FCC Approves the Sale of Four Radio Stations by New Jersey Broadcasting, Inc.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 20, 2001

Four radio stations owned by New Jersey Broadcasting Partners, L.P. have been acquired by Greater Media, Inc. of East Brunswick, NJ, following Federal Communications Commission approval of the sale.

Greater Media

currently operates two stations in Central New Jersey. Adding stations WDHA-FM and WMTR (AM) both in Morristown, WWTR (AM), in Bridgewater, and WRAT-FM, in Monmouth-Ocean, expands Greater Media's presence in central and southern New Jersey, extending its reach into the northern portion of the state.

Commenting on the transaction, President and Chief Operating Officer of Greater Media Peter H. Smyth said, "The combined signals of these four well-established stations, together with our own two successful stations, cover a large and very important segment of the New Jersey market. With six stations broadcasting to demographically significant counties in northern, central and southern New Jersey, Greater Media will extend its reach to millions of new listeners and thousands of new advertisers. This acquisition is a perfect fit with our company's goal of expanding into new markets while strengthening our position in our existing markets."

Marvin L. Shapiro, Managing Director of Veronis Suhler, the merchant bank representing New Jersey Broadcasting, stated: "Greater Media's commitment to providing the New Jersey public with quality radio service made this group of stations an ideal strategic acquisition. Veronis Suhler is pleased to have served the objectives of both companies in effecting this transaction."

Veronis, Suhler & Associates Inc. (www.veronissuhler.com) is a leading independent merchant bank dedicated to the media, communications and information industries. Since its formation in 1981, the firm has acted as a financial advisor across the full spectrum of media industry segments including Broadcasting TV, Cable & Satellite TV, Newspaper Publishing, Consumer Magazines, Business Information Services, Professional & Educational & Training Media, Business-to-Business Communications, Specialty Media & Marketing Services, and the Internet. VS&A Communications Partners III, L.P., the firm's $1 billion private equity affiliate, is also exclusively dedicated to investments in the media and communications industries.