For Immediate Release
(Oklahoma City, OK – August 27th, 2007) Perry Publishing & Broadcasting Company
has partnered with veteran communications executive Sheila Eldridge to acquire five
radio stations in Augusta, GA owned by Radio One Inc. (NASDAQ:ROIAK and ROIA)
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 Broadcasting 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 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.”
The purchase is Perry’s first expansion outside of Oklahoma, and Eldridge will play an
integral role in the management and operations of the Augusta cluster. With nearly 25
years in media and entertainment, Eldridge is owner and operator of Miles Ahead
Entertainment, a firm that distinguished itself with innovative public relations and
marketing solutions, especially targeting the African-American market.
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.
To set up an interview with Mr. Perry or Ms. Eldridge, contact Neil Foote at 214-448-
3765 or neil@neilfoote.com.
