Triad / Monterey

Triad Broadcasting (licenses held as Monterey Licenses)   (Website) is the owner and operator of about 33 AM and FM small market radio stations, mostly located in the Southern United States  – even though the company is located in Monterey, California, and the closest station they own is in North Dakota.

History

Triad Broadcasting was formed in 1999 by David Benjamin.  The company was formed to raise equity capital to buy up midsize market radio stations to take advantage of the increase in valuations of radio stations following the deregulation of radio ownership in the 1996 Telecommunications Act.

In 1997, Mr. Benjamin sold the company he had started in 1974 to Capstar, which shortly thereafter became part of Clear Channel.

By early 2000, Triad owned 17 radio stations and arranged its first round of equity funding financing of $80 million.   By the end of 2000, it was up to 42 stations, and the radio acquisition bubble had burst.    By 2003, the total was up to 49 stations.   In 2006 and 2007, the company sold off several of its clusters to bring it down to the current level of 33.

Major Stations – top 25 markets

Triad owns no stations in a major market.  Their stations are located in Minnesota, Illinois, North Dakota, West Virginia, Virginia, South Carolina, Georgia and Mississippi.

For a complete list of their stations, follow this link

Ownership

The Norwest Equity Partners own about 80% of the company.  While Mr Benjamin founded and runs the company, he owns less than 2% of the company.   Norwest was a large bank in Minneapolis that merged with Wells-Fargo in 1999 – Norwest Equity Partners received most of its funding from Wells Fargo and several of the former executives from Norwest Bank are run Norwest Equity.

Management

David Benjamin is the President.  He holds an BA from Yale, and an MBA from Harvard.  He is active in the National Association of Broadcasters and been a radio station owner since 1974.

Financial Condition

Since the company is privately held and has no publicly traded securities, there is no publicly available information about the company’s finances or profitability.

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