Max Media Partners with Golden Gate Capital to Acquire Middle and Small Market Radio and Television Stations
Experienced broadcasting management team offers liquidity to small market owners.
VIRGINIA BEACH, VA (February 20, 2003) – Max Media LLC announced today that it has partnered with Golden Gate Capital and two other investment firms to pursue opportunities to acquire small and middle market radio and television stations. Golden Gate Capital and its financial partners have agreed to invest up to $150 million through the partnership. Financial terms of the transaction were not disclosed.
Headquartered in Virginia Beach, Virginia, Max Media is a broadcasting management company whose principals have an over 25 year track record of successfully acquiring and building businesses in the broadcast television and radio industry. Max Media currently owns television stations in Montana and radio stations in North Carolina. The company is in the process of purchasing additional television stations in Bowling Green, Kentucky as well as radio stations in Arkansas. Additionally, the company expects to close on the acquisition of Paxson stations in Portland, Maine and St Croix, USVI in partnership with Corporate Media Group. Both of those stations will affiliate with the FOX network.
Max Media’s management team includes Gene Loving, CEO, John Trinder, COO, and David Wilhelm, CFO. Gene and John have worked together since 1979 when they founded and built TVX. Since that time, the team has acquired 14 television stations and built 11 more stations. This makes them the leading builder of new stations in the history of the industry.
“We are going through a period of significant change in television which is leading many small market owners to seek liquidity,” said Gene Loving, CEO of Max Media. “We believe that the broadcast management expertise of the Max Media team, with the strong financial backing of Golden Gate Capital, can be successful in acquiring stations as many choose to exit the industry rather than face the digital issues that are still unresolved in the smaller markets.”
“The Max Media management team is one of the best, if not the best in the broadcasting industry at what they do,” said Ken Diekroeger, a Managing Director at Golden Gate Capital. “Golden Gate Capital has a strong interest in the media industry and specifically in broadcasting, and with Max we have the opportunity to invest in that industry in partnership with world class broadcasting managers.” Alan Nichols, a Golden Gate Capital Executive in Residence and a media industry veteran sees opportunity in the challenging media environment, stating, “Great media companies get built by disciplined, experienced management teams in rough economic times, such as these. We are excited about helping Gene and his team build Max Media into the preeminent small market TV and radio broadcasting company.” Mr. Nichols is a former senior executive of Chronicle publishing and Black Entertainment Television.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $700 million of capital under management. Golden Gate is dedicated to partnering with world class management teams to invest in change-intensive, growth businesses. They target investments of up to $100 million in situations where there is a demonstrable opportunity to significantly enhance a company’s value. The principals of Golden Gate have a long and successful history of investing with management partners across a wide rage of industries and transaction types, including leveraged buyouts, and recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing. For more information, visit www.goldengatecap.com.
About Max Media
Max Media, headquartered in Virginia Beach, Virginia is dedicated to the acquisition and growth of small market and middle market broadcasting businesses.