Why Did NextMedia Exit? It Was Time.
NextMedia President/CEO Jim Donahoe told Radio Ink, "We're getting out because we had run the cycle, in terms of their investment timeline, of the private equity group." Since 2010, NextMedia has been majority-owned by funds of Strategic Value Partners and Angelo, Gordon & Co. NextMedia sold its outdoor division about a year ago to Lamar for $145 million and has been actively marketing the radio group since then.
Donahoe added, “Dean Goodman is a veteran broadcaster committed to the long-term future of radio and we are pleased that he will build upon our strategy to provide live and local programing to our respective communities. We thank and congratulate the market employees who have remained committed to our vision and helped grow and position our stations.”