New York, NY May 30, 2004 - Davidson Media Group, LLC, a newly created radio broadcasting company focused on the Hispanic and immigrant markets of the United States, today announced the closing of its first round of equity funding totaling $43 million. The investment was led by Cap Street Group, LLC, Citigroup Venture Capital International, and the Black Enterprise/Greenwich Street Corporate Growth Partners, LP (BE/GS), with co-investors including The Hillman Company, Mercury Capital Partners, and the company's founder, Peter Davidson.

The investment will finance Davidson Media Group, LLC's (DMG) initial acquisition of six radio stations in North Carolina; a station in Hartford, Connecticut, and a station in Detroit, Michigan and will provide significant equity capital for additional radio station acquisitions

Peter Davidson, president and chairman of DMG, commented: "I am very pleased to have such high quality private equity firms join with me in creating a new broadcasting company that will serve the needs and interests of immigrant communities throughout the United States."

George Kelly, chairman of Cap Street Group, LLC; R. Andrew de Pass, a managing director of Citigroup Venture Capital International; Jeffrey Scott, a managing director of Black Enterprise/Greenwich Street Corporate Growth Partners; and Peter Handy, principal of Mercury Capital Partners, will join the Board of Directors of DMG.

DMG is led by experienced executives in the Hispanic- and immigrant-focused marketplaces. Peter Davidson is a highly regarded leader in the world of Hispanic-oriented media who has been an owner and operator of Hispanic- and ethnic-focused media business since 1989.

Davidson founded and developed Latin Communications Group, owner and operator of the Spanish-language newspaper El Diario/La Prensa and twenty-five Spanish-language radio and television properties. He was also the co-founder of Vista Media, the largest Hispanic-targeted out-of-home advertising company in the USA and was the chairman of Cultural Access Group, a leading multicultural market research company.

Russ Jones, DMG's vice president of operations, is a veteran broadcaster with over 25 years experience managing and operating radio stations. Russ is responsible for introducing Spanish-language radio broadcasting into a number of major North Carolina markets.

About Davidson Media Group
Davidson Media Group (DMG) is a multicultural radio broadcaster that partners with local entrepreneurs (generally first generation immigrants) to build profitable and sustainable radio stations.

The company is dedicated to increasing shareholder value through owning and operating radio stations that participate in the growing ethnic and immigrant markets of the United States. These non-English-speaking ethnic markets are, and will remain, a growth area because of America's fundamental role as the global center of both immigration and economic opportunity.

DMG's stations are located in large and small cities of the United States and are programmed to appeal to recent immigrants and others who may prefer to hear music and news in languages other than English.

The entrepreneurs that DMG draws upon to purchase the blocks on our stations are from those communities that have found it difficult to gain access to our nation's airwaves; recent immigrants, minorities, and non-English speakers.

According to all recent census data, America is increasingly diverse and increasingly multicultural. DMG recognizes and celebrates the nation's increasing depth and diversity. DMG is proud to be radio broadcaster of this 21st century multicultural and multilingual America.

About Cap Street Group, LLC
The Cap Street Group, LLC, formerly Summit Capital Group, is a private equity firm that invests in middle-market companies and manages two investment funds totaling more than $400 million. Cap Street was founded in Houston, Texas, in 1990 by George Kelly and Fred Lummis. The third managing partner, David Graham, joined the firm in 1997. Since their inception, Cap Street has invested in 20 middle-market companies with an aggregate transaction value in excess of $1.5 billion. In addition, they have completed more than 150 add-on acquisitions for these companies. Cap Street primarily makes control investments in middle-market companies with significant revenue growth and proven cash flow. In partnership with management, Cap Street strives to create significant equity appreciation by building long-term businesses through internal growth initiatives, operational improvements, and strategic acquisitions.

About Citigroup Venture Capital International
Citigroup Venture Capital International, a unit of Citigroup Alternative Investments, Inc., is the private equity arm of Citigroup that focuses on investments in the developing world, which includes Mexico, South America, and the US Hispanic markets. The unit, which was founded in 2001, is a leading investor in emerging markets. Citigroup Venture Capital International is responsible for private equity investments throughout the US, Latin America, Asia, India, Central Europe, and Africa.

About Black Enterprise/Greenwich Street Corporate Growth Fund, LP
The Black Enterprise/Greenwich Street Corporate Growth Fund, LP was founded in 1998 and sponsored by Citigroup and Black Enterprise magazine. The BE/GS Fund invests in companies owned, operated or targeted at minority groups, including the US Hispanic markets. The fund has $91 million of commitments and is currently marketing a second fund with a target of $250 million of capital commitments.