Triton Media Group Acquires Excelsior's Dial Global And MJI Interactive For $100 Million +
November 5, 2007 at 5:36 AM (PT)
UPDATE: As ALL ACCESS reported exclusively on SATURDAY (NET NEWS 11/3), TRITON MEDIA GROUP, LLC, announced the purchase of EXCELSIOR RADIO NETWORKS, which owns DIAL GLOBAL and MJI INTERACTIVE and its subsidiaries, from LINCOLNSHIRE MANAGEMENT, for an amount that is well north of $100 million, but still remains officially undisclosed.
The deal includes Senior management of TRITON, EXCELSIOR, DIAL GLOBAL and MJI INTERACTIVE, who will continue in their present posts and have continuing interests in TRITON MEDIA GROUP.
Combining Triton's digital product suite with Excelsior's Dial Global and MJI Interactive divisions will form one of the largest network radio and digital media advertising platforms in the United States.
According to the release, "Combining TRITON's digital product suite with EXCELSIOR's DIAL GLOBAL and MJI INTERACTIVE divisions will form one of the largest network radio and digital media advertising platforms in the UNITED STATES, providing world-class digital products, network radio programming and services to existing and future broadcasters, advertisers and producer clients."
TRITON Pres./CEO NEAL SCHORE commented, "We have structured a unique and powerful combination of best of breed products, services and content, providing proven online and on-air revenue generating solutions for both the broadcasting and advertising industries. We are truly impressed with the tremendous success that EXCELSIOR has achieved. (TRITON COO) MIKE AGOVINO and I are thrilled to partner with (EXCELSIOR CEO) SPENCER BROWN, (DIAL-GLOBAL co-Presidents) DAVID LANDAU, KEN WILLIAMS, and the entire EXCELSIOR team, and we're very excited about the COMPANY's future."
LANDAU and WILLIMS stated, "We are very excited about partnering with NEAL SCHORE, MIKE AGOVINO and the TRITON team. TRITON allows us to dramatically increase the scope of our services, especially in the digital arena. As continuing investors in the company, we are committed to utilizing our expanded platform and resources to enhance the sales and programming services and value we provide our current and future clients. This combined offering is exactly what our industry requires to grow."
BROWN commented, "Over the past five years EXCELSIOR has become the leading independent network radio company through acquisitions, joint ventures and organic growth. The transaction with TRITON provides us with the capital and expertise to continue our growth in network radio while at the same time broadening the scope of our offerings."
AGOVINO noted, "Our company offers transformational services to the industry. Stations that utilize the combined TRITON suite (known as [eco]) benefit from increased audience engagement across multiple distribution channels, while dramatically growing their online metrics. Moving forward, we will offer the [eco] applications via a barter model that enables broadcasters of all sizes to participate as we help lead the industry's reinvention."
Sincere Belief In Radio And Its Future
In an exclusive interview, AGOVINO went on to tell ALL ACCESS, "There is no way that TRITON could have pulled off this deal were it not for the knowledge and insight of (TRITON EVP) BILL FREUND. BILLY's experience, knowledge and relationships in the network space played a huge roll in targeting EXCELSIOR as the best fit and once the management teams got together we knew we had something special.
"These days it seems more people forget some basic and important facts. Research shows 93% of people are listening out there; 28% of all media time is still spent with radio and that almost three-quarters of all search activity on the web or P2P originates because of traditional media, like radio, being the catalyst. We believe that everything that we are bringing to radio and local media gives them a chance to control the all important 'first click'.
"We're giving radio an unparalleled suite of digital services, applications and content, branded as [eco], to drive deeper engagement between the station brand and its listeners. With all of these platforms -- loyalty/database, streaming, content syndication, mobile, music discovery, social networking and more, we're helping to create a lean-forward world for radio. Between our team and our great partners at OAKTREE CAPITAL, we've all invested millions of dollars in our sincere belief in radio and its future."
TRITON is a portfolio company of a fund managed by OAKTREE CAPITAL MANAGEMENT, L.P., a leading global investment management firm that manages approximately $51 billion in alternative markets for institutions and high net worth individuals.
DIAL GLOBAL and MJI provides sales representation services to over 50 national radio production companies, producing over 100 different programs and services.