Lynch Gains Control of San Diego's 91X, Z90 And Magic 92.5

Now Owned By John Lynch

As expected, JOHN LYNCH emerged as the new operator of three SAN DIEGO market, TIJUANA-licensed stations formerly operated by FINEST CITY BROADCASTING, Alternative XETRA (91X), Top 40/Rhythmic XHTZ (Z-90), and Urban AC XHRM (MAGIC 92.5).

Private equity firm THOMA BRAVO LLC's LOCAL MEDIA OF AMERICA purchased the debt of FINEST CITY and took over its assets through a foreclosure sale; LYNCH's BROADCAST COMPANY OF THE AMERICAS is partnered with LOCAL MEDIA, and LYNCH is serving as CEO of both companies and will operate the three stations and BCA's existing three stations, Sports XEPRS-A (XX 1090), Classic Hits XEPRS-F (THE WALRUS), and Talk/Brokered XEPE-A (SAN DIEGO 1700), as a single group.

A press release about the deal reads, "JOHN LYNCH's expertise coupled with THOMA BRAVO's proven investment model of building industry-leading companies through operational best practices and strategic acquisitions positions LMA well for further expansion."

"The FINEST CITY BROADCASTING stations, coupled with BCA's leading stations, create a powerful cluster of broadcasters in the SAN DIEGO market and provide a tremendous growth opportunity for LMA," said LYNCH, whose old NOBLE BROADCASTING GROUP operated 91X before selling the broadcast rights to JACOR in 1996. "With a focus on creating local media platforms led by radio broadcasting, our group of stations is highly attractive to advertisers. With THOMA BRAVO's support, we look forward to examining future investment opportunities in the SAN DIEGO area and across the nation."

"THOMA BRAVO is excited to partner with media industry veteran JOHN LYNCH through LMA," said THOMA BRAVO managing partner CARL THOMA. "JOHN LYNCH's expertise coupled with THOMA BRAVO's proven investment model of building industry-leading companies through operational best practices and strategic acquisitions positions LMA well for further expansion."

"LMA possesses strong media assets with tremendous potential and an experienced management team," said THOMA BRAVO VP HEATHER SMITH THORNE. "The combination of these elements presents an excellent opportunity for additional acquisitions on both a local and national scale."

RBC DANIELS and PREFERRED CAPITAL ADVISORS served as the financial advisors for the transaction. GOODWIN PROCTER LLP, K&L GATES LLP, GARVEY SHUBERT BARER, DLA PIPER, AKIN GUMP STRAUSS HAUER & FELD LLP and CERVANTES-QUIJANO ABOGADOS provided legal counsel.

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