The Ackerley Group Closes $200 Million Sale of Seattle Supersonics

Management Focused on Profitable Growth of Higher Margin Media Operations



Apr 02, 2001, 01:00 ET from Ackerley Group

    SEATTLE, April 2 /PRNewswire/ -- The Ackerley Group (NYSE:   AK) today
 announced that it has completed the divestiture of the Seattle SuperSonics NBA
 franchise for $200 million.  The team has been purchased by the Basketball
 Club of Seattle LLC, a private investment group led by Howard Schultz, founder
 of Starbucks Corporation, and that includes Sonics President and General
 Manager Wally Walker.  The transaction includes the WNBA's Seattle Storm and
 both teams' business and marketing arm, Full House Sports & Entertainment.
     "For nearly two decades, we have been proud stewards of the Sonics, and
 later, the Storm," said Barry Ackerley, Chairman and CEO of The Ackerley
 Group.  "We believe we're leaving the teams in capable hands and we look
 forward to cheering them on for many years to come."
     The sale allows The Ackerley Group to focus on its substantial media
 holdings, which include more than 6,300 outdoor advertising displays in
 Boston, New York, New Jersey, Oregon and Washington; 18 owned or operated
 television stations on the East and West coasts; five radio stations in
 Seattle; the iKnow Network, an online local news company; and its venture
 capital arm, Ackerley Ventures.  The Ackerley Group will use proceeds from the
 sale to pay down debt.  In addition the company will continue to identify
 acquisitions and investments that enhance the company's media operations.
     The Ackerley Group purchased the Seattle SuperSonics in 1983 for
 $11 million in cash and $11 million in other compensation.
     The Ackerley Group is the nation's premier local media company, building
 regional clusters of leading local media operations.  The company's four
 segments contain 30 independent operations in television, outdoor media, radio
 and interactive media in New York, Massachusetts, New Jersey, California,
 Oregon, Washington and Alaska.  The Ackerley Group is the country's
 fourth-largest outdoor media provider and a top-25 operator of local
 television stations.  Through its operations, The Ackerley Group is uniting
 media and technology to build value in local communities nationwide.  For more
 information, visit The Ackerley Group Web site at www.ackerley.com.
     Certain statements in this report set forth management's intentions,
 plans, beliefs, expectations or predictions of the future based on current
 facts and analyses.  Actual results may differ materially from those indicated
 in such statements.  Additional information on factors that may affect the
 business and financial results of the Company can be found in filings of the
 Company with the Securities and Exchange Commission.
 
 

SOURCE Ackerley Group
    SEATTLE, April 2 /PRNewswire/ -- The Ackerley Group (NYSE:   AK) today
 announced that it has completed the divestiture of the Seattle SuperSonics NBA
 franchise for $200 million.  The team has been purchased by the Basketball
 Club of Seattle LLC, a private investment group led by Howard Schultz, founder
 of Starbucks Corporation, and that includes Sonics President and General
 Manager Wally Walker.  The transaction includes the WNBA's Seattle Storm and
 both teams' business and marketing arm, Full House Sports & Entertainment.
     "For nearly two decades, we have been proud stewards of the Sonics, and
 later, the Storm," said Barry Ackerley, Chairman and CEO of The Ackerley
 Group.  "We believe we're leaving the teams in capable hands and we look
 forward to cheering them on for many years to come."
     The sale allows The Ackerley Group to focus on its substantial media
 holdings, which include more than 6,300 outdoor advertising displays in
 Boston, New York, New Jersey, Oregon and Washington; 18 owned or operated
 television stations on the East and West coasts; five radio stations in
 Seattle; the iKnow Network, an online local news company; and its venture
 capital arm, Ackerley Ventures.  The Ackerley Group will use proceeds from the
 sale to pay down debt.  In addition the company will continue to identify
 acquisitions and investments that enhance the company's media operations.
     The Ackerley Group purchased the Seattle SuperSonics in 1983 for
 $11 million in cash and $11 million in other compensation.
     The Ackerley Group is the nation's premier local media company, building
 regional clusters of leading local media operations.  The company's four
 segments contain 30 independent operations in television, outdoor media, radio
 and interactive media in New York, Massachusetts, New Jersey, California,
 Oregon, Washington and Alaska.  The Ackerley Group is the country's
 fourth-largest outdoor media provider and a top-25 operator of local
 television stations.  Through its operations, The Ackerley Group is uniting
 media and technology to build value in local communities nationwide.  For more
 information, visit The Ackerley Group Web site at www.ackerley.com.
     Certain statements in this report set forth management's intentions,
 plans, beliefs, expectations or predictions of the future based on current
 facts and analyses.  Actual results may differ materially from those indicated
 in such statements.  Additional information on factors that may affect the
 business and financial results of the Company can be found in filings of the
 Company with the Securities and Exchange Commission.
 
 SOURCE  Ackerley Group