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Published in U.S. 1 Newspaper on July 26, 2000. All rights

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Stock News: From WHWH to an IPO

After almost 40 years, Princeton’s radio stations are

going public. Nassau Broadcasting Company plans an initial public

offering this week that could be worth from $190 to $217 million.

On Thursday, July 27, 12.4 million shares of Class A stock will be

priced at from $16 to $19 per share. Using the symbol NBCR the IPO

is scheduled for Friday, July 28, on Nasdaq.

Since the radio stations WHWH and WPST were founded by Herbert W.

Hobler (a Princeton alumnus with the initials HWH) in 1962, and bought

by Louis F. Mercatanti Jr. in 1986, this company has grown into a

network of 17 FM and 15 AM stations in nine markets in what the

prospectus

calls "demographically attractive suburban areas surrounding major

markets" in New Jersey, Pennsylvania, New York, and Connecticut.

Although the company posted a $4.6 million net loss last year, it had

net revenues of $31.4 million and a broadcast cash flow of $10.6

million.

In May the firm restructured so that it is no longer a limited

partnership and did its first SEC filing. Mercatanti, 43, the CEO, has

a salary

of $425,000, according to the prospectus. Michael S. Libretti, 36,

is chief financial officer and earned $231,515 last year. G. Daniel

Henrickson Jr., 48, earned $170,500 as executive vice president. Joan

Gerberding, president of Jersey Radio Network, earned $195,000 last

year, and Peter D. Tonks, executive vice president, made $166,000

in salary and bonuses.

Michael Anderson of Merrill Lynch and Tristram Collins of Salomon

Smith Barney are the co-lead brokers. Co-managers are Banc of America

Securities, Lazard Freres, and Prudential Securities.

Nassau Broadcasting Company (NBCR), 619 Alexander

Road, Princeton 08540. Louis F. Mercatanti Jr., CEO. 609-419-0300;

fax, 609-419-0143. Home page: www.nassaubroadcasting.com.


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