Press Release: FCB Picked Up By LMA (Jan 8, 2010)

"John Lynch's expertise coupled with Thoma Bravo's proven investment model of building industry-leading companies through operational best practices and strategic acquisitions positions LMA well for further expansion."

LMA will be led by CEO John Lynch, who also is the CEO of BCA. The six San Diego-area radio stations owned by the two companies will be operated as a group under Lynch's direction. The Finest City Broadcasting stations include: Magic 92.5, XHRM FM, Z-90 XHTZ FM, and 91X XETRA FM. BCA operates: XX Sports Radio XEPRS AM, the Walrus XHPRS FM, and San Diego 1700 XEPE AM.

"The Finest City Broadcasting stations, coupled with BCA's leading stations, create a powerful cluster of broadcasters in the San Diego market and provide a tremendous growth opportunity for LMA," said John Lynch. "With a focus on creating local media platforms led by radio broadcasting, our group of stations is highly attractive to advertisers. With Thoma Bravo's support, we look forward to examining future investment opportunities in the San Diego area and across the nation."

"Thoma Bravo is excited to partner with media industry veteran John Lynch through LMA," said Carl Thoma, a managing partner at Thoma Bravo. "John Lynch's expertise coupled with Thoma Bravo's proven investment model of building industry-leading companies through operational best practices and strategic acquisitions positions LMA well for further expansion."

"LMA possesses strong media assets with tremendous potential and an experienced management team," said Heather Smith Thorne, a vice president with Thoma Bravo. "The combination of these elements presents an excellent opportunity for additional acquisitions on both a local and national scale."

With this transaction, Lynch returns to 91X XETRA FM, a station he founded in 1983 through a company he previously owned called Noble Broadcasting Group. Lynch sold Noble to Jacor Communications broadcast group in 1996. Jacor was subsequently sold to Texas-based Clear Channel Communications, which then sold it to Finest City.

RBC Daniels and Preferred Capital Advisors served as the financial advisors for the transaction. Goodwin Procter LLP, K&L Gates LLP, Garvey Shubert Barer, DLA Piper, Akin Gump Strauss Hauer & Feld LLP and Cervantes-Quijano Abogados provided legal counsel.

About Thoma Bravo, LLC

Thoma Bravo is a leading private equity investment firm that has been providing equity and strategic support to experienced management teams building growing companies for more than 29 years. The firm originated the concept of industry consolidation investing, which seeks to create value through the strategic use of acquisitions to accelerate business growth. Thoma Bravo applies its investment strategy across multiple industries with a particular focus on the software and services sectors. The firm works in partnership with management to implement its operating and consolidation expertise to build long-term value. Through a series of private equity funds, Thoma Bravo currently manages approximately $2.5 billion of equity capital. For more information on Thoma Bravo, visit www.thomabravo.com.

About The Broadcast Company of the Americas

The Broadcast Company of the Americas, also known as BCA Radio, is a San Diego based broadcasting company. BCA Radio was founded by CEO John Lynch in 2003. BCA Radio operates: XX Sports Radio, the Padres flagship station XEPRS AM, the Walrus XHPRS FM, and San Diego 1700 XEPE AM.

About Finest City Broadcasting

Finest City Broadcasting is a radio broadcaster with three FM stations in San Diego: Magic 92.5, XHRM FM, Z-90 XHTZ FM, and 91X XETRA FM.

BCA Now Controls Former FCB Station Cluster (Jan 8, 2010)

FCB, be good with your new stations, John.

M-O-U-S-E.

It's official. John Lynch's company Broadcast Company of the Americas (not the America Broadcast Company), has transferred the former sales staff from Finest City Broadcasting it his company on Thursday.

No word about fate of the on-air staff.

It turns out that Lynch had a partner to help him out. Thoma Bravo LLC's equity firm, Local Media of America, (or LMA), purchased the debt of FCB and took over its assets through a foreclosure sale according to All Access.

Lynch will manage the operations of all six of the Mexican-licensed stations: Z90, 91X, Magic 92.5, XX Sports, Walrus FM, and XEPE 1700.

LMA has control of Z90, 91X, and Magic 92.5. BCA controls the other three.

Neither BCA or LMA can own the Mexican radio stations outright as Mexican law forbids it. The cross-border agreements between U.S. business entities and Mexican-licensed radio stations have been going on for many dozens of years.

No word about the fates of the formats of the three stations Lynch now manages through LMA (not Local Marketing Agreement). From 2006-08, BCA once simulcasted XX Sports on 105.7 FM before switching the FM to its current oldies format today. Magic specializes in R&B and funk oldies, or old school, and its possible that Lynch could try merging Walrus with Magic and put XX Sports back on an FM channel. Given the fact that ESPN Radio on 98.9 isn't getting any measurable ratings, he may think twice about it and stick with the music.

It's possible that the recently dismissed Michael Halloran and the available Steve West, two veteran modern rock deejays and experts, may be part of the 91X team. They both worked for Lynch when he once ran the Noble Broadcast Group until 1996 when he sold the marketing and programming rights to Jacor (now folded into Clear Channel).

West also worked at 92.5 The Flash for 1996-97 before rejoining 91X in 1998, then he was on then then-80s format on 95.7 FM from 1990-91, then back on 91X until FCB dismissed him last year.

Halloran was dismissed from Jacor soon after it acquired Nobel. In the summer of 1996, he appearred on KUPR 95.7 for a short stint before disappearring. In early to mid 1998, he was on 92.5 (after it flushed the Flash handle) until its operator sold the programming rights to Jacor, which fired the staff, and moved Magic's format there. Afterwards, he was part of the Y107 alternative rock format before it went Spanish at the end of 1999. In 2001, Halloran appearred on Independent 92.1 when it was launched in May of 2001, then he left to help start up FM 94/9 SD in November of 2002.

It is possible that Lincoln Financial may jettison the modern rock format that is getting poor ratings and try something like CHR to compete with popular Channel 933, a station with no same-format competetor for over a decade.

It's also possible that when KSIQ 96.1 signs on in Campo, Halloran may join the station and make it flip to something like an alternative-rock leaning format simular to Independent 92.1 and maybe More-FM back in the early 90s. KSIQ will have a booster from Mount San Miguel to help it penetrate metro San Diego and the immediate East County.

It's possible that with the popularity of dance pop on today's CHR, it's a no-brainer that a format for that kind of music is imminent in the San Diego area.