Fusion Media Group Completes Detroit Outdoor Transaction

Wenham, MA, June, 2008 Fusion Media Group (FMG), an Out-of-Home media company, today announced it has established and will hold a majority interest in its new operating affiliate, Detroit Outdoor Media Holdings, LLC (DO). DO was created to acquire the assets of Detroit Outdoor, LLC and Perrysburg Properties, LLC of Perrysburg, OH. Brock Rimmelin, a co-founder of the acquired companies, will hold a substantial equity interest in DO and will continue to direct its day-to-day operations in his continuing role as President. DO will own and operate billboard properties in the corridor between Detroit, MI and Toledo, OH.

“We are excited to have completed this transaction on a great portfolio of bulletin locations” said Edward J. Lastes, FMG’s Chief Executive Officer. “DO is the only remaining independent operator of any scale in this marketplace. Brock Rimmelin’s local knowledge and experience have enabled him to compete effectively with the industry’s largest operators. We expect that he will be able to continue to drive growth through execution of new development and upgrade opportunities within the existing portfolio.”

“The successful closing of this transaction addressed several key issues that make our approach attractive to independent operators" said Lastes. “Ownership was at a crossroads when we were introduced to the opportunity. The unfortunate death of one of the co-founders created a liquidity need to address estate issues, yet Brock did not want to sell the business at the present time. Additionally, a poorly constructed capital structure inhibited the ability to grow further. Our investment in the creation of DO provided the capital necessary to satisfy all ownership objectives and a refinance of the existing senior debt puts the company in a strong position for future growth.”

“I am extremely pleased to be working with the great team at FMG” said Brock Rimmelin, DO’s President. I didn’t want to sell. I felt I had more opportunities to build our company and create value, but I didn’t have access to the capital necessary to address the needs of my former partner’s estate. After searching for some time, FMG’s transaction structure was the only one that enabled me to accomplish my goals.”

About Fusion Media Group
Fusion Media Group (FMG) was formed to provide a new alternative to Principals of select 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 equity 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.

Media Contact:

Edward J. Lastes
Fusion Media Group

(978) 233-7928 


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