Levine lands new investors, including Boeheim, for Galaxy
June 11th, 2018
BY CHARLES MCCHESNEY
SYRACUSE — Galaxy Communications has a new name
and new investors.
CEO Ed Levine says the company is now Galaxy
Media and is bringing aboard up to 10 new investors
to buy out the shares that had been owned by a private
investment firm and help the company reduce debt.
Those investors are local people, Levine says, including
his long-time friend Syracuse University basketball coach
“We’re thrilled to have Coach Boeheim as a part of the
team,” Levine tells CNYBJ in a phone interview, noting
the two have done business together since the late 1990s
and are personal friends.
Boeheim is one of seven investors who are buying the
portion of Galaxy Media that had been owned by Atalaya
Capital Management, Levine notes. As many as three
more individuals may join them.
Levine has used private investments in his company to
build it from a single station in Utica in 1990, to 14 stations
around Central New York today, as well as an eventsmanagement
business that operates around the state and
recently began providing services in North Carolina and
In addition to the investors, Levine says he secured
a 10-year Small Business Administration-backed loan.
When that loan is paid off, the company will have no senior
debt, he says. “At that point the company functions
as an annuity,” he says.
Regardless of whether he ends up with seven or 10
new investors, Levine says he intends to keep for himself
ownership of the lion’s share of the company, at least
73 percent. Investors will get preferred equity, he says,
meaning they get paid even before he does.
Reflecting on his career in radio, first as a disc jockey
whose dream was to one day manage a major-market station
or, “maybe own a single station – so I could work for
myself,” Levine says he never saw himself in the position
he is today.
Galaxy Media has 100 employees. “I’ve got 100 families
that are depending on me to make the right decisions,” he says.
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