Triton Buys Excelsior Radio

Triton Media Group, a supplier of digital products and services to the media industry, has acquired Excelsior Radio Networks, a provider of radio advertising sales and programming. No financial terms were disclosed. Triton is a portfolio company off Oaktree Capital Management, while Excelsior had been owned by Lincolnshire Management.

PRESS RELEASE
Triton Media Group, LLC, the leading supplier of digital products and services to the media industry, announced today the purchase of Excelsior Radio Networks and its subsidiaries from Lincolnshire Management. 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. Senior management of Triton, Excelsior, Dial Global and MJI Interactive will retain meaningful ownership interests in Triton Media Group.

The combination of 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. In making the announcement, Neal Schore, President and CEO of Triton, 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. Mike Agovino and I are thrilled to partner with Spencer Brown, David Landau, Ken Williams, and the entire Excelsior team, and we're very excited about the Company's future.”

Excelsior owns Dial Global and MJI Interactive and is the leading independent network radio company. Dial Global provides sales representation services to over 50 national radio production companies, producing over 100 different programs and services. Dial Global's programming division produces and syndicates more than 25 music programs and prep services, including the Dial Global 24/7 format business. Programs and prep services include “Backtrax USA,” “Rick Dees Weekly Top 40,” “The Countdown” with Walt “Baby” Love and Walt “Baby” Love's “Gospel Traxx,” “The Ross Brittain Report,” “Whitney Allen's Big Time”, and “Short Bus” imaging services, among others. MJI Interactive provides affiliated radio stations with website content services in nine radio formats and software tools.

Spencer Brown will continue as Chief Executive Officer of Excelsior, and David Landau and Ken Williams will remain as co-CEO/Presidents of Dial Global. All three will participate on Triton's Board of Directors, along with Schore and Mike Agovino, Triton's Chief Operating Officer. Billy Freund and Dominick Milano will continue to serve as Triton's Executive Vice President of Western Region and Executive Vice President of Eastern Region, respectively. All current Excelsior management and employees will also continue in their respective roles.

“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,” stated Landau and Williams. “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.”

“Over the past five years Excelsior has become the leading independent network radio company through acquisitions, joint ventures and organic growth,” commented Brown. “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.”

“Our company offers transformational services to the industry,” commented Agovino. “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.”