SOURCE: Legacy Communications

December 19, 2006 12:10 ET

Legacy Communications Sells Las Vegas KBET-AM Radio for $2.5 Million to Beasley Broadcasting

ST. GEORGE, UT -- (MARKET WIRE) -- December 19, 2006 -- Legacy Communications Corporation (OTCBB: LGCC) has sold the assets of KBET(AM), Winchester, Nevada to Beasley Broadcasting Group, Inc. for $2,500,000 subject to approval of the Federal Communications Commission. KBET(AM) is authorized to operate at 790kHz, 1kw day and 300 watts night serving the Las Vegas market.

E. Morgan Skinner, Jr., President & Chief Executive Officer of Legacy Communications, said, "The company expects to close on the transaction upon FCC approval in mid first quarter 2007."

Legacy Communications Corporation, headquartered in St. George, Utah, is headed by President & Chief Executive Officer E. Morgan Skinner, Jr. Beasley Broadcasting Group, Inc., headquartered in Naples, Florida, is headed by Chairman and Chief Executive Officer George G. Beasley. John L. Pierce & Company was the exclusive broker of the sale.

Legacy Communications Corporation is a holding company for subsidiaries that acquire radio station licenses and permits to develop, upgrade, operate and market. The company seeks out broadcast properties that have significant upside potential when provided proper management, engineering, programming and marketing. The company pursues ownership of such broadcast properties, improves the performance of the properties and the company's return on investment.

The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements to the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties.

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Contact Information

  • Contact:
    Legacy Communications Corporation
    Investor Relations
    The Eversull Group, Inc.
    Jack Eversull
    (972) 991-1672
    (972) 991-7359 (fax)