Digity to Sell Radio Station Portfolio to Alpha Media

WEST PALM BEACH, Fla.--()--Digity, LLC, headquartered in West Palm Beach, Florida announced today that it has entered into a definitive agreement to sell its radio station portfolio to Alpha Media of Portland, Oregon. Digity owns or operates 116 stations in 26 markets. Digity is majority owned by Garrison Investment Group LP in New York and Dean Goodman.

“Our investment in Digity and partnership with Dean Goodman has been successful and productive. Dean and his team of operators, broadcasters and managers have built an excellent platform that we believe will continue to thrive under Alpha’s ownership.”

Dean Goodman, Chief Executive Officer of Digity Companies, LLC said, “Larry Wilson and I have a shared vision for the radio renaissance in progress now. Radio is live, local media enhanced by digital delivery and community focused events. Our success is the result of an employee environment of collaboration, transparency and innovation. I am honored to have worked with the great broadcasters at Digity and the dynamic growth they've created. Digity and Alpha are a perfect match.”

Larry Wilson, Chairman of Alpha Media, will add the Digity markets to the one hundred thirty-five stations currently in the Alpha Media portfolio. When all pending deals are completed, it will bring the total number of stations owned by Alpha Media to 251. Commenting on the acquisition, Wilson said, “We are extremely pleased to be acquiring from exceptional operators and management who truly understand radio. Dean and his team have done a tremendous job with these stations. They will be a great addition to our live and local vision across the country.”

David Thompson, Jr., Managing Director at Garrison Investment Group, added, “Our investment in Digity and partnership with Dean Goodman has been successful and productive. Dean and his team of operators, broadcasters and managers have built an excellent platform that we believe will continue to thrive under Alpha’s ownership.”

This transaction is subject to approval by the Federal Communications Commission and the Department of Justice.

George Reed of Media Services Group is the broker for Alpha Media. Piper Jaffray served as advisor to Alpha Media. Wiley Rein is legal counsel to Alpha Media. RBC Capital Markets LLC served as financial advisor to Digity Media. Cooley LLP is legal counsel to Digity Media.

About Garrison Investment Group LP:

Garrison Investment Group is a leading middle market credit and asset based investor. The firm was founded in 2007 and is headquartered in New York. Its investment strategies focus on deploying capital in opportunities across Corporate Finance (corporate loans and select equity investments), Financial Assets (commercial & industrial loans and consumer loans), Private Equity and Real Estate. Its team of experienced professionals enables it to source and execute transactions across multiple investing disciplines. Garrison manages investor capital through a diversified set of funds including private equity format funds and corporate credit lending funds. Garrison also manages capital for third parties through various Managed Accounts.

About Alpha Media:

Upon the successful completion of all pending transactions, Alpha Media, headquartered in Portland, Oregon will own 251 radio stations within 54 markets across the United States covering all formats including Top 40, Adult Contemporary, Spanish, Urban, News Talk, Sports, Rock, Country and more. In addition to the radio stations; Alpha Media owns the intimate performance venues, Skype Live Studio in Portland, Oregon and Alamo Lounge in San Antonio, Texas.

About Dean Goodman:

Dean Goodman has created, owned or operated hundreds of radio stations throughout the United States. At PAX-TV (now ION) he operated, acquired, operated and helped build the nation’s largest broadcast TV group, a major US radio group, network affiliated TV stations, The Travel Chanel, a TV network, digital media centers, original television content and an outdoor billboard company. Digity owns a total of 116 owned or operated radio stations across the USA. The 5th largest radio group. The special events entities associated with his companies have and continue to present and create thousands of entertainment and community events across the United States. He and his companies have specific focus on local children's charities. He has served on the National Association of Broadcasters board and executive committee.

ALPHA MEDIA DIGITY ACQUISITION: FULL MARKET LIST

  • West Palm Beach, FL
  • San Jose, CA Canton
  • OH Saginaw, MI
  • Myrtle Beach, SC
  • Lincoln, NE
  • North Dallas, TX
  • Greenville, NC
  • Markets around Chicago, IL including Aurora, Il, Joilet, IL
  • Waukegan/Kenosha, WI
  • Brookings, SD
  • Madison, SD
  • Watertown, SD
  • Albert Lea, MN/Austin, MN
  • Luverne, MN
  • North Mankato, MN
  • Redwood Falls, MN
  • Fairfield, IA
  • Fort Dodge, IA
  • Grinnell-Newton, IA
  • Mason City, IA
  • Bethany-Cameron, MO
  • Clinton, MO
  • Farmington-Festus, MO
  • Moberly-Macon, MO
  • Waynesville-Lebanon, MO
  • Columbus, NE

Contacts

For Digity
Dean Goodman, 561-616-4600

Release Summary

Digity, LLC, headquartered in West Palm Beach, Florida announced today that it has entered into a definitive agreement to sell its radio station portfolio to Alpha Media of Portland, Oregon.