Quadrangle

A Global Private Investment Firm Leveraging Experience, Knowledge & Relationships

Publishing Group of America Completes $23 Million Round of Financing

3/28/2001

FRANKLIN, TENNESSEE, March 28, 2001 -- Publishing Group of America, the owner of American Profile magazine, today announced that it has completed a $23 million round of financing, which was led by Quadrangle Capital Partners LP, a private equity fund focused on the media and communications industries.

American Profile, one of the fastest growing magazines in the country, is a four-color weekly magazine with regional editorial content for community newspaper readers. Launched in April 2000, American Profile already has a circulation of 3 million, making it one of the 20 largest magazines in the country.

L. Daniel Hammond, chief executive officer of Publishing Group of America said, "Quadrangle's investment in Publishing Group of America is a strong endorsement of our strategy to provide advertisers an effective means to reach local communities. American Profile, which celebrates the experience of hometown life, has proven to be an appealing product to an increasingly large number of smaller market readers and national advertisers. This investment will help to facilitate American Profile's continued growth."

Peter Ezersky, managing principal of Quadrangle, said, "American Profile offers compelling value both to community newspaper publishers and to advertisers. For publishers, American Profile represents a cost-effective means of increasing the editorial and advertising content of their newspapers. For advertisers, American Profile is the most efficient way in print to reach consumers who live in small communities throughout America. The company's success to date is a tribute to its excellent management team, with whom we are pleased to be investing."

Steven Rattner, managing principal of Quadrangle, added, "We are thrilled to be in partnership with Publishing Group of America. This transaction is consistent with Quadrangle's strategy and track record of making meaningful investments in media and communications companies with strong franchise positions and high growth potential. We look forward to working with Dan and his team to help grow this business."

In January, American Profile was the co-recipient, along with O, Oprah the Magazine, of the 2000 "Launch of the Year" award, named by Dr. Samir Husni, a.k.a. Mr. Magazine. Each of the five regional editions of American Profile includes a broad range of regular features, including regional selections of Hometown Heroes and spotlights, a regional calendar of events, as well as national stories on celebrities with hometown ties, health trends, entertainment, current issues and recipes.

Quadrangle Group LLC is an investment firm specializing in the media and communications industries. It was founded in March 2000 by four former Managing Directors of Lazard Frères & Co. LLC who have more than 50 years of combined experience in private equity and in media and communications. The firm's advisory board and other investors include many prominent executives of leading media and communications companies.

Contacts:
For Quadrangle:
Abernathy MacGregor Group
Adam Miller or Robert Malin
212.371.5999
alm@abmac.com

For Publishing Group of America:
Katcher Vaughn & Bailey
Nancy DeKalb or Roy Vaughn
615.248.8202
ndekalb@kvbpr.com


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