GAP Broadcasting Group, with financial backing from Oaktree Capital, already has two operating companies in radio covering the central and western portions of the US. Now GAP Broadcasting III, dubbed GAP East, is launching with veteran broadcaster Jim Donahoe as President. Stay turned for acquisitions.
GAP East will focus on acquiring and managing radio properties in markets east of the Mississippi River. GAP East complements the two existing regional operating companies, GAP Central, headed by George Laughlin, and GAP West, headed by Erik Hellum, thereby giving GAP Group a national platform. Donahoe will be based in St Michaels, Maryland and will be responsible for all aspects of GAP East operations.
“We are fortunate to have attracted an industry leader of Jim’s caliber to launch our funds’ efforts in the development of GAP East,” said Andy Salter, Senior Vice President of Oaktree Capital Management LP.
“GAP Group is committed to the industry, and the current economic environment provides a great opportunity for further investment. During my tenures with Infinity, SFX, Capstar, AMFM and Millennium, the emphasis was on creating local media outlets that were an integral part of their communities. This was a successful strategy and has even more potential today when coupled with innovative digital initiatives,” said Donohue, a veteran of 27 years in radio management.