GE Commercial Finance’s Media, Communications & Entertainment business announced that it has closed a 33 million bucks secured credit facility for GAPWest Broadcasting, helping to fund the fast-growing group’s acquisition of radio stations from Clear Channel. GAPWest, headed by Skip Well, acquired a dozen of the CC Radio divestitures last month for nearly 75 million (2/14/08 RBR #31).
“It’s a pivotal time for the radio broadcast industry as we look to new, creative ways to capture audiences and attract advertisers in order to remain competitive with other entertainment formats. With GE’s deep market knowledge and financing support, we are well positioned to take advantage of this opportunity as we acquire new stations and build our radio portfolio,” said Andrew Salter, Senior Vice President, Oaktree Capital Management, which is Weller’s equity partner. GAPWest Broadcasting now owns stations in Washington, Idaho, Montana Wyoming, Minnesota and Iowa.
“The market for radio has received less than fair acknowledgement these past few years, but ‘old media’ is not dead, it’s just evolving,” said Tom Regan, managing director, sponsors, for GE Commercial Finance’s Media, Communications & Entertainment business.