7 Percent Convertible Preferred Stock Dividend.BOSTON--(BUSINESS WIRE)--March 6, 1998--American Radio Systems Corp. (NYSE NYSE See: New York Stock Exchange :AFM (Atomic Force Microscope) A device used to image materials at the atomic level. AFMs are used to solve processing and materials problems in electronics, telecom, biology and other high-tech industries. ) has declared that a dividend of $17.50 per share will be payable on March 31, 1998 to each record holder of its 7 percent Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". as of the close of business on March 17, 1998. This dividend equals $0.875 per Depositary Share. American Radio Systems Corp. began trading shares publicly in June, 1995. The company owns and/or programs and markets approximately 90 radio stations in Boston, Seattle, Cincinnati, Baltimore, Pittsburgh, Portland, Sacramento, St. Louis, Charlotte, Kansas City, Hartford, Las Vegas, Austin, Buffalo, San Francisco/San Jose, West Palm Beach, Rochester, Fresno and Riverside. The company also has options and/or agreements to buy additional radio stations in Portland, San Francisco/San Jose, West Palm Beach. On Sept. 19, 1997, American Radio Systems entered into a merger agreement with CBS (Cell Broadcast Service) See cell broadcast. Corp. pursuant to which its radio operations will become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CBS. Consummation of the transaction is subject to regulatory approval. Around the same time and as a condition of the merger, American Radio Systems will distribute to its shareholders its communications tower business. CONTACT: American Radio Systems Corp. Joe Winn/Bruce Danziger, (617) 375-7500 |
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