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Covington Advises Diamond Castle Holdings in Acquisition of Bluestone Television

11/15/2006

WASHINGTON, DC, November 15, 2006 — An affiliate of Diamond Castle Holdings LLC announced the acquisition of BlueStone Television LLC for $230 million. Covington represented and advised Diamond Castle with respect to the FCC and broadcast industry aspects of the transaction, which is expected to close in the first half of 2007.

Diamond Castle is a New York based private equity firm that focuses on investments in, among other industries, media and communications. The firm has partnered with Randall D. (Randy) Bongarten, a broadcasting executive and former President of Emmis Television to acquire BlueStone.

BlueStone is a portfolio company of Providence Equity Partners, and owns and operates television stations with multiple network affiliations in eight markets nationwide. BlueStone Television’s markets include Tri-Cities in Tennessee and Virginia; Greenville, New Bern and Washington in North Carolina; Chico, Redding and Eureka in California; Abilene, Sweetwater and San Angelo in Texas; and Missoula, Butte, and Bozeman in Montana.

The Covington team included Jennifer Johnson, Eric Greenberg, William Fitz, Eve Pogoriler, and Enrique Armijo.

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