Cherry Creek Radio (Website) is an operator of small market radio stations in the Western United States. They own and operator about 68 stations.
Arlington Capital Group was formed in 1999 by retired Bell Atlantic CEO Raymond W Smith and Private Equity expert Paul G. Stern. Some of the initial funding was provided by UBS (Switzerland). Arlington decided to form Cherry Creek radio in 2001 following 9/11 when an advertising slump make prices attractive for small market radio stations. [Editor: That’s not why the prices dropped]. Arlington Capital also has an interest 18 stations in the Eastern US operated by Main Line Broadcasting.
By 2004, Cherry Creek had acquired 32 radio stations. In 2005, Back Bay Radio transferred control of 4 stations in Long Island, NY to Cherry Creek. In 2006, Cherry Creek acquired 24 stations from Fisher Radio for $33.3 million. Arlington Capital has invested and borrowed a total of about $130 million.
Major Stations – top 25 markets
None of Cherry Creek’s stations are in Major Markets.
Cherry Creek is 100% privately owned by Arlington Capital Group, a Washington DC based private equity firm.
The President and CEO of Cherry Creek is Joe Schwartz. Mr Schwartz worked for radio for 29 years, finding underperforming radio stations in small markets and training the sales people how to sell more effectively.
Since Cherry Creek is privately held, there is no publicly available financial information.