REGENT COMMUNICATIONS TO ACQUIRE WNYQ-FM
SERVING ALBANY, NEW YORK
Cincinnati, OH - June 26, 2006 – Regent Communications, Inc. (Nasdaq: RGCI) announced today that it has entered into a definitive agreement to acquire WNYQ-FM serving the Capital Region in Albany, New York from Vox Media Corporation for approximately $4.9 million in cash. The transaction is subject to receipt of all required regulatory approvals, which are expected to occur by late third quarter.
Bill Stakelin, President and CEO of Regent, commented, "This transaction once again reflects our commitment to prudently pursue opportunities to expand our station footprint in our middle-and small-sized markets. Adding a fifth FM station in Albany will allow us to better serve both our listeners and advertisers, while expanding our audience and revenue shares. We will continue to seek additional avenues to broaden and strengthen our operating footprint in our target markets with the goal of maximizing our growth potential over the long-term."
At the close of the announced transaction, Regent will own and operate five FM radio stations and one AM radio station in the Capital Region.
Dick Foreman of Richard A. Foreman Associates Incorporated originated the transaction and was exclusive broker in the transaction.
Regent Communications is a radio broadcasting company focused on acquiring, developing and operating radio stations in middle and small-sized markets. Upon the completion of all announced transactions, Regent will own and operate 74 stations located in 15 markets. Regent Communications, Inc. shares are traded on the Nasdaq under the symbol "RGCI."