For Immediate Release:
GAP BROADCASTING EXPANDS WITH GAP EAST
June 3, 2009 – Dallas, Texas – GAP Broadcasting Group, LLC (“GAP Group”), the parent company of GAP Broadcasting I (“GAP Central“) www.gapbroadcasting.com and GAP Broadcasting II (“GAP West”) www.gapwest.com, today announced that James P. Donahoe has been named President of a newly-formed operating company, GAP Broadcasting III (“GAP East”). GAP East will focus on acquiring and managing radio properties in markets east of the Mississippi River. GAP East complements the two existing regional operating companies, GAP Central and GAP West, thereby giving GAP Group a national platform. Donahoe will be based in St Michaels, Maryland and will be responsible for all aspects of GAP East operations.
Jim Donahoe joins GAP East with twenty seven years of experience as a radio industry executive. According to Donahoe, “GAP Group is committed to the industry, and the current economic environment provides a great opportunity for further investment. During my tenures with Infinity, SFX, Capstar, AMFM and Millennium, the emphasis was on creating local media outlets that were an integral part of their communities. This was a successful strategy and has even more potential today when coupled with innovative digital initiatives.”
Andy Salter, Senior Vice President of Oaktree Capital Management, L.P. stated, "We are fortunate to have attracted an industry leader of Jim’s caliber to launch our funds’ efforts in the development of GAP East.” George Laughlin, President of GAP Central, and Erik Hellum, President of GAP West, concur that “Jim is a first-rate, operationally-minded executive with a strong track record of acquiring and growing radio clusters. We look forward to partnering with Jim as we continue to expand our company.”
About GAP Group
GAP Group owns and/or operates 116 radio stations in 24 mid-sized markets that are primarily located in the growing Central Gulf and Pacific Northwest regions of the United States. In each market that it serves the company strives to become the preeminent provider of local content through its over-the-air and online offerings. GAP Central owns and/or operates 60 radio stations in 12 markets located in Texas, Louisiana, Arkansas and Oklahoma. GAP West owns and/or operates 56 radio stations in 12 markets in Washington, Idaho, Montana, Wyoming, Minnesota and Iowa.
GAP Group is controlled by funds managed by Oaktree Capital Management, L.P.
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