BlueStone was formed by Providence Equity Partners, a leading private investment firm specializing in equity investments in media and communications, and Sandy DiPasquale, a veteran-broadcasting executive, in July 2002 to acquire and operate network-affiliated television stations in attractive markets.
Lamco Communications owns and operates 12 television stations with multiple network affiliations in eight markets nationwide, broadcasting to approximately 1.2 million households. Lamco's markets include Tri-Cities in Tennessee and Virginia (NBC and WB); Greenville, New Bern and Washington in North Carolina (ABC and UPN); Chico, Redding and Eureka in California (ABC); Abilene, Sweetwater and San Angelo in Texas (ABC and Telemundo); and Missoula and Butte, Bozeman in Montana (NBC).
"This acquisition provides BlueStone with an exceptionally strong platform for future growth," said Al Dobron of Providence Equity Partners. "We expect the stations will build on their strong market positions under Sandy's leadership, and we look forward to continuing to work closely with Sandy and his team as we identify additional high-quality television acquisition opportunities."
"The Lamco Communications television stations are high-quality and well run," said BlueStone President and Chief Executive Officer, Sandy DiPasquale. "We look forward to working with the talented general managers and employees of these stations to continue their tradition of excellence."
Commenting on the transaction, Andy Stabler, Chairman of the Board of Lamco Communications, said, "We expect these stations to flourish under Sandy's management and with Providence Equity's support. We are pleased to find owners who have an in-depth understanding of the broadcast industry and who view these assets and our trusted employees as key to their future growth."
In order to ensure compliance with regulatory requirements, Newport Broadcasting Inc., a company separately owned and controlled by DiPasquale, will acquire Lamco station WCTI-TV, which serves the Greenville, New Bern, Washington, NC, DMA, prior to BlueStone's acquisition of the other Lamco assets. The transaction is expected to close in the second quarter of 2004, subject to approval by the Federal Communications Commission.
Kalil & Co., Inc. is the exclusive broker for this transaction.
About BlueStone Television LLC
BlueStone Television LLC was formed in July 2002 by Sandy DiPasquale in partnership with Providence Equity Partners to acquire and operate network-affiliated television stations in attractive markets. DiPasquale has held senior positions in the television broadcasting industry for over 20 years, most recently as President and Chief Operating Officer of STC Broadcasting from its formation in March 1997 through January 2002 when STC completed its merger with LIN Television. He has acquired and successfully operated television stations in the United States. BlueStone Television, LLC is based in Wichita, KS.
About Providence Equity Partners Inc.
Providence Equity Partners Inc. is one of the world's leading private investment firms specializing in equity investments in media and communications companies. The principals of Providence Equity manage funds with over $5.0 billion in equity commitments, including Providence Equity Partners IV, a $2.8 billion private equity fund, and have invested in more than 70 companies operating in over 20 countries since the firm's inception in 1991. Current and previous areas of investment include television and radio broadcasting, network television, cable television content and distribution, wireless and wireline telephony, publishing, and other media and communications sectors.