Date:	November 22, 2004
Contact:	Tristram Collins, EVP, Operations and Finance
Phone:	(609) 924-1515

NASSAU TO ACQUIRE MARYLAND RADIO STATION WAFY-FM

Princeton, November 2004 – Nassau Broadcasting Partners, L.P. (“Nassau”) recently announced that it has entered into a definitive agreement with Frederick Broadcasting L.L.C. to acquire radio station WAFY-FM serving the Frederick, Maryland radio market from its city of license, Middletown, Maryland. The transaction is subject to the approval of the Federal Communications Commission (FCC).

Radio station WAFY is a Class “A” FM radio station broadcasting an Adult Contemporary format at 103.1 MHz from 571 feet HAAT with 1,000 watts of power day and night. Station WAFY-FM was put on the air in 1990 by Barbara D. Marmet, the President and principal owner of Frederick Broadcasting. It is her only radio station.

WAFY is Nassau’s first acquisition south of the Mason-Dixon Line. “Our recent acquisition activity has been in New England and we are now very excited to be entering the Frederick, MD market” said Lou Mercatanti, its President and Chairman. “WAFY is an ideal fit for Nassau because of the station’s approach to broadcasting, its loyal following and its excellent community service and because it operates in a suburban market with significant growth and upscale demographics. We are eager to have WAFY join Nassau’s station group. We congratulate the Marmet family for creating an exceptional radio station.” Nassau has owned and operated stations in New Jersey and Pennsylvania and has recently acquired stations in Maine, New Hampshire and Vermont.

Glenn M. Serafin of Serafin Bros., Inc., a Tampa, Florida-based media brokerage and financial services company, advised Nassau in the transaction. Founded in 1993, Serafin Bros. provides private brokerage, finance and valuation services to select clients in the radio and television industries nationwide. Glenn M. Serafin, its President, is a 31 year veteran of the broadcast industry. Bill Schutz of Schutz & Company in Williamsburg, Virginia represented Frederick Broadcasting, the seller.