2005back to list |
NAUTIC PARTNERS PORTFOLIO COMPANY ANNOUNCES ACQUISITION OF ADDITIONAL RADIO STATIONSAcquisition Places Qantum Communications Corporation in a Unique Leadership Position in the Cape Cod MarketProvidence, RI — August 4, 2005Nautic Partners, LLC, a private equity firm with more than $1.8 billion of capital under management, today announced that its portfolio company, Qantum Communications Corporation, has significantly expanded its radio station holdings in the Cape Cod radio market. Qantum has completed its acquisition of four FM radio stations from Boch Broadcasting, LP for $21.3 million. This acquisition was part of a broader transaction in which Qantum transferred three Cape Cod stations to Cape Cod Radio Stations Trust in order to comply with Federal Communications Commission’s ownership regulations. Cape Cod Radio Stations Trust in turn has agreed to sell these three stations to Nassau Broadcasting Partners, LP for $10 million, subject to regulatory approval. As a result of these transactions, Qantum will own and operate WCIB-FM, WRZE-FM, WXTK-FM, and WCOD-FM which are four of the top five rated stations in the Cape Cod market. Nautic formed Qantum in July of 2002, in partnership with Banc of America Capital Investors, Opportunity Capital Partners, and the Qantum management, as a consolidator of small to mid-sized market radio stations. “These transactions in the Cape Cod area give Qantum a strong line-up of stations and programming in this attractive radio market,” said Michael Joe, Managing Director at Nautic Partners. “We are pleased to support Qantum’s management team in their efforts to establish this unique leadership position.” About Qantum Communications Corporation |