTIVE, as well as DIAL COMMUNICATIONS-GLOBAL MEDIA.
SPENCER L. BROWN will continue as CEO of EXCELSIOR and DAVID LANDAU and KEN WILLIAMS will remain as co-CEO/Presidents of DIAL COMMUNICATIONS-GLOBAL MEDIA. All three will be members of EXCELSIOR’s board of directors.
"Our objective remains to build the leading independent network radio company through acquisitions, joint ventures and internally generated efforts," commented BROWN. "The transaction with LINCOLNSHIRE allows management to take a bigger financial stake in the company and provides us with the expertise and capital needed to grow our business."