Franklin Resources : Border Media Partners Announces Management Change and Capital Raise

Border Media Partners (BMP), a leading operator of Spanish language and Hispanic-targeted English language radio stations in Texas, today announced important management changes and a major investment in the company. Effective July 1, Jeffrey T. Hinson has been appointed President and CEO of Border Media and Tom Castro, the company's founder, was named Vice Chairman of the Board.

?When I started Border Media, my vision was to build a leading Spanish language broadcasting company,? said Mr. Castro. ?Four years later, we now have 33 radio stations in attractive Hispanic/Latino markets and are well positioned to build on this foundation going forward. Jeff is well-known and familiar with Border Media's portfolio of radio stations, having worked with the company as a special advisor since 2006. I've wanted to recruit him to Border Media for some time, and we are indeed fortunate to have a seasoned professional of his caliber to help take the company to the next level.?

Mr. Hinson has a successful track record with over ten years experience in the Spanish language media/broadcast industry. During this time, he served as Executive Vice President and Chief Financial Officer of Univision Communications, Inc., the largest Spanish language media company in the United States. Prior to that, he was also Senior Vice President and Chief Financial Officer of Hispanic Broadcasting Corporation, the largest Spanish language radio operator in the United States which became Univision Radio upon its acquisition by Univision in September 2003. In addition, Mr. Hinson serves as a member of the board of directors of several successful companies including Live Nation Inc., a global leader in live music, TiVo, Inc., the creator of and a leader in television services for digital video recorders (DVRs), and Windstream Corporation, a provider of voice, broadband and entertainment services to customers in 16 states. Mr. Hinson received a BBA from the University of Texas at Austin in 1977 and an MBA from the University of Texas at Austin in 1979.

?I am very excited about joining Border Media. Our investors, Vestar Capital Partners, Goldman Sachs Urban Investment Group and Darby Overseas Investments, have committed substantial financial and strategic resources to help fuel our growth,? said Mr. Hinson. ?I look forward to working with Tom, the company's employees and our investors, to position Border Media as a leading company serving growing Hispanic communities throughout the United States.?

On May 31, 2007, Vestar Capital, Goldman Sachs, and Darby Overseas Investments invested $111 million in equity capital in the company and have committed substantial additional capital to support future growth. Ken O'Keefe, Managing Director at Vestar Capital and Kevin Jordan, Managing Director at Goldman Sachs will serve as co-Chairmen of the Board of Directors for Border Media. Also on May 31, 2007, Border Media Partners closed on the previously announced acquisition of San Antonio radio stations KTSA-AM and KXJK-FM from CBS Corporation.

?We are fortunate and delighted to recruit Jeff, an industry veteran, to join the Border Media team. We look forward to his leadership, guidance and counsel in this new endeavor,? said Ken O'Keefe, co-Chairman of the Board of Directors, Border Media.

?Tom Castro's vision started this journey, and we're excited to be working with Tom in his role as Vice Chairman, Jeff as CEO, and the many talented and enthusiastic employees that Tom brought together to build this company. Tom's contributions will be vital to helping us transform Border Media into a multi-media stronghold in the Hispanic/Latino media industry,? said Kevin Jordan, co-Chairman of the Board of Directors, Border Media.

About Border Media Partners

BMP Radio is a leading privately-owned Hispanic radio group, operating 33 radio stations in five Texas markets, including San Antonio, Austin, the Rio Grande Valley, Laredo, and Waco.

About Vestar Capital Partners

Vestar Capital Partners is a leading international private equity firm. The firm's investment strategy is targeted towards companies in the U.S., Europe and Japan with valuations in the $100 million to $5 billion range. Since the firm's founding in 1988, the Vestar funds have completed over 60 investments in companies with a total value of over $20 billion. These companies have varied in size and geography and span a broad range of industries. The firm's strategy is to invest behind incumbent management teams, family owners or corporations in a creative, flexible and entrepreneurial way with the overriding goal to build long-term franchise value. Vestar currently manages funds with committed capital totaling approximately $7 billion and has offices or affiliates operating in New York, Denver, Boston, Paris, Milan and Tokyo. More information about Vestar is available at www.vestarcapital.com.

About Goldman Sachs Urban Investment Group

The Goldman Sachs Urban Investment Group is part of the Merchant Banking Division within The Goldman Sachs Group, Inc. (NYSE: GS), that invests capital in ethnic minority-owned or targeted businesses and urban real estate. Founded in 1869, Goldman Sachs is leading global investment banking, securities and investment management firm. The firm is headquartered in New York and maintains offices in Houston, Los Angeles, Chicago, and Miami. To learn more about the Goldman Sachs Urban Investment Group, please visit www.gs.com/uig.

About Darby Overseas Investments

Darby Overseas Investments, Ltd., the private equity arm of Franklin Templeton Investments and a leading provider of private equity and mezzanine capital in emerging markets, was founded in 1994 by The Honorable Nicholas F. Brady, who served as U.S. Secretary of the Treasury between 1988 and 1993. With a focus on supplying risk capital to medium-sized companies with high quality management, Darby's investments in the US Hispanic market include consumer, financial services and media-related businesses; it has been an investor in BMP since 2003. In 2003 Darby became a fully owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Fiduciary Trust, and Darby investment teams. The San Mateo, California-based company has 60 years of investment experience and over US$600 billion in assets under management as of May 2007.

Border Media
Rosemary Scott, 210-524-1611
or
Vestar Capital
Michael Claes, 212-614-5236
or
Darby Overseas
J. Lastres, 202-872-0500
or
Goldman Sachs
Gia Morón, 212-902-4307