| Wenham,
MA, November 19, 2007 – Fusion
Media Group (FMG), an Out-of-Home media company, today
announced the formation of wholly-owned subsidiary Connect
Outdoor Media LLC and Connect’s first majority acquisition,
Tyler, Texas-based Genesis Media Advertising.
Connect
purchased the outdoor advertising assets of Genesis
Media a leading Out-of-Home advertising company in East
Texas. The founder of Genesis, Greg Caton, continues
to run Connect and use the benefits of being an FMG
operating affiliate to continue growing the business.
Growth in the Texas markets is expected to come from
both organically, through plant upgrade opportunities
and new builds, and through acquisition.
“We
think Connect, through the purchase of the Genesis Media
assets, was a compelling way to begin the roll-out of
our innovative affiliate model at FMG,” said Ed
Lastes, CEO of FMG. “Partnering with great operators
like Greg Caton in growing, local markets like Tyler,
Texas will be a great platform for growth. The outdoor
plant he operates is of the highest quality and we share
his enthusiasm for growth through upgrades of existing
structures, new builds, and additional acquisition opportunities
in his region. We’re please to provide a new option
for independents like Greg to gain some liquidity, while
continuing to run their business. He chose the FMG model
as the way to move forward with and rapidly expand his
business.”
“We
needed more than just a strong business partner to help
us continue to grow our business, we needed to team
up with guys that had the seasoning and experience to
trust local management,” said Brent Waller, President
of Connect. “The FMG guys were absolutely the
right choice and with their access to capital, strong
national network of operators in the outdoor business,
and sound operating insights we’re positioned
to grow very rapidly. I think a lot of other independent
outdoor operators like us will be attracted to the FMG
model and we look forward to welcoming them as fellow
affiliates within the FMG operating structure.”
About
Fusion Media Group
Fusion Media Group (FMG) was formed to provide a new
alternative to Principals of leading, independent outdoor
advertising companies. Based on our experience gained
from over 60 successful acquisitions in the billboard
business and over 30 years combined experience financing
and operating media companies, we know that the local
entrepreneurs responsible for building successful independent
outdoor operators can run those assets more efficiently
than anyone else. FMG affiliates with local, entrepreneurial
management teams to ensure the long-term success of
independent operators, while providing liquidity to
the Principals or other shareholders. Through our holding
company structure, FMG brings the benefits and premium
valuations of a much larger operation to independent
operators, while sustaining the entrepreneurial culture
which has created their success. The Wenham, Massachusetts-based
company was founded in 2006. For more information, visit
www.fusionmediagroup.com.
About
Connect Outdoor Media LLC
Connect Outdoor Media LLC is a leading regional outdoor
advertising company in East Texas and Shreveport, LA
with their headquarters just outside of Paris, Texas,
as well as a sales office in Tyler. Connect is continuing
to grow through select acquisitions as well as upgrading
its existing sites and building new structures. For
more information on Connect Outdoor Media, LLC, please
call 1-866-998-0008, extension 14 for Brent Waller or
email at bwaller@connectoutdoor.com.
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