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Mega Media Group, Inc.: Mega Media Group, Inc. Signs a 10 Year Lease for the 87.7 Frequency in New York

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  Published in Business and Finance on Tuesday, March 31st 2009 at 11:00 GMT, Last Modified on 2009-03-31 11:01:16 by Market Wire
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NEW YORK, NY--(Marketwire - March 31, 2009) - Mega Media Group, Inc. (OTCBB: [ MMDA ]) ([ www.megamediagroup.com ]) announced that Echo Broadcasting Group, a wholly owned subsidiary which operates Pulse87, has signed a revised 10 year air lease agreement with Island Broadcasting Company for the WNYZ 87.7 frequency serving the New York Tri-State Area. Under the terms of the new agreement, advertising revenue less commission expense will be split by the parties, with minimum annual revenue guarantees by Mega Media Group, Inc.

Commenting on the announcement, Alex Shvarts, CEO of Mega Media Group, stated, "This new agreement furthers our long term position in the New York radio market while significantly reducing our fixed operating expense, allowing us to focus more of our resources on the development of the brand through strategic alliances and emerging market growth through similar arrangements.

"Highlighting the recent change in our Arbitron Ratings survey reporting, we can now concentrate on marketing our brand which has already seen a steady terrestrial audience reach in New York to just under 600,000 weekly listeners and our online streaming and website traffic which has realized double digit growth in the first three months of this year.

"With an overall goal of generating revenue from our assets, this arrangement provides us the opportunity to reach profitability much faster and provide a stronger return on investment to our shareholders."

About Mega Media Group

Mega Media Group, Inc. is a multimedia entertainment holding company with several subsidiaries that offer a broad range of services.

The divisions include recording, music production and distribution, video production, radio broadcasting, and Pulse87 a Rhythmic Top 40 Radio station serving the New York Tri State Area.

Safe Harbor Statement: This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Mega Media Group's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statements. All information provided in this press release is as of March 31, 2009, and Mega Media Group undertakes no duty to update such information, except as required under applicable law.