Austin, TX – Blue Sage Capital announced today that it closed on the sale of its interest in Hoak Media, LLC to Gray Television, Inc. Pending regulatory approval, the deal was first announced in November 2013 as part of a series of transactions through which Gray Television and Excalibur Broadcasting, LLC agreed to acquire from Hoak Media and Parker Broadcasting, Inc. a total of 15 network-affiliated television stations in seven markets for $335 million in cash and a working capital adjustment. Blue Sage made its initial investment in Hoak Media as a minority investor in January 2007.

Blue Sage Capital recently closed its second fund, Blue Sage Capital II, L.P. http://www.bluesage.com/blue-sage-exits-hoak-media/ http://www.bluesage.com/blue-sage-exits-hoak-media/Blue Sage invests in profitable, growing, lower middle-market industrial, manufacturing, service and distribution companies with revenue of $20 to $100 million and EBITDA of $5 to $10 million. Of particular interest are opportunities to partner with founders as the first round of institutional capital in a recapitalization transaction and companies that enjoy leadership positions in niche industries.

For questions or inquiries, please contact Jim McBride at 512-536-1900 or email Jim.McBride@bluesage.com.