REGENT COMMUNICATIONS TO DIVEST
WATERTOWN, NEW YORK STATION CLUSTER
Cincinnati, OH - October 9, 2007 - Regent Communications, Inc. (Nasdaq: RGCI) today announced that it has entered into an agreement to divest four radio stations serving the Watertown, New York market to KXOJ, Inc. for $6,250,000 in cash. The cluster includes the following radio stations: WFRY- FM, WCIZ-FM, WTNY-AM and WNER-AM. The transaction, which is subject to receipt of all regulatory approvals, is expected to close in the first quarter of 2008.
William Stakelin, President and CEO of Regent, commented: "This transaction reflects our focus on maximizing the value of our portfolio to the benefit of our shareholders. The proceeds from the sale of our smallest market cluster will strengthen our financial flexibility as we continue to build on our leadership position in the nation's mid-sized radio markets. We would like to thank all of our employees in Watertown for their dedication and service."
Richard A. Foreman Associates, Inc. was the broker in the transaction for Regent Communications.