Ohana Media Group Ready To Buy New Northwest Broadcasters
WARRENTON — A deal is pending on the sale of New Northwest Broadcasters (NNB) five local radio stations in Warrenton to NNB’s chief executive Trilla Bumstead’s Ohana Media Group.
The deal is pending the approval of a request which is in the process of being filed with the Federal Communications Commission, which will review the application and take public comment.
“I started Ohana Media Group for the purpose of acquiring and running radio stations and this is our first acquisition,” said Bumstead, who could not disclose what the sale amount was because of the pending FCC filing.
“I’ll still continue as the CEO of NNB until all sales are closed, so I will be wearing two hats for an interim amount of time until all of the assets are sold and wrapped up. I think we do a great job there locally and I’ve been in radio for 12 years and am committed to the radio and the listeners.”
NNB, based in Seattle, owns local stations MY 99.7 FM, KKEE 1230 AM, KCRX 102.3 FM, KVAS 103.9 FM, and KAST 1370 AM.
Additionally, the sale would also include four radio stations in Anchorage, Alaska, to the Ohana Media Group.
Bumstead said to expect more local content and local influence integration as the station grows. Listeners can also expect “great things” once the sale is final and the new ownership is under way.
NNB has been in voluntary receivership status since May, meaning that the courts supervise the restructuring of the company as it pays its debts. Alan Davis of the Seattle-based firm Revitalization Partners was named the receiver.
“The receivership began May 17 and the goal and the point of that was the assignment for the benefit of the creditors so it was Alan’s job to look over the company and yield the highest return and that could have meant to recapitalize it, sell it as a whole, basically whatever he sees fit,” Bumstead said.
“For us, it was best to continue to run it because that’s what gives it value. We knew we’d see changes, probably in ownership, eventually because at some point you have to close the status. I’m really excited. NNB has really weathered a lot this year and they’ve done terrific. I’m looking forward to the next chapter.”
Bumstead also added that some new positions, including morning host and program director, will be opening up with the station in the future.
Regional Turnaround Firm Principals Now Offer Capital
Press Release
Seattle, WA – November 30, 2009 – Veteran turn around professionals Alan Davis and Bill Lawrence of Revitalization Partners received an initial $50 million pledge of capital to be invested in distressed or capital constrained middle market companies throughout the Pacific Northwest and British Columbia.
The new venture, Revitalization Capital Partners will be managed by Davis and Lawrence and is backed by a well known West Coast private equity firm with two decades of experience in the distressed markets.
Their goal is to work with established companies and quality management who find themselves cash constrained or in need of a capital partner to support a distressed strategic acquisition.
The Fund is designed to be flexible in the transactions it undertakes, provide rapid response, and commit patient capital. Company situations may include:
- Rescue financing for capital constrained companies unable to access traditional capital sources
Preferred Equity
Term Loans
Convertible or Mezzanine Debt
- Companies burdened by overleveraged balance sheets and facing complex business or structural issues
- Companies orphaned divisions or tired private equity sponsors
- Secondary Purchases of distressed debt securities such as bank loans and mezzanine debt
- Acquisitions pursuant to 363 sales
- Bridge Financing
- DIP Financings
Transaction sizes range from $10 – $25 million although both smaller and larger transactions will be considered depending on unique circumstances.
Contact:
Alan Davis: adavis@revitalizationpartners.com
(206) 914-4107
Bill Lawrence: blawrence@revitalizationpartners.com
(206) 852-3701
