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FOR IMMEDIATE RELEASE: November 14, 2006 Diamond
Castle Holdings in Partnership with Randy Bongarten to Acquire BlueStone
Television Wichita, KS and New York, NY - November 14, 2006 - Diamond Castle Holdings LLC and BlueStone Television LLC today announced that they have entered into a definitive agreement under which Bonten Media Group LLC, an affiliate of Diamond Castle, will acquire BlueStone TV Holdings Inc., a wholly owned subsidiary of BlueStone Television LLC, for $230 million. Diamond Castle, a New York based private equity firm that focuses on investments in, among other industries, media and communications, has partnered with Randall D. (Randy) Bongarten, a veteran broadcasting executive and former President of Emmis Television to acquire BlueStone. Bonten Media Group will seek to acquire and operate network-affiliated television stations in attractive markets. BlueStone Television, a portfolio company of Providence Equity Partners, owns and/or operates television stations with multiple network affiliations in eight markets nationwide. BlueStone Television's markets include Tri-Cities in Tennessee and Virginia; Greenville, New Bern and Washington in North Carolina; Chico, Redding and Eureka in California; Abilene, Sweetwater and San Angelo in Texas; and Missoula, Butte, and Bozeman in Montana. "We are thrilled to partner with Randy Bongarten, an excellent manager with a long track record of building value in the television sector. In BlueStone we have identified a leading television station group that should continue to thrive under Randy's leadership. This investment highlights our commitment to build great companies in partnership with superior managers," said David Wittels, a Co-Founder and Senior Managing Director of Diamond Castle. Commenting on the transaction, Al Dobron, a Managing Director of Providence Equity said, "We expect these stations to continue to flourish under Randy's management and with Diamond Castle's support. We are pleased to find owners who have an in-depth understanding of the broadcast industry and who view these assets and BlueStone's talented employees as key to their future growth." "We are very proud of our television stations, the quality of our news product and our commitment to the communities we serve," said BlueStone Television President and Chief Executive Officer Sandy DiPasquale. "I am confident that Randy and his team will continue to pursue and achieve the standard of quality that has made these stations leaders in their markets." "We expect the BlueStone stations to be the first of several acquisitions. Bonten Media Group and our sponsor, Diamond Castle Holdings, maintain a strong belief in the future of television and the central role it will continue to play in America's local communities," said Randy Bongarten. "We are delighted to be entering television ownership with this fine group of stations. Sandy and his team have done a wonderful job of developing these assets. Together with our network partners, we will focus on bringing the highest quality news and entertainment to our viewers, and being a valuable resource to our advertisers." The transaction is expected to close in the first half of 2007, subject to approval by the Federal Communications Commission and other customary conditions. UBS Investment Bank acted as the exclusive financial advisor, and Weil, Gotshal and Manges and Hogan & Hartson acted as legal advisors to BlueStone Television and Providence Equity Partners in the transaction. Lehman Brothers Inc. acted as financial advisor and Shearman & Sterling LLP and Covington & Burling LLP acted as legal advisors to Diamond Castle. 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. DiPasquale has held senior positions in the television broadcasting industry for over 20 years, most recently prior to BlueStone Television 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. BlueStone Television, LLC is based in Wichita, Kansas. 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 entertainment, communications and information companies around the world. The principals of Providence Equity manage funds with over $9.0 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm's inception in 1991. Providence Equity is headquartered in Providence, Rhode Island and has offices in London and New York. About Diamond Castle Holdings Diamond Castle Holdings, LLC is a private equity investment firm founded in 2004 by Larry Schloss, the former Global Head of CSFB Private Equity and Chairman of DLJ Merchant Banking Partners, and four former managing directors of DLJ Merchant Banking. Diamond Castle has 22 employees located in New York and focuses on investments in the power, financial services, media and communications, healthcare, and industrial sectors. For more information on Diamond Castle Holdings, please visit our website at http://www.dchold.com. Contacts BlueStone Television
LLC Providence
Equity Partners Diamond Castle
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