Perry Broadcasting partners with Sheila Eldridge to buy Radio One stations

(August 29, 2007) Russell M. Perry, owner of Oklahoma's largest African-American owned media company, announced that he has formed Perry Broadcasting of Augusta with Eldridge, a minority partner, to acquire four FM stations and one AM station for $3.1 million from Radio One Inc., the nation's seventh largest radio station owner. The stations are WAKB-FM (Urban/AC); WAEG-FM (Urban); WTHB-FM and WTHB-AM (both Gospel); and WFXA-FM (Alternative Rock).

Perry Publishing & Broadcasting Company is the first African-American owned company that has purchased any of the recent stations Radio One has sold.

Perry will serve as president and Eldridge (left) as Senior Vice President, becoming Augusta's first African-American women to manage a cluster of radio stations in the city which is best known for The Master's golf tournament.

"This is a very proud day for this company," said Perry, who also owns The Black Chronicle - a weekly black newspaper, a tower broadcast company, an information technology firm and several other businesses. "Sheila has done a yeoman's job in entertainment public relations and marketing, and I welcome her as a partner. This acquisition hopefully puts us in a position to acquire additional properties in the future."

Miles Ahead's clients past and present include Boost Mobile a division of Sprint/Nextel, Coca-Cola USA, MEAC, Footsteps Advertising, E Morris Communications, Atlantic Records, Flyte Tyme Records owned by Grammy Award producers Jimmy Jam & Terry Lewis, PSE&G (New Jersey's largest utility company) and ABC Radio Network (including the Tom Joyner and Doug Banks shows). She will continue to head the firm with the executive team that has been with her over the past 10 years.

"What a wonderful opportunity this is for me to partner with Mr. Perry, who has demonstrated success as a multi-media owner," said Eldridge. "While I've been working in media a long time my expertise came full circle when I completed the NAB's Broadcast Leadership Training Program. This program prepared me to obtain my dream of operating radio stations." Mr. Perry's son, Kevin Perry, also recently completed the program as well. "This is an ideal partnership that is just beginning to plant the seeds of an expanding media company and I look forward to growing the business with Mr. Perry."

To help drive the success in Augusta, Eldridge said she, Mr. Perry and the Augusta cluster team are going to actively work to continue to build on relationships with businesses to create special events and promotions to generate revenue and excitement in Georgia's second largest city of nearly 500,000 residents.

Perry Broadcasting began acquiring radio stations in 1993, and currently owns stations throughout Oklahoma, KVSP-FM (Urban) and KRMP-AM (Classic Soul) in Oklahoma City; KJMM-FM (Urban) and KGTO-AM (Gospel) in Tulsa; KJMZ-FM (urban), KKRX-AM (Classic Soul) and KXCA-AM (Sports) in Lawton; KDDQ-FM (Classic Rock), KKEN-FM (Country) and KPNS-AM (News/Talk) in Duncan.

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