Jones International Completes Sale of Jones Media Group Entities
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Denver, CO (June 20, 2008) — Jones International, a private company owned by Denver-based entrepreneur Glenn R. Jones, announced today that it sold 100% of its subsidiary, Jones Media Group (“JMG”) and its operating companies, Jones Media America, Jones Radio Networks and JonesTM, to Triton Media Group (“Triton”), an affiliate of private equity funds managed by Los Angeles-based private equity firm Oaktree Capital Management, L.P. The transaction closed on June 20, 2008. Jones Media Group owns and operates a leading independent radio network business that syndicates radio programming and services to more than 6,200 radio stations throughout the United States and reaches about 1.5 billion weekly listener gross impressions, based on data provided by Arbitron and RADAR.
“JMG’s management team has done an excellent job executing our combined vision,” said Glenn R. Jones, CEO of Jones International. “I would like to extend my personal thanks to them for all their efforts and wish them well in their new partnership with Triton.”
This sale by Jones International follows similar successful transactions by the Denver-based entrepreneur including the sale of its Jones Intercable, Ltd. subsidiary to Comcast Corp. in 1999, and the sale of the of its Great American Country television network to The E.W. Scripps Co. in 2004. Since 1987, Jones International has been increasingly shifting its investment focus to the higher education, corporate training and education technology markets through its subsidiaries, Jones Knowledge Group, Jones International University and Jones/NCTI.
About Jones International
Formed in 1969, Jones International™, Ltd. (JI) is the corporate parent of multiple subsidiaries in the Internet, e-commerce, software, education, and entertainment industries. Jones International is wholly owned by Glenn R. Jones who serves as JI's Chairman of the Board, Chief Executive Officer and President. The JI companies cover a wide range of products and services, from online learning software and the nation's first fully accredited 100-percent cyber university, to television programming.
About Triton Media Group
Triton Media Group is the leading supplier of web content, digital products and interactive media tools to the media industry. Its suite of applications, services and content including the offerings of MJI Interactive, Mass to One, Stream the World, and Music To Go, provide proven traffic driving and revenue generating results to broadcasters. Triton Radio Networks is a wholly owned subsidiary of Triton Media Group and is the parent company of Dial Global.
About Dial Global
Dial Global is radio’s largest full-service, independent radio network, providing national advertising sales representation for radio programs and networks in addition to Dial Global’s own programming and services. Dial-Global Programming produces and syndicates music programs and prep services in a variety of formats to more than radio stations nationwide including the Jones Digital Formats and the Dial Global Digital 24/7 Network.
Oaktree is a global independent investment management firm with over $54 billion in assets under management in specialized investment strategies. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, high yield bonds, convertible securities, specialized private equity (including power infrastructure), real estate, emerging market and Japanese equity securities, and mezzanine finance. Oaktree was founded in 1995 by a group of principals who have worked together since the mid-1980s. Headquartered in Los Angeles, the firm and its affiliates today has over 460 employees in 13 offices worldwide.